Utilization levels in many hospitals have returned to pre-pandemic levels, yet too many Americans still have a wellness deficit.
Despite the advances of telehealth and on-boarding more specialists and PCPs, it can take 4 or more months to schedule an appointment with a specialist and several weeks to see a PCP.
What should your financial analytics portfolio provide?
You know which service lines account for most of your monthly business and you can see which service lines are emerging as stronger contributors to the hospital’s net revenue.
You need real-time scoring of change and variation in service line and department performance with built-in action triggers based on fiscal budgeting as well as historic growth markers.
In addition, you need real-time analysis of payer performance, including an individual scorecard for each payer based on historical data and the current fiscal budget.
You’ve identified the unique characteristics (and factors) of each payer’s percentage of your gross and net revenue, changes in payer volume, pipeline and average payment data, percentage of denials, and denial management.
Chances are you’ve already launched a program to reduce denials from the historic benchmark of 5% to 2%. This may or may not include looking at generative AI as a potential solution.
Today more than ever how you welcome consumers to your hospital is a market differentiator. Yes, the Front Door is an overused term for sure, yet creating a new paradigm for consumers who seek heath care is smart business.
Scoring the Patient Portal’s efficiency is vital because it is the first touch point of Patient Experience, the new currency of loyalty and growth.
Indeed, there are more challenges now than before the pandemic, yet the opportunity to streamline the patient process and Patient Experience has never been greater.
The hunt for ROI and new cash streams is a priority, and it’s one that can deliver new operational windfalls as well as superior market growth.
We provide a Strategic Advisory that does this.
See what ‘Q’ can do for you!!