Why an Analytics-driven Revenue Cycle is a Must for Your Financial Viability?
Financial management has become the need of the hour for healthcare institutions, especially if they want to earn profits and maintain quality of services. However, many healthcare organizations are struggling to stay on top of their game due to inefficiency in their systems. When important administrative and clinical functions such as management, collection of patient service revenue and so on are managed poorly, it not only impacts the profits, but also patient experience.
In healthcare landscape where regulatory pressures are at an all time high and reimbursements are shifting from fee-for-service to value-based, industry players must adapt to this change and incorporate new payment models in their revenue cycle.
Having said that, data and analytics plays a huge role in helping organizations steer this change. However, for the healthcare industry to truly benefit from positive impact of big data, they must follow a unified approach that combines clinical and financial analytics.
The following tips will help organizations in improving patient experiences and outcomes with inclusive care and also achieve financial edge to grow their business-
Integrate Data-Driven Approach in Revenue Cycle
From patient access to claims management, data-driven approach can impact not just the clinical care but also revenue cycle. This data can help organizations in developing a cohesive strategy that combines clinical and financial aspects of the business. By merging the historical revenue cycle data, all the key players in the healthcare landscape will be able to deduce important conclusions that can enhance their clinical care and business operations.
With recent adoption of technology based solutions such as electronic health records and automated financial systems, the healthcare industry has greater access to data that can alter the revenue cycle as we know it. The organizations are now privy to consumer data that can include important information such as employment status, recent loans, healthcare payment history, financial records, etc. At the same time, they can also review patients’ Account Receivable data that can help in highlighting trends or offer insights into the payment history for certain accounts.
However, despite having this valuable information at their disposal, healthcare organizations do not utilize it appropriately. As a result, they miss out on important opportunities that can help them evaluate existing revenue cycle performance and identify ways to make the process more efficient and lucrative.
When you apply analytics to revenue cycle data, you make the information functional and actionable. By employing this data, healthcare organizations will be able to:
- Prevent identity fraud/theft by recognizing patients correctly and reduce the risk of misidentification
- Keep an exact record of amounts due at the time of service
- Shift payment collection from backend to front-end
- Evaluate the customer’s ability and tendency to pay
- Help connect patients with certain charity programs to meet their individual financial needs
- Streamline collection process by analyzing the customer and payment information and segmenting patients based on that information
- Help in optimizing payment strategies by increasing the accuracy of debt classification
There are many benefits of using data and analytics to improve financial viability of your healthcare business. From increased accuracy to risk mitigation and patient satisfaction, appropriate use of data can instill efficiency into a system that stands at the cusp of transition.
Using data and analytics to further your business is logical, but it is a complex process that requires trained professionals who understand the intricate medical billing landscape. MedBillingExperts can be the perfect service partner that can help you achieve this objective with our wide range of healthcare analytics and revenue cycle management services. Talk to us today and let us help you achieve financial success.