New Year, New Y̶o̶u̶ Revenue

January 19, 2023 By: Quadax

Let 2023 be the year you start gaining more intel on revenue losses and transform your organization for growth and sustainability.

The financial well-being of any healthcare organization or laboratory depends on timely, accurate submission and successful payment of claims.

Quality and structured data sets enable advanced analytics to accelerate the revenue cycle management process and will improve overall financial and operational performance for your organization to obtain payments more efficiently.

Decision Intelligence (DI) by Quadax incorporates tools, technologies, and strategies that help to turn raw and disorganized data into purposeful information. DI helps healthcare organizations and laboratories acquire meaningful information with real-time insights to efficiently understand complex revenue cycle data and be alerted to key events, trends, customer behaviors, correlations, and patterns for informed decision-making. Leveraging actionable data allows organizations to uncover quick resolutions to reach improved business outcomes to be more effective and efficient, which can have a big impact on maximizing reimbursement.

DI also allows financial executives the ability to leverage dashboards and summary spotlights for real-time analytics vital for detailed reviews and executive summaries. With a deeper dive into data, organizations can identify contributing factors to payments, investigate cause-effect relationships, reveal opportunities, and measure results against internal goals and industry benchmarks.

For Healthcare Organizations, DI provides the following benefits:

  • Identify revenue performance trends at an organizational level.
  • Use claim status to determine underlying and contributing factors for non-payment and payer behavior.
  • Identify both broad historical trends and singular anomalies affecting revenue.
  • Interpret operational inefficiencies and where time/resources should be allocated.
  • Understand a problem’s root cause for quicker resolution.
  • Analyze claim data and review volumes.
  • Review payment mix by payer.
  • Review billed amount against allowed amount.
  • Uncover positive results that can be leveraged for systematic improvement.
  • Prioritize the courses of action that will have the greatest impact.
  • Setup alerts that align to enterprise targets to get ahead of issues as they occur.

For Laboratories, Pathology Practices, Molecular Diagnostic Providers, and Hospital Outreach Programs, DI Provides the following benefits:

  • Determine which payers/products are performing worse across the business in the current month.
  • Determine the worst insurance performers from a cash perspective and which payers are requiring more medical records.
  • Learn where an open A/R changed from an aging perspective and know the actual value of the open A/R rather than the gross balance.
  • Uncover specific areas of the lab’s operations that have experienced increased balance of open A/Rs.
  • Discover where receipts have decreased by revenue source, patient billing, claims, appeals or client billing.
  • Know which products, tests, or clients are up/down versus historical benchmarks and if it is driven by less payments or lower rates.
  • Understand what geographical locations most of your payments come from and what is the average payment per ticket.

In summary, Quadax business intelligence professionals understand the power of data management and the importance of robust reporting and analytics to transform your organization for growth and sustainability. We’re experienced in more than data and technology too ― we’re business analysts who work with organizations like yours every day to address the key operations and challenges in revenue cycle management.

How to Get Started:

For our clients who are not yet leveraging Decision Intelligence, let 2023 be a “New Year of New Revenue”. Contact your Account Executive today to learn more about the comprehensive analytical Decision Intelligence Dashboard to start gaining more intel on revenue losses and where efficiencies and revenue can be realized.

For all other healthcare organizations who face reimbursement challenges and looking for solutions that will expedite payment, maximize reimbursement, increase cash flow, and help you gain visibility into your business, contact us today.

Let's take on the revenue cycle together!

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