Operating an organization in a highly regulated industry such as healthcare comes with many challenges. Accurate claim information, securing reimbursement, and collections are critical for profitability but can be difficult to obtain. And itโs getting more challenging than ever for providers: a recent survey found that 89% had an increase in denials over the past three years. Furthermore, 51% even stated that the rise was “significant.”
That is why forward-looking healthcare companies are looking to harness the potential of data to help them overcome these hurdles. Data is used in almost every area of healthcare operations, such as customer service and diagnostics, but revenue cycle management (RCM) offers businesses the most immediate and measurable impact.
When leaders can aggregate data from ERP, EHRs, medical billing, RCM, and various healthcare information technology systems to build intuitive dashboards and analytics, they are able to glean insights like never before. From coding to billing to claims and more, organizations will have the 360-degree view needed to find patterns and understand how best to respond.
As businesses face increasing pressure to maintain profitability with higher standards, leaders need end-to-end visibility that provides real-time analysis of trends and insights that will empower analysts, CFOs, and other staff members to make better decisions.
Healthcare organizations that don’t have a cohesive view of their data are at risk. Between increasing denials, wasted time and resources, and delayed payments, they will experience a drag on productivity and profit on even their most basic queries.
