Slide Share: Developing Criteria for a Data Analytics Solution: Five Crucial Elements
Healthcare organizations have never been in greater need of truly actionable data to compel change. A solid data analytics and business intelligence (BI) platform analyzes the lifecycle of a claim from submission through post-adjudication—delivering the data necessary to improve revenue cycle transparency, plus increase cash flow and staff efficiency, productivity and effectiveness—without wasting time compiling data and wading through countless reports. In the next few slides, you’ll learn five components you should look for in a data analytics partner and best practices to achieve big, small and continuous wins.
The dashboard is mission control for monitoring your revenue cycle and should be your organization’s first stop daily to determine areas that are not performing up to your organization’s goals. Make sure the data analytics solution you choose offers a dashboard with key performance indicators (KPIs) most meaningful to you, including:
While dashboards can be effective in helping you identify issues that exist, reports are the investigative tools which allow you to determine the root cause of the issue. Look for reports that are interactive, allowing you to filter, sort and group data in various ways to determine the source of any issue you might discover.
You want a data analytics solution that will allow you to drill down into the report data to view claims which comprise the totals. By doing so, your organization will be more equipped to efficiently and correctly determine specific claims that need to be corrected and resubmitted.
Benchmarks can be a crucial aid in determining areas of concern that may not be readily apparent otherwise. To grasp your organization’s true performance, leverage internal and peer-based external benchmarks. Peer-based benchmarks are powerful because they allow you to compare the performance of your organization in critical KPI areas against your peers.
Larger healthcare organizations that bill under multiple tax IDs will want to ensure the data analytics solution they choose can support enterprise reporting. Being able to view KPIs and reports for one or more healthcare organizations can be an effective tool for monitoring the entire organization’s overall performance.
As you embark on your data analytics initiative, remember to carefully evaluate both the data analytics and the vendors providing the solutions. This will help make sure you are not only getting a solution that meets your needs, but also a team of individuals who can help ensure your successful implementation, staff training and continued support.
Now that you know what to consider when selecting your data analytics partner, the following best practices can help you get started: