True North represents the ideal vision from the standpoint of the patient and the health system
For health system executives embarking on digital transformation – measurement and return on investment (ROI) are fundamental. The ROI, or value derived, from these efforts is measured through improvements in critical areas – patient satisfaction and experience, quality of care, cost reductions, yield, process efficiency, profitability and the creation of new revenue streams. However, providers and payers need the right tools and insight to achieve better outcomes. Having more boots on the ground is not going to help – especially without credible data.
Data-driven Change Management
Data is an excellent motivator of transformation. When the CFO can put data in front of the leadership team to show them the health system is lagging when compared to the rest of the market, it’s magic. Without data insight from internal and external sources, the health system can only guess what their targets are – in the revenue cycle, the patient journey or quality of care.
Whether it takes the shape of problems in the revenue stream or managing disruptive challenges, health care executives need data to make good decisions. Having an accurate understanding of what is occurring informs what changes need to be made. Predictive analytics provides health system executives with the compass they need to guide them when making decisions and taking action.
Having the right data available are essential to meeting performance management objectives.
Performance management closes the gap between reporting and accountability. Key performance indicators (KPIs) are metrics that transcend the silos, keeping everyone marching along the same path. KPIs allow executives to communicate strategic objectives, track progress, make informed decisions and take appropriate actions. Having the right data available – and trusting that data’s quality and consistency — are essential to meeting performance management objectives. However, when data lacks credibility or is unavailable, inconsistent or unclear, how can anyone trust any metrics or KPIs?
The health system that can understand patient behavior, identify unexpected opportunities, and anticipate problems before they happen, is more likely to achieve sustainable change and results. It’s predictive analytics that ensures health care executives achieve top priority objectives such as optimizing existing processes, improving patient experience and reducing costs.
Predictive analytics is helping payers and providers reduce costs, improve patient satisfaction and increase profitability. According to the 2019 Predictive Analytics in Healthcare Trend Forecast published by the Society of Actuaries, the top two desired outcomes executives cite for using predictive analytics are “reduced cost” (54%) and “patient satisfaction” (45%). This finding aligns with the top two results that executives see from the implementation of predictive analytics: “improved patient satisfaction” (42%) and “reduced cost” (39%).
Manage Revenue Cycle Risk
Patient account receivable management requires transparent monitoring and reporting to drive the health system’s focus on what matters – the patient experience and cash flow. If the revenue cycle is running without data being analyzed and distilled into reports on a weekly or monthly basis, the risk is enormous. The quantitative analysis of data gives CFOs visibility into how the revenue cycle is functioning throughout the various strata of the organization, across multiple organizations, as well as the different entities within the system.
The risk is enormous if the revenue cycle is running without data being analyzed.
Operationalize, Optimize, and Adjust
VisitPay is a patient payment platform designed to help healthcare providers better serve patients. By distilling consumer behaviors into discrete segments, health systems using VisitPay can align patient financial experiences with the needs and preferences of the patients they serve. The platform empowers health systems to adjust and optimize countless variables – from billing policies to payment plan terms to patient segmentation configurations – in near real-time.
These capabilities give revenue cycle teams the ability to implement more personalized engagement strategies. For example, targeting patient segments to capture user feedback in real-time or sending tailored payment plan information to patients who require more time to settle obligations.
Personalize the Patient Billing Process
When managing tens of thousands of patient accounts, it’s easy to forget about the individual behind every bill. Health systems need to be able to draw from their own data to create a more holistic portrait of their patients. Combining VisitPay’s proprietary scoring, segmentation, and advanced analytics with insights from the hospital’s core billing and EHR systems creates a more accurate picture of the patient.
“There is a lot of data that doesn’t get utilized from the standpoint of historical patient behaviors,” says Marysabel Keller, Patient Financial Services, Self Pay Manager, Inova Health System. “A patient’s balance can change from what is ordered to what is actually dictated, documented and billed. There’s a gap between what patients thought a bill was going to be and what the reality is. How we close that gap is through data, analytics and partnerships—utilizing that knowledge to make changes with the patient in mind,” explains Keller.
“How we close that gap is through data, analytics and partnerships,” explains Inova’s Marysabel Keller.
Continue Making Informed Decisions
CFOs need clear reports that show how things are functioning in the revenue cycle or the revenue stream. VisitPay provides ongoing measurement of financial plan performance trended over time and data-driven insights that align financial policies with the evolving needs of the health system and its patients. As a result, it’s easier to continue making informed decisions and actions.
Improve Patient Satisfaction and Profitability
VisitPay is driving better results by providing ongoing measurements and performance management. Using VisitPay’s automated capabilities, health systems achieve dramatic increases in operational efficiency, patient satisfaction, and payment yield. On average, VisitPay clients experience a 30% lift in yield and 70% improvement in patient satisfaction.