PLANO, Texas, April 11, 2013 /PRNewswire/ -- Today's healthcare organizations can maximize performance by leveraging comparative analytics to pinpoint specific clinical, financial and operational problem areas, then focus on improving these areas, according to a new white paper by RemitDATA, Inc., the leading provider of comparative analytics of reimbursement, utilization and productivity data.
The white paper, "The Evolving Comparative Analytics Market: Benchmarking Key Business Metrics Against Peers to Reduce Risk, Pinpoint Areas of Improvement and Optimize Performance," focuses on the key role comparative analytics plays in optimizing performance at today's healthcare organizations. It notes that, although there has been rapid growth in the development of business development technologies among vendors, the majority of business intelligence tools available today lack the ability to benchmark against key performance indicators (KPIs). Leading comparative analytics solutions however, enable organizations to better understand their position within the marketplace and enables them to take advantage of the dynamic flexibility required to thrive in a time-sensitive environment.
"New uses of comparative analytics in healthcare have expanded into other areas of the enterprise as well," notes RemitDATA Chief Operating Officer Brian Fugere. "Not only does this more expansive use of comparative analytics provide organizations with a much broader perspective of the relationships between clinical, financial and operational components -- it enables them to understand how changes in one area affect other components that impact regulations, care delivery costs, and quality reimbursements. With these measurements and a greater understanding of their relationships, organizations can be more proactive in managing risk to drive higher levels or performance."
In addition to explaining how comparative analytics is used to increase performance, the white paper also illustrates key areas for comparative analytics usage – including focus and items to evaluate, from the clinical, financial and operational usage perspectives. For example:
- A focus area of clinical-focused usage is "outcomes," which would evaluate: "How do patient outcomes compare against peers and national averages by condition, severity, pathway utilization and facility?"
- A focus area of financial-focused usage is "gross reimbursement and collections," which would evaluate: "Are you being paid the same as peers?"
- A focus area of operational-focused usage is "revenue cycle staff productivity," which would evaluate measure codes throughput, accuracy and compliance, as well as denials by staff member and ineligibilities.
The white paper can be accessed in the "Resources" section on the RemitDATA's website at www.RemitDATA.com.
Founded in 2000, RemitDATA Inc. helps more than 100,000 healthcare providers improve revenue and cash collections by identifying and correcting performance issues in the post-adjudication stage of the revenue cycle. The company provides a range of system-agnostic comparative analytic solutions with patented, proprietary technology offered in Software as a Service (SaaS) form for immediate value-add implementation, resulting in a faster return on investment. The end result is more enlightened providers with empowered practice management teams, improved employee productivity and increased profitability. Based in Memphis, Tennessee, and Plano, Texas, the company has enjoyed a more than 90 percent client renewal rate since its inception. For more information, please visit www.RemitDATA.com.
SOURCE RemitDATA Inc.