When we talk to leading health systems, we hear the same questions come up time and again. Which vendors are doing the best job? Which ones aren’t? Should we outsource more of our A/R? Or keep more of it in-house? How does that change from one payer to the next?
That’s why we’re introducing Vendor Performance Analytics. To give you real answers to all those questions. And more. This new solution gives you total insight into the performance of your outsourced revenue cycle vendors. Using your in-house data, we show you the true performance of vendors, and their impact on your bottom line. You see how much revenue they help you capture, how quickly, and from which payers. You can also compare vendors side-by-side to get a sense of their relative performance. And you can compare the ROI of outsourcing to the ROI of keeping it in house. In all, you can fine-tune the efficiency of your CBO like never before.
By combining data analytics, visual science and predictive algorithms, we give you insight into the past, present and future performance of your outsourced revenue cycle vendors, and your in-house activities. Supported by two years’ worth of historical assignment and payment data, we project how your vendors will perform against any number of different scenarios that you set. By using this solution, you can make decisions going forward with a greater degree of confidence.
Using a simple set of slider controls, you choose thresholds for age and balance to create hypothetical cohorts of accounts. The VPA solution then projects the collection performance of both your in-house team and your vendors, based on the thresholds you’ve set.
Displays how each vendor has performed over time and allows you to compare vendors to each other by total volume and percent collected, so you can see how they performed on an apples-to-apples basis.
In this view each payer is represented by a color, and each vendor by a shape. For example an orange diamond represents how well Vendor C did when collecting from Payer 5. The vertical axis shows the percent of assigned balances they collected, and the horizontal axis displays their average days to collect. This helps you fine-tune assignments to vendors to ensure you get the right balance of both speed and overall revenue realization.
Provides an up-to-the-minute view of every account that is assigned to each vendor, broken out by age and payer. You can focus on one vendor at a time, or view your whole portfolio. The right side displays the average age and number of accounts and the aggregate assignment in dollars.