55% of healthcare organizations lack a data analytics solution to improve revenue cycle
Navicure, a provider of cloud-based healthcare claims management, patient payment and data analytics solutions, hasits most recent national highlighting current data analytics usage and additional needs for healthcare organizations.
The survey, administered in May and June in conjunction with Porter Research, found of the 622 survey respondents, only 216 were using a data analytics and reporting solution to analyze their revenue cycle (other than utilizing a tool such as Microsoft Excel).
The majority of survey respondents were executives (42 percent), practice administrators (35 percent) and billing managers (22 percent).
Here are seven survey findings.
1. The majority of overall survey participants (55 percent) do not have a data analytics and reporting solution in place to improve their revenue cycle. However, 45 percent of those without a solution are in the process of looking for one.
2. Respondents who don't have or aren’t looking for a data analytics and reporting solution named various reasons for not utilizing one. Topping the list was:
- Don't think we need one (36 percent)
- Don't have the budget (23 percent)
- Don't have the time (13 percent)
3. The majority of respondents (88 percent) indicate analytics and business intelligence solutions are extremely or very important in making business decisions.
4. Further, 73 percent of leadership teams view revenue cycle analytics/business intelligence as a high priority.
5. Forty percent of respondents said actively managing for denials is the top revenue cycle challenge. Next is patient billing and payments at 37 percent.
6. Participants' biggest challenges with leveraging insights from their data analytics and reporting solution are:
- Lack of time/resources to use data analytics effectively (38 percent)
- Unable to benchmark performance against peer organizations (25 percent)
- Difficult to get actionable reports for use in addressing issues (19 percent)
7. Still, the survey found a majority of respondents said data analytics and reporting solutions have had a positive impact on their organizations. Seventy-one percent of respondents said solutions helped their organization improve cash flow by reducing days in accounts receivable, followed by increasing revenue by identifying bottlenecks to get paid more quickly (56 percent).
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