The airspeed indicator. Suction gauge. Altimeter. ADF radio. Accelerometer. Fuel quality indicator. If you have any aviation knowledge, you know I’m describing the airplane’s cockpit, its control center that has a seemingly endless amount of instruments measuring critical numbers. When you see a cockpit for the first time, it’s easy to be both dazzled and overwhelmed by the complex instrument panels and gauges. To pilots, however, the cockpit represents awareness, knowledge and control. It’s the nerve center that feeds them actionable data so they know what to do next.
Much like a cockpit, a healthcare business intelligence (BI) strategy can provide both up-to-the-minute and retrospective insights about various financial and operational activities within your organization. Just like pilots are responsible for leading their crew to ensure a safe and successful flight, healthcare revenue cycle management leaders can also use their “control panel” of BI information to keep their organization on the best possible path. In the new era of value-based reimbursement and quality mandates such as Physician Quality Reporting System (PQRS), managers and staff need actionable data to guide decisions, correct errors and help them adapt to new standards. Even if you acknowledge the importance of a BI strategy, you may not be sure where to start.
Start small! Rejections and denials are a high ROI opportunity. Help your team use denial and rejection data to improve processes and make sure they’re not leaving any money on the table. Does this sound too simple to matter? Consider the data in a charge lag report. Just knowing how long your practice needs to get a charge out the door can open many doors for continuous measurement and improvement. You can create incentives for billing managers to submit claims more quickly and set monthly goals to achieve incremental improvement.
In the past, you may not have needed a BI strategy with the same urgency, but as health reform and payer requirements become more complex, it’s important to use data to make smarter financial decisions and promote continuous improvement.
Learn how to establish a BI strategy that measures the most important metrics for financial success. Download the resource guide Key Metrics in Revenue Cycle Management today.