Ensure easy fund flow, understand reasons for claims denials and resubmission and manage revenue.
Healthcare industry is highly affected by bad debts and default in payments by payers and patient. Also, fraudulent claims loom high in this industry. Another challenge they face is to keep their staff and systems updated. Complex and continuously changing regulations hinders the care services.
In order to reduce service-to-submission days and augment fund flow, care providers need to record every patient episode, understand payer contract terms and conditions and curb chart filling time. This can be achieved by training physicians and administration staff.
Hospital Revenue Management
Current healthcare environment entails intricacies for gathering data and driving sense out of it. Extracting correct information from huge pool of data and representing it in the simplest form becomes a tiresome and brain scratching work. Leadership team needs real time information to make critical decisions and predictions.
With EzDataMunch healthcare business intelligence solutions, leadership team can:
- Analyze revenue collected from multiple services, doctor’s collection and by specialisation. It can be further drilled down based on over time collection.
- Check total volumes per department, facilities, physician and calculate total collections.
- Calculate net revenue by deducting total collections by doctor fees.
- Check total over time utilization per facility, country, department, doctor name and as per surgery and patient episodes.
- Calculate net revenue derived from every patient.
- Analyze total cash and credit collection as per department, speciality and surgery and track trends in payment methods.
- Calculate total collections after discounts and doctor fees.
- Calculate net revenue earned through multiple department and specialization and after total deduction.
Hospital Executive Dashboard
Executives are always on the run as they have a lot on their plate to deal with especially in healthcare industry which is intrinsically dynamic. They always have to be one step ahead of market trends and plan accordingly and for this need real time data to make crucial decisions.
With EzDataMunch healthcare business intelligence solutions, executive can:
- Analyze over all charges versus over all payments to understand arrears and plan further actions to fill this gap. Compare this data with previous years data to track trends.
- See profit by financial class, physician, procedure, and patient type.
- Analyze actual charges and length of stay by doctors, patient type, and procedures.
- See what kind of diagnosis has contributed what percentage of profit and calculate total profit per diagnose type.
- Analyze the cost incurred per diagnose and number of visits per department.
- Drill deeper based on parameters like patient type, age, gender, diagnose type and admission and discharge method.
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Our Healthcare Client’s Experience.
Labor cost is one of the biggest cost component in our total cost of care. When we wanted to analyze how we are managing our people and their schedule, we turned to EzDataMunch Labor cost Leakage analysis solution. Not only we found that our measurement criteria were not set correctly, we were also short of compliance requirements for various states. With a single solution, we could assess our past behavior, decide the correct course of actions, implement the same and monitor our progress. There was no easier way compared to EzDataMunch solution to do all this in a record time of 10 weeks.