5 Top Reasons Healthcare Analytics Add Value
We live in a society where information is at our fingertips at all times. If you ever want to know an answer to a question, you just ask Siri or Google. So why not have that information for your practice as well? Having worked in the technology field for over 20 years and in the healthcare field for over 15 years, I was able to develop a customized evaluation of practices using their own specific healthcare data.
This ability to “see” the data transforming into useful information gives you the ability to quickly and concisely monitor the “health” of the business.
No longer must you receive lengthy reports after reports. The HELM (Healthcare Navigational IT) is accessible 24/7 and can be customized from the data that has been extracted from your system.
Here are the top 5 reasons why Healthcare Analytics using our HELM has added value to our clients’ drive for greater success:
- Profitability Studies – Having the ability to understand your revenue from any angle can have a significant impact on your practice, freestanding Ambulatory Surgery Center (ASC) or hospital. Using Business Intelligence analytics can help an organization learn referrals sources, which payers or procedures to prioritize, develop the case for increasing rates, drive down costs and ultimately maximize profits.
- Workflow Analysis – Using the information from your system, I can quickly determine how well streamlined your operations are within the practice. I offer deep visibility into your practice. By monitoring and measuring the workflow of your day to day operations, you will be able to have more efficiencies. This will make it easier for you to see your patients and have maximum reimbursement.
- Payer Mix Analysis – Who are your top payers? Turning data into information by using payer mix analytics easily identifies shifts that can have a significant impact on your revenue. I can quickly calculate how much per claim you are receiving. Our experts identify trends and the maximum return on claims per payer. Contracting is important to strengthen and protect your revenue, so it is imperative that contracting with your local payers is being done to negotiate the fees for your service at maximum reimbursement. You want ease of mind that you are being compensated for your efforts.
- AR Reimbursement Analysis – Once your claim has been sent to the payer, the wait for reimbursement begins. By tracking the claim through the revenue cycle, we can show you the number of claims that are in AR, the percentage of AR that is falling, how long it takes a claim to be processed, and track the payment process per case. This is all quickly visible via our HELM technology.
- Denials – Nobody likes denials, but denials happen. By tracking all denials, our experts can notice any trends right away. Is it a credentialing issue, a compliance with a code, or maybe just an incorrect error by the payer? We will be proactive regarding denials and fix any issues that seem to be reoccurring. We want to work smarter and more effectively from the start.
As you can see I am a big fan of information. The more data, the more informed you are to make educated decisions in business. Data will drive you to know where all the pennies are and to leave nothing behind on the table for someone else. The information is easily accessible at any given point within a day, and without long, drawn out reports. You will be able to track performance on clinical measures and know the ins and outs of the revenue. The HELM will navigate you to calm waters and peace of mind, guaranteed. If you would like more information regarding our HELM Navigational IT, contact Global Health Management Services or visit http://www.globalhealthmgt.com
Jim Malloy, CHBME, CEO & Partner in Global Health Management Services, LLC
Jim Malloy is a Certified Healthcare Business Management Executive specializing in increasing profit margins and reducing business concerns for healthcare practices and facilities. With Jim’s unique skill sets in healthcare technology and revenue cycle management, he’s able to create customized solutions for the healthcare industry. Many of Jim’s practice and ambulatory surgery center partners experience higher revenues per case and less policy and compliance issues, which allow each group to focus on their organization’s vision. His goal is simple: utilize the right mix of technology, process and people to help healthcare providers thrive in today’s ever-changing healthcare landscape. He has served on local boards, leadership teams and councils and is an active member of MGMA, Healthcare Information and Management Systems Society (HIMISS) and the Healthcare Business and Management Association (HBMA). He is also sought after for speaking engagements in healthcare revenue cycle management and for teaching healthcare administrators how data drives profit.