Innovative Revenue Cycle Data and Analytics for Drastically Improved Financial Outcomes
Despite rapid IT advancements across healthcare systems, most provider organizations still struggle to take advantage of disparate revenue cycle data, directly impacting net revenue due to an inability to control and manage operational processes. High claim denial rates caused by avoidable errors and process breakdowns due to human variability continue to plague your cash flow and drive up costs while patients' financial responsibility for healthcare services continues to increase. Providers have grown tired of the false promises of their HIT and EMR vendors to manage data and analytics, and have seen failed investments in high-priced revenue cycle analytic solutions.
Innovative approaches to process analytics can redefine how organizations measure and optimize revenue cycle operations and drive maximum financial returns. Today's successful revenue cycle management requires a more automated analytic process workflow that spans across a wider range of transactions, systems and interactions. This innovative approach continually analyzes the entire process, including pre- and post-service transactions, providing insights into the interdependencies of all systems/processes and providing access to the data available from those systems, resulting in accurate cash and net revenue forecasting.
The key is using a self-service data preparation platform to overcome the common hurdles to data access, reconciliation and reporting. Improving the preparation and analysis of financial data will provide valuable insights that are vital to driving down operational costs, increasing productivity, maintaining regulatory compliance and proactively managing revenue cycle management activities in 2018 and beyond.
Datawatch Monarch allows healthcare administrators to easily access, manipulate, enrich and combine disparate data from virtually any source – including EHRs, HL7 messages, 835/837 insurance claims, remittance forms and claim denial documents – into a secure database or reliable spreadsheet. The tool also empowers organizations to unlock data within PDFs, HTML files and static reports, providing a broader view of data than is currently available to identify trends in patient demographics, staff performance, or process effectiveness, and take corrective action when performance is unacceptable at a micro level. Users can eliminate manual, time-intensive data entry and reconciliation and instead spend more time analyzing information to make better, faster decisions in order to manage cash flow, cut costs and identify gaps in the revenue cycle process