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How analytics can drive better profit margins

While analytics and tracking data are pretty standard in home health and hospice, many agencies continue to use Excel. This means they’re taking out reports, somehow getting them into an Excel document, and then analyzing data — that’s a lot of work. With MatrixCare, users get automated reports with fresh data updated daily.

Here are a few ways our analytics can drive better profit margins:

Referral source revenue

Analytics can tell providers which referral source out in the community is sending the most business. These revenue sources likely depend on the care setting. Home health agencies may see most revenue coming from a hospital, hospice agencies from a skilled nursing facility, and for private duty agencies from a variety of referrals.

Conversion ratios

Conversion ratios are set up and automatically calculated by MatrixCare to gain insight on the number of referrals users received versus how many that turned into admissions. This insight can help in two different ways:

  1. If a referral source is referring patients who are not appropriate for home care, then a conversation needs to be had with that referral source to avoid unnecessary nurse consultations.
  2. It can help users find opportunities for improvement, as the more referrals that get converted, the more revenue can be increased.

Days to close visits

We know from studies that charting by the bedside is the most accurate way to document care, which is why we like to see the days to close visits around one or two max.

Open visits by day

This analytic can tell users whether clinicians in the field need additional training due to not getting documentation done in a timely manner. Quality documentation is key because it allows for faster billing and helps to meet quality measures and achieve five-star ratings.

Unbilled AR

What are the reasons for unbilled AR? MatrixCare has a variety of different safety methods in place to make sure audits will be fully passed for each claim sent out. If notice of elections or signed orders are missing, our system tells users that claims cannot be sent because processes are not complete.

Days to bill

What many refer to as “outstanding days in sales,” days to bill are the number of days it takes to get a claim out, back in, paid and processed. The lower the number, the quicker the cash flow — and at MatrixCare, we like to keep this number as low as possible, as quicker turnaround means cash in the door. This analytic helps users explore their average days to bill and how to improve it.

With innovative analytics, home health and hospice providers get the support they need to bill faster and increase cash flow — ultimately helping to grow their agencies. 

Request a demo today to learn how MatrixCare can simplify your analytics process and improve profit margins.

Greg Neyman

Greg Neyman has been in the homecare market for the past 21 years and has been with MatrixCare since 2015. With a focus on prospects and customers, Greg showcases the Matrixcare solutions and educates on how the MatrixCare software can solve for any challenges they are facing.

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