Enhance RCM analytics and boost reimbursements with cutting-edge scorecard dashboards

There’s no doubt you’re well versed in smart revenue cycle analytics… but the right RCM dashboard can help you work even smarter. In this blog, we’ll show you three RCM analytics scorecards that can help you leverage the claims and denial data you already have to improve your workflows and strengthen your KPIs.

What are RCM scorecards?

RCM scorecards display revenue cycle metrics in a highly visual format, making use of color coding and various types of charts to convey meaning with only a glance. When the data is aggregated in a meaningful way, RCM scorecards make it easy to obtain a quick understanding of your revenue cycle health.

Scorecard dashboards help users quickly assess revenue cycle performance, discover trends, and identify problem areas that require action for improvement. From there, financial leaders can drill down into individual claims, if needed, to identify the root cause of issues in specific areas.

Getting the full picture of your up-to-the-minute revenue cycle performance is easy with RCM scorecards. They provide it automatically, without any data compilation on your part. This leaves you with more time and energy to focus on improving RCM efficiency and driving revenue.

RCM scorecards are an integral part of RCM Intelligence, Inovalon’s end-to-end revenue cycle analytics application. On average, RCM Intelligence users see a 40% decrease in denials and a five-day reduction in gross days receivable outstanding (GDRO).¹

3 RCM analytics scorecards that can improve performance

1. Payer scorecard

This dashboard offers a detailed analysis of your claims performance, specific to each payer.

It allows you to view incoming reimbursements and denial percentages for a real-time understanding of your cash flow — crucial information to deal with the continuing increase in denial rates. A simple, visual breakdown of your top denial categories clearly identifies process breakdowns that are keeping you from getting paid.

Then, go a level deeper and look at the numbers for individual payers. Payer-specific denial and reimbursement rates tell you where you need to focus your efforts to A) gain a better understanding of complicated payer rule changes that may influence new business rules or custom edits, and B) strengthen payer relationships to achieve more productive negotiations.

2. Claims statistics scorecard

If you’re reading this, you probably live and die by your claims status reports, so you’ll feel right at home here. This dashboard shows you how quickly claims get turned around — both by you AND by payers.

This RCM analytics dashboard displays a month-by-month breakdown of turnaround times (grouped by service to claims creation, creation to submission, and submission to paid) and see how each month stacks up against the others. Then, break it down further by individual payer or by type of bill.

With this data in hand, it’s easy to spot payment trends, identify where inefficient processes may be slowing down reimbursements, and draw the insights you need to make well-informed business decisions.

3. User performance scorecard

Now for the final piece of the puzzle: your billing staff. Their productivity defines your performance, and this dashboard gives you an eagle-eye view of it.

This data gives you a fast pass to drill into biller-specific data for claim counts and activities like claims created, deleted, or modified. Learn where denials are occurring (and why) so you can take the necessary steps to prevent them.

The best part of the user performance scorecard is the ability to visualize the repetitive tasks that slow down workflows and frustrate billers. Automating tedious tasks not only saves time and improves efficiency, but makes life just a little more pleasant for the people who manage the claims day in and day out.

Seeing their progress contribute to organizational goals offers satisfaction beyond a paycheck.

Improve cash flow by 15%

In case it’s not already clear, we’re pretty numbers driven. Here’s how we quantify the value of our RCM analytics dashboards: the average organization using them sees a 15% improvement in cash flow.¹

You’ll find these dashboards and more predictive insights within RCM Intelligence, a healthcare billing analytics solution that gives you end-to-end visibility of your revenue cycle health. Gain a comprehensive understanding of claims, payer, and productivity trends so you can take the right steps to reduce denials and speed up reimbursements.

Schedule your demo of RCM Intelligence today.

Sources:

1. Inovalon internal reporting. Average of customer results, February 2023