How analytics can help drive business decisions and growth
By: Amy Anderson, Senior Product Manager, MatrixCare
One of the most significant benefits of technology in post-acute care is the ability to analyze data around every facet of your business. When done right, analytics tools can grow your referrals, your revenue, and your business.
Here are the many types of data analytics technology can help track in post-acute care—ultimately driving business decisions and growth:
Conversion rate When providers can see the number of referrals received by referral type, they can identify which referring partners have more potential than others. You should be able to analyze by specific hospital, clinic, or physician—allowing you to easily view risk and opportunity at a glance.
Conversion trend Are your conversions trending in the right direction? With analytics, providers can see referrals by status, giving them visibility into rejection percentages. From there they can start identifying why certain patients are not admitted, why referrals are in pending status, and how long they’ve been waiting.
Revenue Providers can now tie these referral sources back to revenue by analyzing how they are associated with money coming in—creating a clear picture of what value referral sources are bringing to the partnership.
Admissions By analyzing data around admissions, providers can see patients admitted by diagnosis—giving them a global view of the complexity of their patients. This information helps to identify their changing payor mix, whether they need to do business differently or hire more staff, and the types of patients in their care.
Discharges After identifying patient types and complexities, providers can then analyze length of stay. Are these lengths shorter or longer than usual and where did they go after leaving your care? The answers to these questions can help reduce red flags for CMS—such as patients going from hospice care back to the home.
For home health, providers ultimately want patients to be discharged because their needs are met, not because they need to be admitted to a hospital.
Census While not necessarily a business driver, larger organizations can use census analytics to see patients by business unit—providing greater visibility into different offices and lines of business to better understand whether they’re experiencing growth or decline.
Notice of Admissions (NOAs) and Notice of Elections (NOEs) By gaining a better understanding of timeliness of NOAs and NOEs, providers gain insight into whether they’re meeting submission requirements, whether NOAs and NOEs are being accepted, and the potential risk to revenue.
Unbilled revenue When considering payor time constraints, it’s important to analyze what revenue has not been billed. What amount is outstanding and what is causing the delay? Whether it’s unsigned documents or incomplete documentation, identifying the cause of unbilled revenue can help improve cash flow.
Billed AR Having a clear picture of what has been billed and also outstanding aging billed amounts gives providers insight into why it’s happening, how long it’s taking for bills to be sent, and opportunities to avoid these aged amounts moving forward.
Cash and adjustments By looking at the amount of cash coming in and the adjustments being made—including the amounts being written off, bad debts, etc.—providers can get a more holistic view of where money is going.
Clinical visits Providers should be able to see how many days it takes to close visits by clinician, which gives them insight into why they can’t get work done in time and why bills are not sent in a timely fashion.
Quality Five star ratings are a big deal for home health providers, which is why tracking quality-based purchasing measures is important. Similarly for hospice providers, the Hospice Care Index (HCI) and hospice visits in the last days of life (HVLDL) are important to track and measure. These items are publicly reported, but providers should be able to analyze them and see them in real time before CMS makes them public—meaning faster insight into trends and opportunities to improve.
Infections Analytics should provide a detailed view of where infections are across your care, whether they were preexisting or acquired under your care, and the average days to resolve.
Orders and documentation management Before providers can bill, they must have orders back and signed. By tracking these orders, which often become overdue, they can see the physician causing the delay, which patient it relates to, and many other filters.
Analytics can provide significant insight into where your organization excels and the opportunities that can help you improve. Schedule a demo with MatrixCare today to learn how our innovative analytic solutions can help dive your business decisions.
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