false
Catalog
Analyzing Your Revenue Analytics: How to Keep Acti ...
Sept 19, 2024 AAOE Webinar_Analyzing your revenue ...
Sept 19, 2024 AAOE Webinar_Analyzing your revenue analytics_ How to keep actionable insights at your fingertips
Back to course
Pdf Summary
This document provides an overview and key insights into analyzing revenue analytics, aiming to help healthcare organizations leverage data to increase revenue and take advantage of growth opportunities. The session is led by Andrew Harding, VP of Customer Success and Co-founder at Rivet Health, and Ethan Lyell, Chief Revenue Officer at United Musculoskeletal Partners. Both speakers bring extensive experience in revenue cycle management and financial performance improvement in the healthcare sector.<br /><br />The main objectives of the session are to understand the significance of key metrics driving revenue growth and identify actionable strategies for immediate implementation. The agenda includes:<br />1. Industry background<br />2. Advanced metrics and their importance<br />3. Effective revenue analysis techniques<br />4. Immediate actionable takeaways<br /><br />Key concepts discussed include the differentiation between gross revenue, contract revenue, and real net revenue. Gross revenue pertains to billed charges multiplied by units/volume, contract revenue is the negotiated amount expected before adjustments, and real net revenue is the actual income received after adjusting for discounts and allowances, better reflecting financial performance.<br /><br />Advanced metrics essential for evaluating the revenue cycle and business performance include understanding accounts receivable (A/R) value, expected cash position, investments in high-margin activities, discrepancies in payments, and short-term cash management.<br /><br />For effective revenue forecasting and benchmarking, it's crucial to consider historical cash collection rates and adjust them based on specifics like payer or fee schedules. Timing of payments, claim-level evaluations, and reckonings of lost revenue are vital for accurate revenue modeling.<br /><br />Additionally, common gaps in the technology stack hindering effective metric generation are identified, with a focus on ensuring reporting is actionable, automated, available, and accurate. Advanced metrics such as gross collection rate, net collection rate, and write-offs are essential for evaluating financial performance.<br /><br />Finally, the session highlights the importance of identifying highest ROI opportunities, dealing with underpayments, low reimbursements, denied revenues, and negotiating contracts effectively to maximize net revenue and ensure financial stability.
Keywords
revenue analytics
healthcare organizations
data leverage
growth opportunities
revenue cycle management
financial performance
advanced metrics
revenue forecasting
technology stack
ROI opportunities
×
Please select your language
1
English