Measure efficiencies at each step of the revenue generation process.
Revenue Management and Analysis
The iCentrix Analytics Financial Management Platform provides a complete life-cycle view of financial tracking, from service delivery to billing and revenue generation. The system includes algorithms for tracing all billed revenue back to the original service that generated it, including handling of roll-ups and other billing rules. This allows CFO’s and leadership teams to obtain a complete picture of revenue generation – from scheduling processes, to appointments and attendance, to staff performance (e.g., billable hours, billed units, expected charges and amount paid), through billing and allocating service delivery by payer – and gain insight into causes of revenue shortfalls.
Apply financial management practices in the Clinical Operations Environment, involving Clinical Program Management in tracking revenue vs budget, revenue performance goals, and cost of service.
Revenue-Driven Performance Management
• Obtain daily updates of all financial information,
• Involve the rest of the organization in financial management practices to gain traction with contract management and revenue performance,
• Identify revenue performance improvement opportunities in terms of money left on the table,
• Analyze cost of service by diagnosis, age group, geographic region, or any other dimension needed to establish financially viable contracts.
Key data model enabling characteristics include revenue life-cycle analysis model, revenue per
clinical service event and aggregation by any dimension. (Here we are looking at Revenue and Cost by
Staff along with Revenue Opportunity at Appointments
• Identify operational inefficiencies and performance improvement opportunities
• Determine relative importance of operational deficiencies
• Determine relative value of “money left on the table”
• Automated distribution to stakeholders (revenue efficiency dashboards)