In a panel discussion at the 8th Annual Becker's Health IT + Digital Health + RCM Meeting about revenue cycle analytics and automation, Carey Tindera and April Harris, both senior directors at Huron, emphasized the importance of a data-driven culture, robust analytics and the optimization of current technologies.
They introduced the concept of a revenue cycle-specific analytics maturity model, which ranges from level one (just starting to develop a vision) to level four (advanced data science and predictive analytics). They also discussed the importance of automating repetitive tasks in the revenue cycle to improve efficiency and free up staff for more complex issues. The speakers highlighted the need for a strong multidisciplinary team and a phased timeline for each function to be automated. They also stressed the importance of transparency in sharing metrics and the need to address cultural resistance to automation.
Editor's note: Quotes have been edited for length and clarity.
Key takeaways:
1. Many organizations struggle with data-rich but insight-poor environments.
Carey Tindera: "Most health systems remain data rich but insight poor, meaning we've got access to all of this data, but we don't necessarily know what to do with it to bring those actual recommendations to light."
2. Limited innovation is occurring around analytics within the revenue cycle space.
CT: " We're very entrenched in our descriptive KPIs, our AR days, our agings, what are our write-ups, and we're not moving the needle toward those more innovative types of metrics."
3. Organizations are interested in moving beyond descriptive analytics but lack the right talent or don't know where to start.
CT: "Most organizations, if not all, are really interested in moving beyond descriptive analytics, but they don't know where to start or they don't have the right talent."
4. Automation in the revenue cycle can lead to efficiency and improved outcomes.
April Harris: "Your strategies should focus on areas in the revenue cycle that are strong candidates for automation. Think of repetitive tasks, things that are constant manual steps for staff. Those are strong candidates for automation and where you're going to receive the best return on your investment."