Navicure, a provider of cloud-based healthcare claims management, patient payment and data analytics solutions, announced key findings from its most recent national survey highlighting current data analytics usage and additional needs for healthcare organizations concerning revenue cycle optimization.
Deployed in May and June 2016 in conjunction with Porter Research, the survey findings revealed that 55% of respondents do not have a data analytics solution in place to improve their revenue cycle, yet nearly half (45%) are currently looking to implement one.
According to a press release announcing the results, the majority of survey respondents were executives (42%), practice administrators (35%) and billing managers (22%).
Respondents represented a broad range of specialties and sizes: 43% from organizations with one to 10 providers; 27% with 11 to 50 providers; 9% with 51 to 100 providers; and 21% with more than 100 providers.
The release noted key findings showed:
- Data analytics and reporting is extremely important to healthcare organizations. The overwhelming majority of respondents (88%) indicated it is extremely or very important for making informed business decisions. Further, 73% viewed it as a high priority for their organization.
- Lack of time/resources is the primary data analytics solution challenge. The largest share of respondents (38%) said their biggest challenge in leveraging insights from their data analytics solution is a lack of time and resources to focus on data analytics, followed by the inability to benchmark performance against peer organizations (25%). Lastly, 19% of respondents noted the difficulty of obtaining actionable reports to help address issues.
- Organizations are achieving positive results with data analytics and reporting solutions. The majority (71%) of organizations noted these solutions have helped them achieve cash flow improvement through reducing days in A/R, followed by increasing revenue by identifying bottlenecks to get paid more quickly (56%). Almost half (48%) indicated staff productivity benefited from data analytics because it helped identify additional training needed.