Advanced Revenue Cycle Analytics: An Overview
Revenue cycle managers need to take advantage of data analytics in their revenue cycle. It is a powerful tool in the hands of managers to help them manage their people, their processes, and track goals and improvements.
In the current healthcare landscape, reimbursement is more and more difficult. It is easy to make mistakes and lose revenue. It is also important in this competitive landscape to perform as efficiently as possible in the revenue cycle in order to save time and money for your practice.
The bottom line is that deeply insightful data analytics helps managers make the best decisions possible for their revenue cycle. The insight that it provides is why it is the most underrated and powerful resource for revenue cycle managers.
Manage Your People
Revenue cycle managers have a team of revenue cycle staff depending on their leadership. Without analytics, managers may think they know more about than they do. It is like trying to drive in a new city without GPS. You can get around, but why wouldn’t you want to use a powerful tool that can give you guidance and be your eyes on the road?
That is what analytics does for managers. It gives them eyes into their revenue cycle, and into the performance of their revenue cycle staff. There are several ways that revenue cycle analytics helps managers better manage their staff.
1. Identify Growth Opportunities
A great manager wants to help their staff be the best that they can be, and often that means identifying areas of improvement. It’s hard to spot those when you don’t truly know how your staff is performing.
With revenue cycle analytics, managers can see exactly what their revenue cycle staff is doing. You can see how many encounters they process in a single hour, what coding edits they are ignoring, how many encounters they are making changes on, and more. This allows you to compare the performance of your coding staff across the board and find areas where coders can make improvements to perform even more accurately and efficiently.
2. Opportunities to Praise Accomplishments
The flip side of finding areas of improvement is that you can also better identify the coding staff who are doing an exceptional job. It is always important to point out excellent work and encourage your staff. Without analytics, managers might miss the excellent work that a coder is doing. You only see the results. With analytics, you can see your most efficient coder. Find out who is able to process the most encounters per hour, and praise their hard work.
3. Sharing Best Practices
Once you’ve identified your best performing coders through data analytics, you can spark conversations about best practices. It is unwise to assume that all of your coding staff has the same knowledge and performs their work the same way. There are hidden best practices that your superstars are already doing that will benefit the rest of the team. The knowledge of your own staff is a hidden resource to be tapped into and shared with the rest of the group.
Manage Your Processes
Not only does revenue cycle analytics help managers lead their people, but it also empowers them to take control of their processes. Without revenue cycle analytics, managers can only see the end result of their revenue cycle and work backwards from there. Analytics provides managers with insight into the entire process.
With analytics, managers can spot the areas in their revenue cycle that are inefficient. The number one way to make sure your revenue cycle is operating efficiently is to ensure that your coders are performing on an exception-only basis.
The most efficient workflow for your revenue cycle is exception-only coding. Exception-only coding is when coders don’t stop to review encounters unless (the exception) there is an error that needs fixing. This type of coding is made possible through automation.
Analytics allows you to see how well your exception-only process is performing. How often are your coders stopping? Are they stopping on any encounters that were supposedly correct? These are the insights you can dive into that will let you know how effectively your workflows are performing. Analytics helps you take control of your processes.
Practices should always strive for improvement in their revenue cycle. Analytics helps managers set measurable, attainable goals, and then track their improvements over time.
One goal you could set is to increase your average encounters that your coders can process per hour by 50%. Set this type of measurable goal and then reviewing analytics on a quarterly basis to track your improvement over time. This is not only motivating, but it will be encouraging to see the progress that you make quarter after quarter. Improving your revenue cycle is never a quick-fix—it is a marathon, not a sprint. However, in time, you will see vast improvements. That is the power that analytics can provide.
Another way to improve your revenue cycle is reducing denied claims. Dealing with claim denials is a huge challenge and threat to your revenue cycle. That’s why we created a comprehensive guide to dealing with claim denials. Download it free to reduce your denial rate and improve your revenue cycle outcomes.