The client was looking to grow their practice. To do this, the client wanted to find ways to improve cash flow and increase revenue.
Healthcare Data Analytics
- Held project kick-off meeting to review project and DTS approach
- Gathered, cleaned and organized data for review
- Worked with client business translator to Analyze revenue cycle
- Created data model to allow for fast review cycles
- Developed visualizations to provide easy to understand result
- Collected practice claims information for revenue analysis
- Reviewed top charged CPT codes by provider
- Reviewed top paying CPT codes by provider
- Provided recommendations and next steps
- Client had a better understanding of lost revenue (~60% of revenue had been discounted due to adjustments or bad debt) and where to focus efforts.
- Prolonged collection cycle identified and compared to industry norm of 47 days (34% of revenue was > 60 days and 26% > 120 days in accounts receivables.
- Issue with billing cycle lag time identified (10% of charges were beyond industry norm of 7 days),