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Financial Performance

Management

Bridging the gap between
Financial and Clinical performance

Revenue-Driven Management of Clinical Operations

 

iCentrix Analytics Financial Performance Management platform provides a comprehensive data-driven approach for managing financial health in a Fee-for-Service or Value-Based Service environment. Designed for CFO’s, senior leadership, and their support staff, the Financial Management Platform makes all information available to subject matter experts and senior leadership, without requiring technical expertise or technical support staff.

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The system leverage’s financial targets for measuring contract and program performance to automate the financial management tracking process, tracking program service delivery targets against actual to determine whether clinical service revenue generation goals are being met (targets are constructed simply by filling out the KPI Targets information file).

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Specific Fee-for-Service revenue generation goals are facilitated by automation of provider-specific measures of service delivery, tailored to the provider’s specific payer, contractual, and clinical service delivery environments (examples include tracking Bed Days / Enrolled Days, Units, Billable Hours, Face-To-Face Therapy Sessions, Medical Appointments, etc.).

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The platform provides algorithms for mapping billed revenue back to the original service (or services in the case of roll-ups), to provide an accurate revenue and billed unit picture from billing to clinical managers, closing the gap between clinical performance and financial performance.

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Many organizations have their internal staff extracting information from their EMR's for analysis, and they often struggle settling for approximations due to the inherent complexity. The iCentrix FPM platform is able to perform the operation accurately with daily updates, allowing analysis staff to be freed from the technical translation work, to spend their time managing and identifying shortfalls and opportunities for improvement.

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Life-cycle view of financial tracking, from service delivery to billing and revenue generation and cost
Tools for Revenue-Driven Management of Clinical Operations

Clinical Management’s Attention on Key Revenue Generation Performance Issues:

• Revenue Shortfalls

• Contract Indicator Shortfalls

• Revenue Performance Opportunities

• High Cost of Service

Identify Underlying Clinical Operations Causes and Opportunities:

• Adequate Consumer Volumes

• Adequate Scheduling

• Attendance Inefficiencies

• Time Management Inefficiencies

• Billable vs Non-Billable Services

• Inappropriate Coding

• Poor choice of Service Mix

• Billing Noncompliance

• Claims Management Inefficiencies

Which of these standard Revenue Management practices can you execute in your Behavioral Health organization?

  • Report financial performance based on GL organizational structure in real-time directly from the EHR

 

  • Report strategic contract measures (such as those used to establish contract budgets) in real-time directly from the EHR

 

  • Identify staff, programs and facilities where cost exceeds revenue generated

 

  • Identify and prioritize operational inefficiencies and performance improvement opportunities

 

  • Determine relative value of “money left on the table”

 

  • Determine impact of staff utilization performance on revenue generation and identify opportunities for improvement

 

  • Determine cost per consumer by critical contract requirements such as episode of care, diagnosis, age group, etc.

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