Waltham, MA (PRWEB) June 19, 2014
Connance, Inc. (http://www.connance.com), the industry’s premier source of predictive analytic technology solutions that optimize financial and clinical workflows, today announced their latest innovation, the Analytically Optimized Revenue Cycle. Integrating the company’s proprietary predictive analytic and workflow strategies, Connance’s Analytically Optimized Revenue Cycle enables business office teams to maximize performance across revenue classes with increases in cash ranging from 10% to 30% and reductions in cost up to 25%. The solution substantially and sustainably impacts a provider’s net income, bad debt and operating costs. Connance revenue cycle experts will be available to discuss the Analytically Optimized Revenue Cycle at booth #113 at HFMA’s ANI conference, in Las Vegas from June 22 to 25.
Now More Than Ever
Business offices are increasingly overwhelmed by the volume of accounts requiring follow-up, statusing, and specialized processing. Every touch of an account is a significant budget investment. The enrollment of millions of new consumers in the Affordable Care Act exchanges and the continued adoption of high deductible health plans are accelerating these trends.
The traditional revenue cycle relies on a complicated mix of internal and external specialists, workflow process management technologies, and financial business intelligence systems. While these investments historically have been significant and led to gains in performance, their ability for continued improvement has now reached its limits. Today’s business intelligence systems drive workflow logic based on balance breaks, averages and trends from a retrospective analysis of cash recoveries. This approach lacks detailed insight to interim process activities including the impact from specific letters, calls, or follow-up efforts. In short, they report what has happened, instead of how to change what will happen to optimize performance.
Connance’s Analytically Optimized Revenue Cycle
Connance's Analytically Optimized Revenue Cycle maximizes the overall performance of provider business offices by applying advanced predictive analytics to a client’s existing revenue cycle processes and infrastructure. It creates financial strength by increasing cash and reducing operating costs. It also supports provider reporting and compliance, consistent with IRS and government expectations for Community Benefit and patient treatment during the collection process.
Connance has created the industry's leading suite of purpose-built predictive analytics for claim statusing, denial and underpayment follow-up, uninsured financial plan eligibility, and patient-pay collection. Combined with a web-based rules engine and a specialized business intelligence reporting system that addresses the process gaps in current business intelligence systems, business offices can quickly integrate predictive analytic technology without new IT systems or major consulting projects. And additional predictive analytics can be added over time to evolve with a provider’s needs.
Connance’s solution injects predictive analytics – the critical, missing component needed to unlock immediate and sustained performance improvement – into today’s revenue cycle operations. No longer reliant on static rules based on one or two variables, provider work queues and assignments can now be based on the subtle patterns in hundreds of account characteristics and specific work activities. Accounts are routed to the resource – internal or external – for the period and process most appropriate to maximize cash value to the provider. This is possible because Connance leverages the experience of hundreds of business offices and outsourced vendors, creating insight from millions of patient encounters each month contributed through its national network of providers.
"An analytically optimized revenue cycle enables providers to improve their revenue cycle operations and become better proactively, during the game. Business intelligence and workflow systems only allow providers to reactively analyze performance after the game is over using very primitive tools. As a result, those operations are destined to repeat past performance," said David Franklin, Chief Operating Officer, Connance. "With Connance’s Analytically Optimized Revenue Cycle solution providers have the ability to change their future."
About Connance, Inc.
Connance is the industry’s premier source of predictive analytic technology solutions that enable hospitals, physician groups and outsourcing organizations to optimize financial and clinical workflows for sustained performance improvement. Our revenue cycle, revenue enhancement and value-based health solutions leverage an organization’s existing technology and resources to create financial strength, reduce operating costs and help manage risk while enhancing the patient experience. Connance is redefining workflow optimization of the healthcare enterprise. Connance partners with leading healthcare providers including BJC, Carolinas HealthCare, Centura Health, CHRISTUS Health, Florida Hospital and Geisinger Health System. Connance is headquartered in Waltham, Massachusetts. For more information call us at (781) 577-5000 or visit http://www.connance.com.