Value-based reimbursement complicates the revenue cycle, and organized data is key to staying on top as it becomes more prominent. When your data is out of your control, your health system and your patients lose money.
If issues with disparate data systems and data silos threaten revenue cycle functionality, you can fight back with the productivity of your staff. Consider these three tips when taking control of your data:
- Hire Experienced Data Analysts
A 2018 survey from Healthcare Business Insights showed that many healthcare systems have experienced data analysts dedicated to their revenue cycles. Some also assigned IT department analysts to special revenue cycle projects when needed. These analysts report to managers so that the managers can respond to revenue problems quickly. When problems are solved without delays from data unavailability, clients and health systems lessen their risk of losing money.
- Maximize Staff Productivity
Revenue cycle staff will work more efficiently if there are standard procedures created for coding claims. Complete research in costs, coding, and staff productivity, and identify the best practices for your health system. It is also important to make sure staff members are organized according to specific medical departments when possible. This gives employees a chance to become experts in their assigned departments, which will help them work more efficiently and streamline the reporting system.
- Create Electronic Dashboards
Electronic dashboards display data points in real time, letting revenue cycle staff see trends and track accounts. Workers can pull information from all of the organization’s data systems into the dashboards, creating aggregated data sets even when the systems are incompatible. These dashboards will help your staff manage patient balances and stay ahead of potential problems.
If you don’t have access to accurate data when you need it, your health system and your patients’ money could be lost or delayed. When disparate systems and data silos reduce your control, make sure your staff is working at maximum efficiency to keep your revenue cycle running smoothly.