Are gaps in claims processing affecting KPIs and putting your cash flow at risk during COVID?
Even with vaccination efforts, it is becoming clear that lockdowns will continue to be a part of life for some time to come. The pandemic has forced many industries to move to a remote workforce, and healthcare is no exception. Two challenges healthcare leaders are facing during COVID: fluctuating home workforce availability and patient volumes. Both circumstances can disguise changes in claims cycle productivity, ultimately resulting in revenue disruption.
One thing that has not changed, and perhaps has grown even more critical during the pandemic, is regular monitoring of analytics and operational reporting – but tracking key performance indicators (KPIs) is not enough to protect cash flow in these times. Insight into the operational inefficiencies that can cause KPIs to drop, with a systematic approach to correcting those inefficiencies when they happen, can help you take a proactive approach and keep KPIs steady during COVID.
Detect and correct revenue cycle inefficiencies that cause revenue leakage
For many large enterprises, claims are generated from multiple streams of information coming from and moving through disparate sources. Often the data points and operational inefficiencies that later cause slow payments and denials are not recognized until they have negatively affected KPIs.
Effy Healthcare with RAID Healthcare Business Assurance Technology (RAID) is an umbrella solution that delivers a comprehensive analysis of performance with the tools you need to recognize and correct the claims cycle circumstances that result in revenue delay and loss.
RAID is layered over existing revenue cycle systems and platforms. It’s actionable analytics reporting framework identifies deviations from norms and triggers alarms in real-time, allowing leaders to act immediately to reduce errors and improve productivity.
Root cause monitoring and alarm triggers
KPIs such as revenue cycle staff productivity, days to claim submission, clean claims rate, and denial ratios can be monitored and secured with strategically placed alarm triggers on remote workforce workflows. Early detection of inefficiencies allows leaders to react quickly to fill in operational gaps that affect revenue.
Sample of remote workforce KPI performance monitoring with corresponding alarm triggers
Raid captures, collects, reconciles, and analyzes data from all revenue systems to monitor customized billing rules that trigger alarms.
Corrective actions embedded into workflows
Automatically embedded corrective action responses to alarm triggers ensure deviations are recognized and mitigated before claims are generated – protecting remote workforce productivity and safeguarding KPIs during COVID and beyond.
Learn more about how Effy Healthcare’s proactive approach can help your remote workforce maintain productivity and keep cash flowing. Contact us today by e-mail at info@effyhealthcare.com.