The rising tide of data has reached at the shore of healthcare industry and organizations have no choice but to accept the stringent compliance laws that follows. The rapidly changing compliance landscape is causing healthcare firms to efficiently manage their billing processes, patient data and audits. To avoid lawsuits and optimize operational excellence, healthcare industry should take reliance in the data analytics technology that could streamline decision makings and auditing process. With an aim to achieve this, MedeAnalytics, a CA based firm offers workflow tools that apply data analytics to complex audit rules to proactively manage compliance risk. “Data is just data. Until you know what to do with it,” says Andrew Hurd, CEO, MedeAnalytics. The company’s powerful healthcare analytics solution enable enterprises to identify key metrics necessary to successfully manage their business decisions and leverage actionable insights to enhance revenue, cost, quality and risk mitigation. “At MedeAnalytics, we deliver intelligence that helps healthcare organizations detect their greatest areas of risk under compliance and identify opportunities to improve their financial health,” he adds.
The company’s healthcare analytics solution helps normalize vast amounts of incredibly complex data across multiple resources to produce clear and human-powered insights that the healthcare enterprise can act upon. “Our analytics solutions not only respond to today’s pressing issues like fee-for-value, expanding Medicaid benefits, and accountable care, but also make possible proactive, evidence-based management of the challenges and opportunities in the current health care models,” extols Hurd.
MedeAnalytics analyzes data and improves appeal success with an audit workflow solution. The company uses data mining methodologies to enable healthcare providers proactively identify and address any potential vulnerability. This in turn helps organizations gain better understanding of coding trends, and increase audit appeal success by managing the tasks, handoffs and deadlines of the audit process, saving time and money.
We deliver intelligence that helps healthcare organizations detect their greatest areas of risk under compliance and identify opportunities to improve their financial health
“Our solution assesses and reduces risk with benchmark data, and prevents issues that could trigger an audit in the first place with ‘at-risk’ healthcare revenue analysis,” says Hurd.
Furthermore, MedeAnalytics has the provision for health plans like Provider Engagement, Population Health, Medical and Medicaid management, Employer reporting, Enterprise Master Patient Index, HEDIS Quality Management, and Performance Management. In addition, the MedeAnalytics also provides consulting services for both healthcare companies and health plan providers.
Since inception, MedeAnalytics has been helping organizations with its best-of-the-breed analytics solutions. In one instance, a not-for-profit integrated healthcare delivery system used MedeAnalytics Patient Access across its 19 hospitals to increase point-of-service collections, improve the patient experience, and streamline patient registration workflows. As a result, the client experienced a boost in point-of-service collections by $3.8 million in over two years, representing a 20 percent increase across their organization.
Another success story of the MedeAnalytics involves a not-for-profit healthcare organization that deployed the firm’s Revenue Cycle and Patient Access to manage accounts receivable, while driving collections and efficiency in patient access. The solutions helped them reduce outstanding receivables by $15.4 million, lowered bad debt by $8 million, and increased point-of-service collections by over 50 percent.
The company has more than 30 percent organic growth in its bookings and 62 percent jump in employee acquisitions, indicating its market leadership. “As the need for big data and analytics continues to grow in the healthcare industry, we are extremely well-positioned to get organization on this bandwagon,” concludes Hurd.
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