On Monday at HIMSS17 in Orlando, RelayHealth Financial will unveil its new Healthy Hospital Index, an online service that allows hospitals to conduct a confidential assessment of their revenue cycle performance.
Now, instead of trying to gauge financial performance in a vacuum–with no visibility into relevant national and regional KPIs and trends–financial executives can use Healthy Hospital’s analytics to benchmark their organization’s performance against that of peers.
By simply entering some details about their revenue cycle performance, a customized “revenue health index” is generated with a comparative ranking of their hospital’s financial well-being. These insights can then be used to track, compare, and improve revenue cycle performance over time.
Healthy Hospital uses comparative data pulled from RelayHealth’s database of 3.3 billion provider financial transactions worth $1.8 trillion annually. The index report provides real-time comparative insight into performance in the following areas:
Reports comparative reimbursement rate and patient pay rate to help providers benchmark their hospital’s performance against peers’ national and regional averages, and help target areas for improvement.
- Claim Quality
Reports national and regional denial and payer rejection rates so providers can see how their rejection rates compare to other facilities.
- Payment Velocity
Reports measures including Service-to-Release Days and Release-to-Payment Days, to provide insights into how long it takes to get a claim out the door, and how long it takes to get paid after the claim is sent.
- Productivity & Quality
Reports Claim Acceptance Rate and Unreleased Charge Ratio, helping providers identify whether clean claims are going out the door.
Even if a hospital has experience with analytics, their insights often relate only to their organization, and don’t provide perspective on performance relative to industry peers, trends, or averages–performance indicators quickly and easily revealed by the Healthy Hospital Index.
With Healthy Hospital, RelayHealth Financial wants to help every provider, regardless of size or analytics maturity, understand where they stand in the national and regional mix, and know the state of their revenue cycle’s health.
The program will also include educational resources, and solutions guidance to help with specific areas where providers may be under-performing. HIMSS17 attendees can stop by McKesson’s booth #3479 to see Healthy Hospital in action and can also visit visit MyHealthyHospital.com to use the service directly.