Q4400

Each service line is a revenue driver as is each major component, yet we know Patient Engagement success determines Patient Experience which is the new currency of growth.

Other key metrics to assess Revenue Drivers
include:

• physician alignment
• brand strength
• patient outcomes
• patient safety
• social media strength

Each of these plays a significant role in driving consumers and patients to your hospital.

Measuring each in real time can be a challenge, yet we know anything that can be quantified can be measured.

Volume and total revenue in each service line, department, and setting continually change based on many factors.

Overall wellness in the communities you serve, changes in the national or local economy, changing demographics, the competition, mandates from CMS, and events or forces you cannot control all impact your business.

We divide service line volumes and revenue into their respective components.

As an example, OP services include aggregated data for OP surgical procedures, diagnostics, laboratory, and other OP retail services. IP services include all IP care, IP surgeries, IP diagnostics and laboratory, IP other services, and IP readmissions, etc.

ED data can be divided into portals of entry: EMT, walk-ins, Frequent Fliers, and patients admitted under Observational Status from the ED.

We divide each component into how patients entered the provider’s care. In the case of IP services, we delineate admissions by admitting physician and how that consumer became a patient of that physician.

An admission could be from one of your primary care physicians, from a specialist who received a referral from one of your primary care physicians, from a specialist whose patient was a self-referral, or as a transfer patient from another facility.

Knowing and understanding how consumers enter your care is fundamental to developing an effective platform for patient access whether you are in Rural Health, a Community Hospital, a stand-alone Medical Center, or Hospital System with several hospital locations.

We are data-driven problem-solvers and conceptualizers. We start with a detailed analysis of historical and current charge and payer data, including trend analysis, and apply our predictive analytics algorithms to measure the net financial impact of potential change.

Change in volume and revenue happens for a reason. You need to understand ‘the why’ and quantify the change before you can address it tactically or strategically. This is why we provide a detailed analysis of all data, including a Markets analysis that measures competitor performance and change.

You need a full snapshot of your market before considering a possible adjustment. Our analysis lends itself to a Strategic Advisory that provides decision support.

Understanding change in revenue drivers is vital, especially as you streamline a digital platform to make it a key component of your patient funnel.

Measuring social media presence requires determining how many social media testimonials and patient referrals are generated, and benchmarking the results to ensure relativity.

In addition, understanding changes in website metrics is an absolute. Digital marketing analytics come into play with each.

Some questioned whether health care would transition to consumerism, yet the real question was ‘when’. This is happening now.

Smart phone technology is fueling part of this; the younger demographic is driving some of it; and the pandemic forced health care providers to develop telehealth platforms on-the-fly for family-patient visits and physician-patient interactions.

Consumers are able to use their Smart phones to access care as well as obtain information about health care choices.

This new reality elevates the importance of understanding real-time change in all revenue driver metrics.

Determining why statistical relationships have changes is key strategic and tactical adjustments to ensure continuing operational and fiscal success via individual Revenue Drivers

This is essential to remaining nimble in an evolving market.

See what ‘Q’ can do for you!