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Incorporating Analytics to Drive Improved Collections

Incorporating Analytics to Drive Improved Collections

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Incorporating Analytics to Drive Improved Collections

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  1. Incorporating Analytics to Drive Improved Collections Sunil Krishnan Vice President, Revenue Cycle Management, Brightree

  2. Please Complete Your Evaluation Everyone should have received an evaluation form upon entering the session. Please complete evaluation form and turn in to room monitor as you exit the session. Or, you can complete your evaluation in the mobile app. Locate the session in the app and tap on the clipboard icon to begin the survey. Please help us keep the Medtrade Education sessions the best in the industry by completing an evaluation for every session you attend! Your feedback is very valuable to us and will be used in planning future Medtrade events! Connect with us on Social Media Twitter: @MedtradeConnect Instagram: @MedtradeConnect Facebook: #Medtrade19

  3. Agenda • Standard KPIs • Advanced KPIs • Analytics • KPI framework • Operating a data-driven organization • Summary

  4. Key Performance Indicators (KPIs) Actionable data that is reliable, robust, and repeatable Access to metrics and detail Understand the metric Identify multiple metrics – but not too many; do not create ‘analysis paralysis’ Understand relationships of metrics to identify issues Monitoring frequency

  5. Standard KPIs Unconfirmed sales orders days Non billable revenue days Net revenue collection ratio Denials ratio Open AR over 90 days ratio Write off ratio and credit adjustment ratio

  6. Write off by reason

  7. Credit adjustment by reason

  8. Simple payer analysis

  9. Insurance analysis 10-2017 to 2-2018 4-2018 to 9-2018

  10. Static pool (DOS) Sep 2018 Aug 2018 July 2018 June 2018 May 2018 Apr 2018

  11. Trend analysis Practice of collecting information and attempting to spot a pattern, or trend, in the information Identify potential process issues Predict change in future cash flow Monitor patterns of growth and decline Determine benchmarks and goals for the future

  12. Advanced KPI: 90 day roll Sep 2018 Aug 2018 July 2018 June 2018 May 2018 Apr 2018 Track AR that is falling into subsequent 30 day buckets Monitor AR rolling into the 90 day bucket

  13. Advanced KPI: Denial dollars ratio

  14. Analytics: Static pool

  15. Analytics: Activity by GL

  16. Analytics: Open AR aging

  17. The analytics journey Information Optimization Descriptive Diagnostic Predictive Prescriptive

  18. Metrics deep dive framework

  19. Summary Optimize collections through effective metrics monitoring and trending analysis Identify areas that need process improvement Establish educated benchmarks and goals to drive collections Employ both data analysis as well as data analytics to drive your business forward

  20. Find out why thousands of providers rely on us for industry leading solutions including Revenue Cycle Management. Stop by booth #1917 to see how you can: • Streamline ordering and delivery processes with ReSupply and Mobile Delivery • Focus on increasing patient-provider communication with the Patient Hub app • Get greater administrative efficiencies and business growth using Advanced Analytics,RCM and Patient Collections Contact Brightree 1.833.916.1554

  21. Backup Slides

  22. Outstanding sales orders days Track created, confirmed and rolling unconfirmed Identify number of SOs and affiliated dollar amounts Identify number created to ensure new sales are steady or growing Identify growth in unconfirmed; this is UNRECOGNIZED revenue; if it ages, it could be LOST revenue E.G.: Unconfirmed backlog is 7 days (calendar days) in the most recent month vs. 5 days from 6 months prior. Not concerning as it is tracking the average

  23. Non-billable revenue ratio Track items and dollars by aging bucket Compare volume and dollars to monthly volume to get an assessment of days on hold In this example, days on hold is acceptable, but items over 90 are going to be questionable based on payer timely filing requirements

  24. Denials ratio Track volume and percent of items released; identify top reasons for denials as these are a precursor to write-offs

  25. Open A/R over 90 days ratio Track opened A/R by aging bucket from invoice open date Monitor growth in open A/R and aging buckets; are you diligently following up on A/R in the 120+ bucket? Are you responding to denials in a timely manner?

  26. Write off ratio Track AR you should have been able to collect but failed to Visibility into broken processes

  27. Trend analysis example Analyzing a metric at a point in time may not provide much information A trend captures the true performance of the metric

  28. Trend analysis example Monitor projects as they progress through the system