With the increased pressure on revenue, it is critical that providers have deeper insights into their denials and underpayments.
Huntingdon Valley, PA (PRWEB) March 18, 2014
Alpha Systems President & CEO, Brett Griffith, presented alongside Dan Williams, Alpha Systems’ Director of Revenue Cycle Analytics, at the Central Pennsylvania HFMA conference on Jan. 23 and again in Western Pennsylvania on Feb. 17 at the HFMA/AAHAM institute. These programs are designed to provide senior and intermediate level executives educational topics specific to revenue cycle management.
The pair presented on ‘How Analytics Can Transform the Denial and Underpayment Epidemic.’ The presentation offered practical insights on the latest analytics technology and how it can help transform the revenue cycle from “reactive mode” to “proactive mode”. Mr. Williams also shared his previous experiences with developing revenue cycle analytic models in the acute care hospital setting.
With ICD-10 only 7 months away and the number of diagnostic codes increasing from about 17,000 to 150,000, For The Record1 states that the implementation of ICD-10 is expected to cause a productivity decrease of 50-70%. In addition, an increase in A/R days is expected and denials initially following the conversion. The presentation shed light on the impact that predictive analytics tools will have in uncovering hidden data patterns which have historically resulted in claim denials.
“With the increased pressure on revenue, it is critical that providers have deeper insights into their denials and underpayments,” said Mr. Griffith. “Instead of spending 70% of your time aggregating data and 30% of your time acting on it, you must put flip that around and put actionable information in the hands of your revenue cycle team today.”
“The revenue cycle has to be process efficient,” said Mr. Williams. “Focusing in on denials management, providers must consider supplementing traditional business intelligence with predictive technology to gain transparency into the hidden patterns behind this revenue leakage.”
About the Healthcare Financial Management Association (HFMA)
HFMA is the nation's leading membership organization for healthcare financial management professionals. More than 40,000 members—which include CFOs to controllers to accountants across hospitals, managed care organizations, physician practices, accounting firms, insurance companies—look to HFMA for information and guidance on issues facing the healthcare industry. HFMA's educational and professional development opportunities, information on key issues affecting healthcare financial managers, research reports, and networking opportunities provide our members with the practical tools and ideas they need to ensure career and organizational successes.
About Alpha Systems
Alpha Systems has served the healthcare community for nearly 40 years with a goal to proactively improve hospitals’ financial outcomes by using technology to maximize ROI. Driven by lowering denials and improving revenue cycle operations for its client’s, Alpha Systems puts actionable information in the hands of revenue cycle teams by providing data capture, automation and predictive analytics solutions. For more information, visit http://www.alpha-sys.com or call 800-732-9644.
1. For The Record online, "Warning: Productivity Loss Ahead," February, 2014