For instance, organizations can forecast which patients are most likely to skip a scheduled medical appointment based on past behavior.
“These small things can be predicted by data analytics. They can capture more accurate predictions of how the patient deals with an appointment and which services are most likely to lead to lost revenue,” said Ms. Shi. “Those kinds of things can be analyzed, can be improved by using data analytics.”
If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the “RCM tip of the day” series.
More articles on healthcare finance:
Northwell Health seeks to raise $530M for capital improvements, initiatives
New Jersey hospital to pay $550K annually to city after challenge of tax-exempt status
Hospitals slow in cost-cutting efforts, survey finds
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.