Do you use multiple data systems that can’t work together? Are you losing money because you don’t have direct access to accurate data? If so, you’re not alone. Messy data is damaging the revenue cycle for healthcare leaders everywhere, and it’s time to find solutions.
As value-based reimbursement becomes more common, usable data is crucial. In order to optimize workflow and increase cash flow, managers need aggregated data from all facets of the revenue cycle. Unfortunately, many revenue cycle managers need information from systems that cannot work together.
While some incompatible data comes from outside sources, much of it is from the same health system, but is stored in departments that use disparate information systems. For instance, when the financial department uses different systems than the clinical realm, it can be impossible to get comprehensive patient records.
According to a 2018 survey by HIMSS Analytics, 29.5% of surveyed health system leaders are using three or more systems on top of an electronic health record (EHR), and are therefore struggling with interoperability and data that is stuck in silos. This limits control for the healthcare staff; they can’t respond to revenue problems in a timely manner because they don’t have access to the data they need. Too many hours are spent on small problems; payments and claims are delayed; and healthcare providers and their patients either lose money or don’t get their money on time.
While tools like artificial intelligence and automated predictive analytics would solve many data problems, they’re not currently possibilities for most healthcare systems. Some groups are making small strides in organization and software, but it takes intensive research and continual updates to stay ahead.
The best way to maintain control over your revenue cycle is to use data systems that engage each other so that data stays together. In addition, staff should monitor and evaluate them regularly in order to maximize revenue.