FinThrive Analyze – The Revenue Management Command Center

Introduction to FinThrive's Webinar Series

Hello, and welcome to FinThrive's on demand webinar series. I'm Tom Trove, solutions strategy director here at FinThrive. With the data intensive environment, which modern health care systems operate today, it is paramount for you as health care leaders to equip yourselves with the right solutions to help you effectively navigate the many hurdles you face to maintain a strong bottom line. Today, you will learn how FinTrive Analyze can empower you or any health care professional with the right tools to address the challenges of this digital era.

The Challenge of Data in Health Care

The three learning objectives we will address in this on demand webinar are why more data presents a unique challenge to better revenue cycle management, how a better command center can solve that data, the data problem, and provide real insights into the revenue performance metrics that are most important to you. And lastly, you will learn how FinFrog provides unrivaled visibility, access, and flexibility to critical financial metrics to uncover opportunities for uplifting financial performance. So let's let's talk about this a little bit. You know, we all have experienced a time when we needed to make a decision and knew there was information available that would make a big difference.

Struggles with Accessing Data

But often getting that data is sometimes a struggle. It takes too long or isn't in the right place or the right format. It may be there, but not where you need it, when you need it. We at Finrite recognize the challenges that exist in health care today.

Challenges in Health Care Operations

Rising labor costs, labor shortages, reduced margins, constantly shifting guidelines from payers resulting in a significant uptake in denials. I could go on, but I think you get the point. Despite this, your mission remains clear, providing exceptional care for your patients. You continue to strive to deliver quality health care while balancing the demands and complexities of running your health care business.

Turning Obstacles into Opportunities

It's not a small feat. Although it's a tough challenge, we can work together to turn those obstacles into opportunities for growth and improve performance with the right solutions. I think we all come to agree that data is the key to providing the intelligence needed to run an efficient health care business, and that data truly informs most of our actions day to day. But that but the challenge we typically see is not the data is not there, but rather it isn't readily accessible.

The Problem with Data Accessibility

Or we can see it, but we can't make any sense of it. That last point is feedback out here often in the health care landscape today. That data is there, not in a format that you need, or it's presented in a way that you can understand or that doesn't meet your needs. So let's think about your world today.

Data Fragmentation in Health Care

When you think of it, right, almost every step of the patient's journey is reported in today's damage. Much of it is automatically and electronically reported. And the data problem is in a typical hospital or clinic is that often every department will choose software that is best for their job, their department, and their workflow. Can't blame anybody.

Challenges of Data Sharing Between Departments

And in that department, that data gets generated within that software, and it's not always shared between other departmental applications. It can sometimes result in the same information being answered multiple times. The data isn't updated in downstream systems, or a downstream system edits the data. It may not be updated upstream.

The Pervasive Nature of Data

I can keep going, but you get the problem because you're living it every day. Data is literally everywhere, but not necessarily where you need it, when you need it. And if you were trying to figure out how to you can improve your processes and performance, the problem isn't lack of data. As a matter of fact, on average, health organizations generate a hundred and thirty seven terabytes of data per day.

Underutilization of Data in Health Care

That is an incredible amount of data. In fact, a roundtable held late last year, I think, in partnership with HFMA, the resulting publication listed here, looked at what health care leaders were doing with all that data. While ninety five percent of leaders said data was critical to their organization's performance, other studies reveal that less than sixty percent of that data they are generated is being used to make any informed decisions. As you read these articles and studies, we see recurring themes that these health care leaders describe as challenges associated with managing all this data.

Harnessing the Power of Data

The great new the great news is that harnessing the power of data can be a game changer. When used effectively, data drives cost reductions, enhances decision making, helps tackle issues like workforce shortages, burnout, and rising operational expenses. In essence, leveraging data empowers leaders to develop innovative strategies that maximize resources while ensuring exceptional patient care and robust support for your staff. With data on your side, you can do more with less, and that paves the way for a brighter future in health care.

Importance of Data Analytic Platforms

Data analytic platforms like FinThrive Analyze are critical tools and essential enablers to turn dormant data into actionable insights. So I've been in health care business for a long time. Hate to say how long. I've worked representing a variety of companies supporting a variety of solutions touching almost every area of health care landscape from full EMR to rev cycle, population health, and even SDOH or, as we say, social and journalism health data.

The Growing Complexity of Health Care Data

The amount of data as well as new data that is being leveraged into enhanced health care just keeps growing. My experience has been really has really given me a well rounded view of not only how health care is delivered, but more importantly, how data flows through one system and into another and back or not is is a big issue. Taking care of patients is complex, and it requires departments and service lines, each of them having different tasks using their software solutions to manage what they do. This approach works well and meets the need to support their day to day activities, but it also takes it makes it hard to see the big picture and how one thing impacts another.

The Need for Visibility and Understanding

Result is ultimately lack of visibility into why things are not going well and what actions need to be taken to make it better. So that's what we are here to talk about. Our answer or our solution to these data challenges within revenue cycle management, Spin Thrive Analyze. We've been building the analytics platform for some time that can provide these answers, both when you need them as well as how you need them.

Introduction to FinThrive Analyze

Fin Thrive Analyze is a platform that enables users to access the data generated within our core products, such as claims manager, contract manager, and others. We aim to provide intelligence so that users can quickly identify root causes that are responsible for process performance issues. When you review information across payer, patient, provider, back office, and revenue, ThinThrive Analyze will bring visibility into which levers will make a positive impact into your volume, performance, quality, and results. So you can see here, ThinThrive Analyze can bring significant differentiation into insights that are available because of these multiple data sources and allows you to mine that data or insights for you.

Core Capabilities of FinThrive Analyze

So let's think about this. How do how we do this is that we look at people like ourselves or yourselves. You all have jobs to do and sit in various roles. This is just a sampling of kind of a busy slide of the people and things we consider as we build our analytics platform.

Customization and Flexibility in Analytics Solutions

Event Thrive analyzes specifically designed to tackle the challenges you face. It provides answers you need to achieve your organizational goals and objectives. The solution is applicable at every level and every area of your organization, whether it is a front lead a frontline leader focused on meeting their daily targets or an executive preparing to present to the board. We have got you covered.

Integrated Analytics Solutions

So we understand that integrated analytics solutions can often or often can't be a one size fits all. Right? While we do provide dashboards with our foundational solutions, we know that it might not include everything you need. We also know you may be getting data requests for entirely different views of that data.

Expansion of the Analyze Platform

So we've addressed this through our new forward going go forward strategy and expanded our platform that builds on where we started, which was those integrated analyzers associated with each core solution that you may be already familiar with. So FinFrive analyzer is now made up of three key core capabilities. And the first is the integrated analyzer. Each integrated analyzer is designed to provide insights about a single focus or area and sits on a specific data source, such as our claims manager solution or our contract manager solution, both good examples of that.

Role of Integrated Analyzers

We also continue to add to that integrated analyzer family with insurance discovery analyzer being the next one that's scheduled for release. Each one of these analyzers is designed to provide intelligence around performance and operational outcomes within those revenue cycle functional areas. Each includes key performance indicators, charts, graphs, allowing users to drill through to the details so you can really see what is happening and what to do next. Then we are expanding on that by building a way to bring the data from those different analyzers into one place where users can create their own command center.

Introduction to Insight Hub

Insight sub is designed to be a drag and drop, rebuilt widget dashboard maker where you can essentially make your own dashboards however you want. This is one place where you can pull data and information together from multiple sources. So if you wanted to bring information on clean claims and as well information about your underpinnings, you can see that altogether in InsightS Hub. I will show you what that looks like in more.

Ease of Data Analysis with Insight Hub

Insight Hub is designed to make data analysis easy. The widgets that we pre build will show insights not just from one analyzer, but from any combination of analyzers with the intent of answering your top of mind questions. It's the command center that you wanted for years. But in people like yourselves, drag and drop and configure the widgets and KPIs you want to see as you please.

Customization and AI in Insight Hub

The approach we have taken is to make these widgets available through a library with the design philosophy in line with what you might say, CN, HFMA's map keys, and those general revenue management categories. So anyone can create and assemble the widgets they desire and need. This is also an area where we will leverage AI and machine learning, which will help alert our customers to key insights and alerts like expected cash in thirty, sixty, and ninety days and things like bulk denials or underpayments.

Introduction to DataHub

Lastly, the organizations that have strong analytics and data teams, we are introducing for those DataHub. This is your on demand direct access to data tool. Instead of having to go to multiple sources or having to rely on FinThrive to help with large data exports or help build customer reports, DataHub contains all the FinThrive data in one place. This is where your team can slice and dice the data and report it out as needed.

Flexibility and Integration in DataHub

It also allows you to leverage the tools your your organization already has. So for instance, Pintrive uses BI, but if your team uses them for its Tableau, DataHub allows for that. It has been built to be agnostic with a variety of data moving around tools or reporting tools available on the market. DataHub will work with most of of those giving you the flexibility that you need to tackle today's challenging environment.

Example of Data Usage and Tools

So let me show you example of how that might you might use these tools and what that they look like.

For this scenario, let's talk about claims. Patient comes in and receives services. The provider enters the information about the encounter into the EMR. Patient is discharged or leave depending on the services they have received.

Challenges in Claim Processing

Right? So then that data potentially goes through system to system, such as the services they relate to the service depending on the services they have received. And so then that data potentially goes through, into your claim system or to a billing team. Maybe depending on different factors, it did or didn't get reviewed and edited, and the claim ultimately gets sent to the you, the provider, are now expecting a certain level of reimbursement depending on that payer and the time tracking you might have in place with that payer.

Impact of Payment Discrepancies

Now that said, an interesting, statistic to note here is that nearly fifty percent of payment discrepancy today are due to underpayments, and that representing about seven hundred fifty two thousand average lost revenue per year for a provider with an average payer mix. That's a lot of money. How can you prevent and reduce these underpayments when data and insights you need are all over the place and not readily accessible or in the right format? The process to get to those answers made many, many steps, and the data is spread across many systems.

Worse within the inability to bring all that information together, without it, decisions are based on partial information, letting money slip away. You need answers to make the right decisions and to take the right actions. What you really need is a command center to keep an eye on all these moving parts and pieces in one place in the way that you need when you need them. That is what I get to show you today, the solution to provide these answers.

The Need for a Command Center

So, hopefully, you see on the screen a screenshot of insights. Based on the example I just mentioned, where we have Finthrive analyze capabilities, I have set up this dashboard to display certain widgets that can show where we might see potential revenue loss. Included are widgets for commercial and managed Medicare underpayments, clean claim rate, average days to get claims from import to export, then rejection rate, and then total charge line. Each of these widgets can be configured.

Dashboard Configuration in FinThrive Analyze

So for example, I can set a tolerance ratings that will result in different colors of the font. And as you can see here, I think you can see the green, yellow, or red. I can show a trend line or not. I can char I can change this to a bar chart or for it to be vertical or horizontal.

Customization and Features of Widgets

I can resize all of these these widgets as I desire and move them around so they can be positioned how and where I want them. The other cool thing about these widgets is each one can be flipped over like a card. So as you can see here on the one, claim edit AR days, it allows you to make, and have a really readily available definition of the widget or KPI, that you're looking at or, like, for instance, how that KPI was calculated. Insights up were designed to be clear about what needs your attention next and then give you direct navigation to places where you need to take action.

Financial Impact Perspective

So looking at this view, the clean claim rate caught my attention, right, as well as the rejection rate. So now let's put this example into a financial impact perspective. We know that the average cost of dirty claims starts around twenty five dollars. Based on this conservative estimate, if an organization processes around a hundred thousand claims each month, that means one percent of dirty claims costs around twenty five thousand dollars.

Utilizing ThinThrive Analyze for Revenue Improvement

And over the course of a year, that adds up to two hundred fifty thousand dollars or more of lost and delayed revenue. Without an analytics platform, teams would need to review eight thirty fives, eight thirty sevens, the patient accounting systems, thousands of contracts and contract terms, looking for discrepancies between what services were rendered, the expected payments, all the touches that lead up to export, and finally, what was actually paid. So if you were asked with, if you were tasked, with reducing costs and increasing revenue, ThinThrive analyze can help identify the operational and performance challenges such as where the claims got delayed and where the revenue is being lost.

Breakdown of Data Silos with ThinThrive Analyze

Then by leveraging that data, you can collaborate with your team members to implement the changes that can drive meaningful improvements. Thin, Thrive, analyze breaks down the data silos and pulls together those ten thousand records records connecting the data dots so you can quickly see what is happening and know what to do next. So coming back to this example, we noted regarding clean claim and rejection rate. If we were to drill down and through to claims analyzer sitting on top of our foundational solution claims manager, then we can see those two KPIs around the claims analyzer executive summary screen.

Drilling Down into Claims Analyzer

From this view, I have more context. I can look at the different time frames, see the different dollars that were are impacted, like look at holds, view the impact associated with different payers, etcetera. All this helps me to understand more about what is going on in the operation. And from here, I can drill down even deeper.

Exploring Error Summary in Claims Analyzer

This is a screenshot of the error summary tab with within claims analyzer, where you can see, some of the errors and warnings associated with the claims. You can now see the frequency as to where and how often that has happened. Then from here, we have the ability to drill down to see the list of claims that have maybe a particular error warning. I would add that all of our dashboards are filterable and sortable and configurable.

Customization and Exporting in Analyzers

Ultimately, things can be viewed however you want and as well exported to allow you the flexibility to work with the data outside of the analyzer as well. That is, true for performance as well. Here in another view, where I can see trends, what's happening with denied and rejection rates along with the financial impact. This can be viewed by user, facility, payer, plan, and more.

Performance Analysis and Customization

As with all these pre built and customizable dashboards, again, I can filter, sort, slice and dice, export, and save views, and even customize and save my important reports within the system. All our analyzers designed to show a summary macro view along with the ability to drill through easily the line level detail giving you the information to tell you what is going on in your system. And then the last of the three, that third core capability is data hub, taking data to the next level. And as I mentioned before, sometimes these displays are just not enough for what you're looking for.

Introduction to DataHub

You have other reports. You have other slices and other data, particularly other data you wanna look at. Other periods of time, audits going on, lots of reports being generated every day.