Help Improve Cash Flow and Drive Revenue with Web-based Analytics
It’s no secret that independent physician practices often have limited staff to manage a wide range of back office tasks including scheduling, coding and revenue cycle management. Given the volume of claims these practices process, the difficulty of staying on top of aging invoices frequently leads to increases in overall accounts receivable. So much so that according to an MGMA poll, 48% of healthcare leaders cite claims payment as their biggest revenue cycle challenge.
Today’s providers and third-party billing services face three key challenges:
- An increasingly complex reimbursement landscape;
- The transition to value-based payments models; and
- Challenges with regulatory frameworks
So improving cash flow and increasing revenue is all the more critical.
TriZetto Provider Solutions’ Analytics solution leverages insights from our data to provide reporting that allows organizations to identify, isolate and address issues within revenue cycle management. This enables them to act quickly to resolve issues and reduce accounts receivable.
Our solution creates visualizations that pinpoint irregularities in the data and prioritizes claims to reduce average reimbursement times. You can further improve cash flow by quickly identifying denials and rejections – the two biggest culprits – and driving appeals to reduce lag time.
Given the increase in high deductible plans, using analytics to quickly determine patient responsibility allows you to target outreach to patients with the highest responsibility so you get paid faster. Our solution’s patient eligibility optimization component goes a step further, allowing you to identify eligibility issues and spot trends that can help you focus your practice on procedures that are more eligible by payer.
Our executive dashboard enables visualization of data across all areas of your business with near real-time data refreshes and business intelligence, providing:
- Enterprise view of data. Users can spot patterns and trends across an entire client base and quickly view data from one or multiple practices.
- Data visualizations. Quickly identifying issues and trends across large datasets enables you to take decisive action.
- Drill-through capabilities. Users can analyze the same data through different reports, using different features and displaying it through different visualizations.
- Benchmarking across specialty and payer by state, region or country offers insight into how your practice is performing against its peers and identifies areas that need operational improvement.
- Knowledge repository. Business logic for KPIs and metrics, FAQs and how to guides help you navigate the system and harness the power of visualizations.
Infusing analytics into your revenue cycle management process can dramatically improve cash flow and increase revenue. According to MGMA, on average, organizations using revenue cycle management analytics see a seven-day decrease in accounts receivable month to month and improve collections by 9.7%.
If you currently use our Total Office Solutions package, our plug-and-play analytics module will automatically populate visualizations for claims, remits, eligibility, claim status inquiries and patient responsibility estimation. If you use only certain components of the Total Office Solution, those will populate and you will be able to view sample dashboards for other areas. To learn more about how analytics can help you improve cash flow and drive revenue, visit www.trizettoprovider.com/solutions/analytics.