semi-structured, static data that already exists in any traditional report created ... With access to full-service, web-
REVENUE CYCLE MANAGEMENT
Boosting the Bottom Line in Healthcare with Data It’s no secret that healthcare costs have been increasing at an alarming rate over the last number of years. By most measures, healthcare spending is rising faster today than at any other point in history. In the provider market, rising costs and shrinking profit margins have created an unsustainable financial position for many healthcare organizations. As a result, it’s estimated that the average healthcare provider is losing millions of dollars each year. Amid the political firestorm of healthcare reform and increasing pressure to cut costs, healthcare CIOs and CFOs are often skeptical of new technology. Yet, providing less expensive healthcare will require some form of investment in robust clinical data analytics. As healthcare organizations are attempting to reign in rising costs, hospital CIOs and CFOs are recognizing that they can boost their bottom line by harnessing available clinical, financial, and other operational data by turning to self-service data preparation solutions.
TAPPING INTO CRITICAL DATA By providing entire organizations with easy and instant access to trusted information without having to redesign the way it’s created, a self-service data prep solution allows users to unlock critical data buried in reports and other business documents, as well as import and combine information from additional data sources such as PDFs, databases, XML, invoices, billing statements, and spreadsheets. From semi-structured, static data that already exists in any traditional report created within any healthcare information system, self-service data prep solutions help healthcare professionals improve processes and productivity by understanding what happened, what’s currently happening, and why. With access to full-service, web-based, data-mining tools, users are capable of pulling data directly from SQL database tables or any other source, structured or not, which means they can provide data analysis, graphing and data exporting to other applications, taking information “hidden in plain sight” and transforming it into live, actionable data for rapid analysis and improved efficiencies.
COMMON SYMPTOMS OF REVENUE CYCLE MANAGEMENT ROADBLOCKS Two-thirds of healthcare organizations need additional resources in order to provide required reports on quality performance and quality outcomes to effectively manage their revenue cycle. More than 75% of healthcare organizations say their clinical data is presented in a different view or in a different format from their financial data making Revenue Cycle Management (RCM) reporting difficult, manual, and time consuming. Common symptoms include: Inability to get at data trapped in complex reports Inefficient revenue cycle process, fraught with potential data quality errors resulting from manual account updates Failure to link hospital Charge Data Master (CDM) to supply chain Item Master (IM), leading to manual updates and billing inaccuracies Absence of actionable information Need for complicated formulas to coax data from reports Creation of multiple variations of existing reports based on user permissions
More than 75% of healthcare organizations say their clinical data is presented in a different view or in a different format from their financial data - making Revenue Cycle Management (RCM) reporting difficult, manual, and time consuming.
SELF SERVICE DATA PREP: SELF-SERVICE PREP RX FOR SUCCESS With self-service data prep, healthcare organizations can extract data from trusted static reports and databases and manipulate it into desired views, enabling them to: Integrate static report data with an enterprise reporting solution that can supply vital financial, clinical, and operational metrics, dashboards, and reports to end-users via a web portal Data mine any computerized report or document (e.g., EDI files), regardless of format Transform ancillary reports into live, customized, web-enabled data Allow viewing of data, such as HTML, Excel, dashboards, and PDFs; and then export data locally, any time Combine financial data with clinical data for more complete insight into RCM Reduce ITs burden by eliminating the need for ad hoc reports, sub-reports, or live database connectivity Include dashboard capabilities to help users visually analyze KPIs Map the data sources to models that allow data to be combined, restructured, and analyzed in different ways Being able to access this semi-structured data and mine reports is of particular value in RCM. Individual end-users can access the data and customize the reporting, without requiring the IT department to provide countless customized reports for these individuals. With self-service data prep, users can access a variety of documents, without the time and expense of integrating with the hospital’s existing systems. This means financial data can be combined with clinical data, enabling information to be shared or acted upon for better decision-making across the organization. Datawatch Corporation, a leader in self-service data prep, helps healthcare providers make better decisions and solve business problems by simplifying access to information. More than 3,000 healthcare organizations worldwide maintain or reduce costs, improve decision making, support strategic objectives, increase ROI, and improve the quality of care provided by relying on Datawatch’s self-service data preparation platform. And with an ROI that’s typically measured in days, not months, healthcare providers realize savings almost immediately. Download your free HT P:/ WWW.DATAWATtrial CH.COM/TRY-NOW/ today to see how Datawatch Monarch can help boost your bottom line.
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