Making revenue cycle data actionable
When describing the amount of revenue cycle data available to healthcare organizations, many providers use words like “massive” and “daunting.” The reality is that providers have access to more data than ever before, yet they often don’t know what to do with it. There are literally hundreds of revenue cycle metrics that healthcare organizations can collect, resulting in a volume of information that if not managed well can be overwhelming.
The key to getting the most out of revenue cycle data is making it actionable, and that is where data analytics come in.
A relatively new idea for healthcare
Data analytics, sometimes known as business intelligence, involves examining raw data to identify patterns, discover risk points, uncover opportunities and draw conclusions. Although other industries have been using data analytics for years, healthcare is somewhat new to this world, especially when applying the concept to the revenue cycle.
Recent results of a national survey of healthcare organizations, conducted by Porter Research and Navicure, found only 45 percent of survey participants used a data analytics and reporting solution to analyze their revenue cycle. Of those that didn’t have a solution or were not looking for one, 36 percent didn’t think they needed it, and nearly 50 percent didn’t have the necessary time, budget or resources to employ such a solution. Those organizations using a data analytics solution place value on revenue cycle analytics. According to the survey, 73 percent of respondents viewed revenue cycle data analytics to be a top priority.