To effectively manage complex laboratory business decisions and optimize outcomes, diagnostic leaders must be able to precisely measure results and easily compare them to internal goals and industry benchmarks. Executives, finance leaders, billing, revenue cycle management (RCM) directors, and other departmental managers need operational and financial data access. However, they typically need these metrics for different purposes, covering different times periods, and to support different types of decision making.
RCM data is complex and by its very nature, changes through the claim lifecycle, which can make analysis challenging. That is why XIFIN RPM now offers advanced analytics and visualization options, in addition to its powerful business intelligence (BI) and reporting capabilities. Artificial intelligence (AI)-enabled advanced analytics can synthesize RCM data and uncover previously unrecognized insights. With Advanced Analytics, XIFIN makes understanding complex RCM data and utilizing it for better business decision making simpler than ever before.
Advanced Analytics Take Users Beyond BI
XIFIN currently offers four advanced analytics options designed to make different types of RCM data available for easier and faster financial reporting and analysis:
The Essentials analytics option is specifically designed to provide easy-to-use operational metrics at a glance for billing and RCM managers and directors. The graphs and tables provide weekly snapshots of critical operational metrics such as productivity, volume, cash, exceptions, and top denial codes. These metrics help billing managers have confidence that they will see any dips in performance right away, so the root causes can be identified quickly and remediated effectively. Having easy access to important operational metrics means the RCM team can stay on top of the process and keep the claims management and reimbursement process moving smoothly, maintaining accounts receivable (A/R) days as short as possible.
The Essentials data enables RCM managers to see any unexpected bottlenecks in the process that are increasing claim reimbursement turnaround time. If there is evidence of a slowdown, the Essentials analytics help identify the specific spot in the process where a blockage needs to be resolved.
For example, the Essentials include a user-level productivity dashboard that makes it easy to track:
The Essentials also include a weekly executive tracking dashboard that displays:
The weekly operational performance metrics display a weekly snapshot of high-level operational performance metrics such as loaded accessions, order entry backlog, priced accessions, submitted claims, claims with no activities, number of errors fixed, and payment posting. For more granularity, exception processing (EP)-related user productivity trends detail the difference in percentage from the prior week and the moving average of activity for the previous four weeks. This provides an at-a-glance comparison of productivity between team members.
Gain the Financial Insight Your Organization Needs to Maximize Reimbursements
XIFIN RPM and the business intelligence capabilities support proactive management of diagnostic businesses. Visibility into operational metrics, weekly snapshots, key performance indicators (KPIs), analytics, and dashboards provide insight that can optimize workflows, maximize staff productivity, and identify root cause issues that are affecting an organization’s balance sheet.
Diagnostic organizations continue to face many financial and operational challenges from tightening reimbursements, to competitive pressures and ongoing regulatory mandates. In order to thrive, they need trusted, accurate financial data visibility that delivers actionable insights and tracks key trends and statistics.
Laboratories, pathology groups, and medical device providers also need to be prepared with fully-auditable information built upon a system with underlying financial integrity. Speed is critical to efficient business processes, and access to analytics needs to be readily available without impacting production system performance. The XIFIN Advanced Analytics options can help transform the way organizations think about their data and how to use it to optimize their business.
To see the insights in action, we invite you to watch this video. Also, look out for our next blog post on the Executive Package. For more information on Advanced Analytics and to see a full demo, contact us.