Revenue cycle performance is under immense pressure to fine-tune internal processes as profit margins for providers and hospitals are currently under a financial squeeze. Now that most hospitals have adopted electronic health records (EHR) and computerized physician order entry (CPOE) systems, the time for healthcare analytics designed to increase revenue through the performance-driven analysis is here.
Think about what your organizational mission is and your leadership group’s goals are, and build your KPIs to align with what you assessed. Having an understanding of your business goals and ensuring they align with the organizational goals is imperative to successfully deliver to clients. You need to understand the performance you’re aiming for, from a business perspective, in order to develop KPIs that make sense.
As a leading provider of revenue cycle management solutions, we are pleased to announce the release of our new Analytics 2.0 Solution for healthcare analytics in hospitals. Take action on information that comes to light with this tool that helps providers gain access to and analyze business information via a web-based dashboard. Analytics 2.0 enables providers to focus on their important issues while still keeping a keen eye on performance KPIs. Eric Nilsson, CTO at SSI had this to say about the new solution:
“SSI Analytics 2.0 has been completely rebuilt from the ground up. The solution provides the latest analytics technology, designed around an organization’s revenue cycle key performance indicators (KPIs). With access to data at their fingertips, users can visually interact with data for easier insights into revenue cycle performance. Users can drill down to pinpoint the most critical issues and easily share across the organization.”
Leveraging Big Data to Uncover Meaningful Analytics
Claims data and healthcare data that exists in the current electronic medical record is the new focus as hospitals are learning how to mine this data to gain meaningful insights that influence the management and delivery of healthcare services. A survey of healthcare professionals conducted by NEJM Catalyst identified the three most useful data sources for effective care and management to be:
- Claims data
- Clinical data
- Cost data
However, the respondents of the survey expect the focus to change in the upcoming years and that patient-generated health data (PGHD) and genomic data will emerge as the most important sources.
Analytics Software Soon to be a Standard IT Requirement?
Technology has brought about a revolutionary environment for healthcare, where it’s no longer optional to have the right tools on board, it’s required. While federal legislation mandates electronic health records and promotes the use of computerized physician order entry (CPOE) through the CMS Medicaid and Medicare incentive program Meaningful Use – the use of analytics software is still a fairly new concept to hospitals and healthcare systems.
Chief medical information officer at Onpointe, Terry Sullivan MD explains this transition for healthcare professionals:
“Analytics is an old-fashioned term for what folks are doing today. There is analytics, there is artificial intelligence, there is Big Data, and there is machine learning. They all come together in cognitive machines and cognitive clinical capabilities. It’s the summation of those four things.”
Developing Meaningful Analytics for Smarter Business Decisions
We understand the importance of measuring KPIs and making smarter business decisions with the help of a robust healthcare analytics solution for hospitals. Our ASC Medibis solution is the other Analytics software we provide that helps Ambulatory Surgery Clinics gain access to, analyze and take action on the information available regarding their business operations and practices. With that solution, organizations have the ability to put data to work for smarter, easier and faster decision-making.