Service line variation and change

This is the age of algorithmic analysis where you can see which service lines are not only more profitable, but how different Patient Engagement strategies impact profitability and Patient Experience.

Real-time financial modeling of service line variation and change now can be measured in a meaningful way when assessing performance.

There is a debate on the reliability of trend analysis over shorter periods of time. When does service line variation become statistical change?

A data slice of 30-60 days out is not always an outlier but can be an indicator of real change. The goal is to discern the difference with more accurate data analysis.

You know what your book-of-business is at any one time and today’s algorithms enable you to monitor subtle changes that perhaps were missed in the past.

Service line volume, cost per service line, net revenue per service line, net payer revenue per service line, and denials are key. Third generation algorithmic analysis informs variation and change in the relationship of individual factors.

You need to know where each service line is with individual payers at any one time.

They say the RCC is not as important as it used to be, yet pricing transparency suggests the charge master be strategic. There is real value in doing this so that pricing more accurately reflects costs plus consistent mark-up..It can also be a significant differentiator in your market.

Again, the feds implemented pricing transparency to induce more competition. They assumed hospitals would make the charge master more competitive, but this has not happened across-the-board.

Today’s health care is a dynamic marketplace where innovation counters change and those who have better data see change at the earliest and take corrective action.

Next time we’ll look at financial modeling and how doing this one thing will ensure you satisfy your goals.

See what ‘Q’ can do for you!