According to a study done in 2021 by Lynx group, over 77% of people mentioned that front-end billing issues were one of the main causes of slowdowns for their business. Insurance verification is a major headache for many oncology practices, especially those trying to get a patient approved for services.
Analytics has a variety of applications, including billing issue oversight, and it can solve the ongoing problems associated with getting patients approved for necessary care.
Predictive Analysis For Denials
Analytics technology helps staff predict whether or not a patient will be approved or denied for a service.
It’s simple: the system analyzes historical data from past claims and uses machine learning to quantify common issues that arose during past unpaid claims. Predicting this, as well as other preventative roadblocks that may occur, allows you to determine if a patient will be approved or denied for care before having to wait several business days to receive this information.
The technology helps staff obtain immediate answers on the state of a claim and if they’re approved for a service treatment.
Identify Reimbursement And Denial Trends
An analytics platform leverages several types of technology that can benefit your practice. Areas needing improvement will be displayed on your analytics dashboard, helping you identify front-end billing issues that may be causing reimbursement issues. To fix a problem, you must know where the problem lies –an analytics tool can give you this insight.
Employee Performance
Analytics isn’t just for the financial sector of front-end billing, but it can also give you an overview of how your team is faring with billing tasks. Analytics gives you a chance to see how your team is doing and whether or not they’re using proper charge capture measures to maximize reimbursement rates.
Productive analytics involve numbers associated with the team including their progress, how much revenue they’ve captured, and the development of certain tasks. With these analytics, if there are any stops, it helps you see the problem, handle it, and redirect the team towards working together to capture reimbursement and seek actionable tasks that make this possible.
Provides Financial Integrity
Analytics also helps with financial integrity.
As an oncology practice, you want to ensure that all billing is done accurately.
This reduces the chance of claim denials, especially for payers and insurance companies. With the Sarbanes Oxley Act and the Financial Accounting Standards Board imposing strict guidelines for revenue, making sure that revenue predictions are accurate isn’t just a suggestion. It’s a must.
With analytics, you can look at what a patient owes, determine any outstanding financial records, and accurately report them. For front-end billing, this makes your life easier and greatly optimizes your team’s workflow.
Analytics also helps you determine price concession percentages, contractual allowances, and bad debt percentages.
This is all outlined in a data analytics software platform, allowing you to create an accurate picture and achieve financial integrity for multiple users. It improves how data’s managed and offers businesses a chance to partake in an ideal financial and operational performance.
Analytics Reduces Costs Too
An analytics tool also gives you insight on how to reduce costs for both staff and insurance companies.
When proper analytics for front-end billing is utilized, companies have a clear picture of what’s going on, and from there, will know if there are any costs not accounted for.
All of these features relieve front-facing staff from the cumbersome tasks of chasing up any outstanding costs by giving them the time to be more productive in other managerial or financial areas of their work.
Front-end billing affects everything in the business. If it’s not in place or operating under a robust structure, prior authorizations become harder to obtain, making it a challenge for oncology practices to get approval for services.
Front-end billing includes investigations, submitting prior authorization requests, and working to manage patients by educating them and helping them manage healthcare costs. This is a burden that gets put on staff quite a bit, but with analytics, it’s less about someone going through the laborious task of making sure all these functionalities are accounted for, and instead, about supplying patients with an automated data overview that provides them with insights into their financial and care progress.
Helps Reduce Stress All Around
Analytics helps people who work in oncology practices because it takes the front-end billing and facilitates it.
Through data analytics, everything’s in the open. It offers you complete transparency through data that you can then look at and determine the proper move that suits your business model best.
Oncology practices still suffer from the lingering effects of the coronavirus pandemic, and many of them are understaffed in billing and administrative positions. This means most oncology practices are still trying to balance not just making sure their firm is running adequately but also that the billing and financial domains of their business are operating at their highest potential.
This stress, especially with front-end billing problems, creates a workplace that’s not easy to navigate, with many employees stressed about what to do. Analytics helps ease the burden of this. It’s used to look for unpaid services and reimbursements which support timely and effective revenue recovery for oncology practices.
Without analytical data overviews, it is difficult to understand how an oncology practice is functioning financially. This inability reflects in staff’s paychecks and in unsatisfied patients. This is your chance to optimize these tasks and think ahead of the game in ways to improve your workflow.
Start Using Data Analytics
For many businesses, data analytics aren’t just a suggestion. They’re a vital addition to any business.
Data analytics for front-billing staff helps you search for any missed reimbursements and any services not rendered. This accurately depicts a patient’s current payment overview. With this, you’ll be able to get paid faster and get people authorized for services quicker, as well.
Request a call with Infinx today to help you with your healthcare analytics needs and get you and your practice paid in a timely and accurate manner.
