Navicure conducted a survey of more than 600 healthcare leaders to understand what data analytics they use and challenges they face, according to HIT Consultant.
Here are 12 statistics:
1. Of those polled, 73 percent said they viewed revenue cycle analytics as a high priority.
2. More than half (55 percent) reported the most important Key Performance Indicators are denial and rejection rates as well as the average number of days it takes practices to collect payments due.
3. Eighty-eight percent said analytics and business intelligence solutions are extremely or very important in making business decisions.
4. Denials were the top revenue cycle challenge for 40 percent of respondents, followed by patient billing and payments (37 percent).
5. More than 55 percent reported the least important KPIs pertained to patient payment plan collection rate and outstanding patient balance totals.
6. Thirty-eight percent of respondents said lack of time and resources impeded their ability to leverage insights from their data analytics.
7. Twenty-five percent said they were unable to benchmark performance against peer organizations using data analytics.
8. However, 71 percent of respondents improved their cash flow by reducing days in A/R, and 56 percent bolstered revenue by identifying bottlenecks to getting paid.
9. Forty-eight percent improved their staff productivity through data analytics.
10. Eighty-eight percent of respondents improved their claims submission through data analytics.
11. Using data analytics, 84 percent improved their rejection rates and 78 percent improved their denials.
12. Sixty-six percent of respondents enhanced their patient billing and payments through data analytics.
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