The New Frontier of
Patient Receivables Analytics
Enterprise-wide receivables data reflects the aggregate performance experience and future activity of all financial interactions with patients. Each data element represents infinite possibility and opportunity.
ARxChange analytics tap into this rich vein of data and experience, mining and then tuning it in a way that drives smarter, actionable decisions that better address your patient receivables imperatives.
In practice, our next-generation analytics solution helps health systems more immediately make sense of their patient receivables value and range of performance options. It uncovers insights more quickly, more easily, and more intelligently, and delivers them across multiple platforms and devices that are tailored for CFOs, VPs of Revenue Cycle, and PFS Directors consumption and use.
The ARxChange analytics process refines broad-scale macroeconomic patient receivables data and performance trends into normalized, discrete patterns that take the form of highly homogeneous payment microsegments.
The system then distinguishes among subtle nuances in patients’ wealth atrributes, financial wherewithal, and individualized payment behavioral patterns, which are simultaneously encoded into central business office and vendor performance protocols for immediate and uniformed use and results.
Embedded into ARxChange analytics is groundbreaking narrative technology that turns your data into meaningful stories. It works by leveraging natural language generation (a subset of artificial intelligence) to translate charts and graphics into powerful and descriptive narratives that isolate and explain the most interesting, pertinent and important facts within your data.
Actionable and Prescriptive Patient Receivables Intelligence
Insights delivered through conventional patient receivables intelligence gathering and reporting are generally not readily actionable. Rather, they must be translated to action by way of intuition and judgments using what amount to be rear-view or backward-looking methods.
Execution is therefore too often ad hoc in that it is not clear a priori what kind of actions or decisions will actually generate positive results, if any at all. Alternatively, ARxChange analytics take predictive analytics to a whole new level, it’s a prescriptive level that helps isolate exactly what actions to take next. The system converts imprecise and often contradictory performance options into specifically designed, data-guided, conclusive actions.
- ~30 % improvement in patient receivables data integrity
- ~2 – 4 % of missed insurance opportunity
- ~20% improvement in patient collections
- ~25% reduction in operating expenses related to patient recievables management
- ~20 – 30% of the accounts generate ~ 60 – 80% of patient payments
- Cash acceleration and margin lift
- Optimized business office productivity