echosmrt - Smart Revenue Cycle Dashboards

Manage Your Revenue Cycle by the Numbers

With 96% of healthcare CFOs feeling the need for better financial and operational data analytics to optimize their revenue cycle, echosmrt (echo-smart) can help. Built on industry-standard lead indicators for revenue cycle KPIs, echosmrt enables you to regain control of your revenue cycle.

Healthcare organizations face challenges like declining reimbursements, increasing bad debt, and lower margins, making extracting maximum value from their revenue cycle crucial. Organizations can better understand their financial health and make data-driven decisions using industry-standard KPIs and intuitive revenue cycle dashboards. Hospital CFOs and revenue cycle operations leaders need multivariate views of financial information to track cash flow, allocate operational resources, and focus on high-impact areas to improve the organization's financial health.

THE COMPLEXITY OF RCM KPI DATA AND INTEGRATION

echosmrt Dashboard

Key performance indicators (KPIs) such as aging buckets, collections, total claims in process, average days in A/R, charges by facility/provider, bad debts, and top denial reasons define the revenue cycle's health. Providing intuitive dashboards of these metrics to operations leaders and CFOs can help them make more informed staffing decisions and focus on achieving business outcomes.

The revenue cycle is a statistician's delight, and over 30 different KPIs are generally used to illustrate its performance. Adding to this is the complexity of representing the KPIs over multiple time frames to perform trend analytics.

While reports are available on most underlying revenue cycle systems, dashboards and charts that empower CFOs to make the right decisions are usually lacking. Further, these dashboards utilize 100s of reports to create multi-variate views of revenue cycle performance. Business Intelligence tools aggregate data from different reports to build custom dashboards for various revenue cycle decision-makers in the organization.

TAKE BACK CONTROL OF YOUR REVENUE CYCLE

echosmrt reclaims control of your revenue cycle by refocusing your workforce on achieving best-in-class KPIs. This tool offers robust data visualization tools that answer many problems hospital CFOs and revenue cycle service providers face. Its business intelligence capabilities can cut report generation time from days to minutes, shifting the focus to problem-solving and decision-making. With tight integration with revenue cycle workflows, echosmrt can create smart work queues for your operations team to make a tangible impact on your A/R inventory.

Features

robotic process automation

ROBOTIC PROCESS AUTOMATION 

  • Extract specific data fields from tables in Excel files from multiple folders or multiple reports within your revenue cycle system.

  • Make structural changes, alignments, etc., to standardize the format for tables across clients.

  • Push data to the server

built-in Powerbi based reports for each practice

Built-in PowerBI based reports for each practice or facility:

  • Extracts data from the revenue cycle system into Power BI

  • Utilizes pre-built Data Analysis Expressions (DAX) models within Power BI for calculations.

  • Generates interactive visual outputs based on client specifications.

  • Automatically refreshes reports to display updated data monthly.

  • Predictive alerts on certain KPIs reaching threshold values.

  • We use ML capabilities to prioritize claims based on the estimated payment $ and estimated payment days for claims and then use this information to create smart work queues.

Benefits

  • The fully automated process from data extraction to visualization

  • One-click report generation for streamlined month-end processing.

  • Interactive dashboards with the ability to analyze data across different dimensions.

  • Built-in data repository with three years of monthly data for easy year-over-year, quarter-over-quarter, and month-over-month comparisons

  • echosmrt offers intelligent alerts when key performance indicators (KPIs) reach preset target values. For instance, if Days in AR surpass 22 or Collections meet a specified target, designated users from the client's team can receive automated notifications and a dashboard screenshot.

  • Visuals with drill-down capabilities to claim and CPT-level information to facilitate decision-making.

  • Automated calculations with minimal errors, reducing the need for quality checks.

  • Secure user-based access for Practice/Facility Managers and Physicians

  • Fast implementation times, typically 3-4 weeks once we receive the required client data.

  • Client data is securely stored in US-based cloud storage, complying with HITRUST protocols for enhanced data security.

 

PROOF POINTS

echosmrt proof point

Achieve best-in-class revenue cycle KPIs with automated dashboards and increased visibility.

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