Health systems are plagued with analysis paralysis: dashboards, benchmarks, KPIs, reports, analytics, big data, and the list goes on.
Jacobus believes in a proactive patient-centric revenue cycle driven by real ROI metrics. But where do you start? Plug in a tool from one of dozens of business intelligence vendors? Develop your own SQL-based databases? Rely on standard reports from your healthcare information system (HCIS)? There is no finite blueprint or one-size-fits-all approach of how to best access or display your data. There are a multitude of roads your organization may take to get to the data.
However, to be able to shift the tides from one of reactionary management to truly being proactive, you must have a metric-managed approach. Under this scenario, key performance indicators (KPIs) and metrics must have several solid characteristics – starting with trust. Everyone from the board to the analysts mining the data must have trust in your KPIs. With this, you can move forward with confidence in building all of the pillars that can result in a high-functioning patient-centric revenue cycle. Jacobus Consulting excels across all critical metrics according to clients interviewed in the 2016 KLAS® IT Advisory Services Report.
But in order to invoke trust, you must also have the following:
- All metrics must be defined. It’s important to realize that your definition may be different than that of HFMA or even your HCIS. For example, how do you define a patient day? How do you define a late charge?
- Reliably Sourced Data. Where do you get the data and how is it to be mined with accurate repetition?
- In order for data to be defined and sourced, it must be transparent and understood across all levels of the organization
- Threshold Management. Metrics must contain acceptable thresholds for proactive management. When does your organization begin to react to thresholds – what is the yellow line compared to red line?
- Policy Management. Each metric should come with a supporting policy of ownership integrated to the definition, source, transparency, and threshold allowances.
How to find your organization’s revenue cycle KPIs
Jacobus has worked tirelessly with hospital systems, physician practices, HCIS and BI vendors around the country to develop a library of pre-defined revenue cycle KPIs and this serves as just the start when we assist our clients with:
- Strategies for business intelligence and data analytics
- Procurement and Implementation support of BI vendors
- Direct programming of dashboards
- Definition, sourcing, threshold, and policy deployment of metrics
- Sustainable transitioning and ownership deployment of revenue cycle metrics
“We accomplished amazing things with Jacobus. We saw process flow improvement and great reports from the financial and clinical side.”
Discover the ROI that our metric-driven revenue cycle methodology can deliver for your organization.
Whether your entire revenue cycle could use a transformation or a single pillar needs an update, Jacobus Consulting will help your organization achieve your goals. With 20 years of revenue cycle optimization experience, Jacobus Consulting has helped clients realize sustainable and superior results. See our client success stories and our KLAS® results for more information.
Contact us: firstname.lastname@example.org or 949.727.0720.