On this blog, we’ve discussed the value of harnessing data to improve your revenue cycle. The more you know about operations at your facility, and the better you can analyze it, the more equipped you’ll be to make good decisions to improve them. This process is called “data mining.”
One way health care facilities have achieved this is by outsourcing data storage to enterprise data warehouses, or EDW’s. An EDW can store your information so you can interface with it in a reliable, flexible way. At present, your finance team may be too overwhelmed with billing and collections to consider such a big data migration.
If that’s the case, you might consider a decision to outsource receivables management. Contact Professional Medical Services today to learn more about how this option can provide the bandwidth to tackle revenue cycle improvements head-on.