You know which service lines are strong revenue drivers, which ones are emerging as stronger drivers, and which services need to be strengthened.
Precision data analytics confirms the value of your hospital’s book-of-business at any one time by distilling each revenue driver’s charge and payer data to a series of comparatives and summaries that measure change, variation, and ROI.
This speaks to the changing statistical relationships among all revenue drivers and components.
Only precision data analytics can make sense of the ever-changing relationships among key elements that convert consumer interest to new patient encounters, patient care to greater community wellness, and enhanced Patient Experience to strengthened patient loyalty.
Sophisticated data analytics captures real-time daily, weekly, monthly, month-over-month, quarterly, and YTD measures of revenue drivers and variables that determine operational and fiscal success.
Understanding change and variation requires being able to drill-down to cause and effect, that is, what has changed and why. It’s not enough just to see patterns of change in volumes and ROI.
An in-depth analysis of change and variation grounded in algorithmic statistical analysis ensures you will know why the changes have occurred. This can reflect a new initiative for digital registration, the roll-out of an enhanced telehealth product, on-boarding of several new physicians, a new branding campaign, a recent market change, etc.
In addition, determining “the why” enables you to implement tactical or strategic purposeful internal change as-needed.
We get it. The pandemic has changed everything and there is no going back to the old normal. Indeed, decisions that used to take several months passing through various committee reviews now can take a month or less whether internal or market-based.
Making sense of all data in real-time and having a predictive analytics capability to measure the net revenue impact of potential change scenarios are essential for operational and fiscal success in today’s rapidly changing health care.
We are data-driven problem solvers and conceptualizers.
See what ‘Q’ can do for you!