According to a March 2018 report by BIS Research, financial analytics was the most popular application of health care analytical services in 2017, generating $2.9 billion in revenue. Investing in analytics and machine learning tools is essential for health care organizations to identify problem areas and optimize their operations and profit margins. But with any data analytics process, it’s easy for practices to become overwhelmed by the information they collect.
It’s important for health care organizations using big data to understand the different types of analyses and how they each play a key role in their revenue cycle ecosystem. By applying the correct data analysis to corresponding KPIs, operational processes can be optimized to reduce costs.
There are three types of data analysis techniques: descriptive, predictive and prescriptive. Here’s how SYNERGEN Health’s RCM solutions use these techniques to enhance operational workflow and profit margins for their clients:
Descriptive analytics answers the question, “what has happened?” It’s essentially the collection and evaluation of an organization’s historical data. SYNERGEN Health’s Solutions Opportunity Assessment uses descriptive data to compare past financial data to industry best practice benchmarks. This gives practices insight of possible revenue leakages due to external market, internal operational and insurance carrier issues.
Predictive analytics utilizes data mining, modeling and machine learning techniques to study descriptive data to forecast what could occur in the future. By answering the question, “what could happen?” predictive analytics patterns can help health care organizations optimize their workflow efficiencies when applied to key operational processes.
Prescriptive analytics is a progression of predictive analytics, answering the question, “what should we do?” Prescriptive analytics recommends one or more courses of action, allowing the user to examine the possible outcome of each proposed action. Prescriptive analytics offers sustainable suggestions for improvement based upon historical data to reduce operating costs, maximize margins and optimize payer-provider collaboration.
SYNERGEN Health’s Solutions Opportunity Assessment is designed to deconstruct, analyze, benchmark and identify specific areas of opportunity within a health care organization’s revenue cycle ecosystem. By leveraging best practices identified by health care specialty organizations such as Healthcare Financial Management Association (HFMA) and SYNERGEN Health’s own aggregated data and domain expertise, implementable recommendations are produced to deliver rapid results.
Contact us for a demonstration and free assessment or call us today for more information at (877) 226-2249.