Maximizing Revenue Realization and Optimizing Cost of Care for Healthcare Providers

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Maximizing Revenue Realization and Optimizing Cost of Care for Healthcare Providers

Challenges Faced by Healthcare Providers

Healthcare providers and health systems have been under immense pressure due to the pandemic, experiencing a significant reduction in revenue and a sharp increase in labor costs. Operating on thin margins, it is crucial for these organizations to maximize revenue realization and optimize the cost of care. In this challenging environment, actionable analytics and reporting play a pivotal role in helping organizations achieve financial and operational sustainability while delivering high-quality care. Providers need innovative solutions to tackle hurdles such as little visibility into A/R aging and denials, revenue losses from increasing self-pay accounts, changing regulations, revenue leakage, tracking revenue across multiple care settings, and lack of visibility into staff performance.

Success Stories with MedeAnalytics

MedeAnalytics has empowered healthcare providers and health systems to achieve remarkable performance improvements. For instance, Presbyterian Healthcare Services witnessed a substantial $3.4M value increment, resulting in a remarkable 344% ROI and a nine-month payback on their investment. Similarly, Wise Health System utilized real-time clinical and financial data to enhance performance, leading to a 34% increase in CMI and a 19% reduction in unspecified code usage. Oregon Health and Science University established a culture of trust, transparency, and analytics, leading to a 21% increase in CMI, a 5% improvement in CC/MCC capture rates, and a 159% increase in the average rate of return per CDI specialist. These success stories highlight the transformative impact of MedeAnalytics in enabling providers to optimize revenue and improve operational efficiency.

Comprehensive Support with MedeAnalytics

MedeAnalytics offers comprehensive support to providers by enhancing performance throughout the revenue cycle with robust, self-service analytics. With the ongoing challenges related to low margins, maximizing revenue realization, and optimizing cost of care remains a top priority. The data-driven insights provided by MedeAnalytics help organizations identify revenue cycle opportunities and make informed decisions to positively impact revenue while ensuring quality care for patients. The platform's single approach facilitates immediate visibility into revenue cycle opportunities and addresses critical challenges faced by providers, including A/R aging and denials, revenue losses from self-pay accounts, changing regulations, revenue leakage, revenue tracking across multiple care settings, and staff performance visibility.

Competitive Advantage with MedeAnalytics

MedeAnalytics offers healthcare providers a competitive advantage by complementing and augmenting their existing EHR systems. The platform's self-service analytics empower providers with rapid time-to-value, enabling managers and executives to make data-driven decisions effectively. The platform's unprecedented flexibility and data-agnostic nature provide users with the freedom to explore insights and opportunities in their data. MedeAnalytics acts as a reliable partner for healthcare providers, helping them navigate the complexities of revenue integrity, medical billing, and coding, and ultimately driving improved financial outcomes and operational efficiency.

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