In the current value-based reimbursement environment, hospitals have been overrun. They have been overwhelmed not by zombies from The Walking Dead but by out-of-control financial information. While these two may seem unrelated, the former is an accurate comparison for the latter. 2010’s Affordable Care Act, with its cut to Medicare payments and increase in value-based incentives, can be seen as the outbreak of the contagion. These changes made reimbursement more complex while decreasing hospital margins, essentially starting an informational zombie apocalypse while giving everyone a sprained ankle.
The status quo for dealing with the flow of financial information has been individual reports cobbled together from the various areas of a hospital’s financial map. Like fighting an army of zombies with a baseball bat, this analysis method proves slow and worthless. The true solution for managing financial data within a hospital lies in a revenue cycle analytics tool, which turns the mindless swarm of financial data into useful pieces of your hospital’s decision-making process.
What is the problem in financial reporting?
The reporting problems with hospitals without an analytics tool are two-fold: increased man-power and slower speeds. Hospital CFOs and administrators do not have the time to sift through the immense amount of data created by individual reports. According to a Healthcare Informatics article, one CFO had an 80-report backlog with nobody to handle the overflow of information. To scan this amount of data would be a monumental task, let alone analyzing it and finding outliers that drag on revenue. Aside from being overwhelming and growing exponentially, an 80-report backlog is like a zombie horde in its mindlessness. There is no way to make sense of the data or glean any valuable insights that drive decision-making.
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