The solution aims to empower hospitals with a detailed analysis of their financial health including cost allocations, utilization, & revenues.
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As healthcare providers delve deeper into evolving payment models, there is an increased burden on financial teams at hospitals and health systems to identify opportunities for lowering costs without affecting the quality of care. However, the absence of insights into their network and utilization metrics limits the understanding of network’s financial health.
Additionally, the lack of holistic insights into financial performance restraints CFOs at health systems and healthcare leaders from driving significant operational changes across the entire organization. This leads to operational gaps between payers and providers, financial constraints, and even shrinking margins in overall revenue. The problem is getting even more challenging with evolving payment models, increasing consolidation, and increasing risk management aspects of the healthcare business model.
To help the healthcare leadership tap into the financial opportunities existing in their network, Innovaccer, the San Francisco-based leading healthcare data platform company, has announced the launch of its financial analytics solution. The new offering will be built on top of its cutting-edge healthcare data platform, InData and will be a part of the analytics module, InGraph.
The tool will gather data from disparate data sources including clinical, claims and billing, financial, and human resources management systems (HRMS) to deliver insights into financial performance. The solution will cater to different finance-related analytics needs of healthcare organizations, including:
Revenue Cycle Analytics
Cost and Margins Analysis
The KPIs, visualizations, and user interfaces on top of the integrated data streams can be customized as per the need of the care teams. Leveraging the power of InGraph, industry’s most flexible and transparent analytics solution, Innovaccer will empower leadership to analyze financial health, identify trends and weak points, understand metrics and critical expense factors, and drive several intervention steps with the help of data. Additionally, the solution is flexible to absorb refinements upon inputs to help tune the holistic financial management framework. Accordingly, the core analytics engine will be configured in a manner that facilitates users to design their own charts, change input-output parameters, apply new filters and pivots on top of the data model. The overall execution strategy will be highly iterative and collaborative, both from a data sourcing perspective as well as grading/evaluating the efficacy of the financial output model.
“CFOs are feeling the increased pressure to leverage data; managing operational challenges arising as a result of distributed and siloed nature of data is difficult,” says Abhinav Shashank, CEO & co-founder at Innovaccer. “This new addition to InGraph will empower leaders with a fast and comprehensive solution to define budgets and cost-allocations while leading data-driven transformation of operational and clinical processes,” he added.
Innovaccer’s latest launch is a part of their strategy to achieve their overall goal of saving US healthcare $1 billion in expenditure. The entire healthcare data platform is built with an aim to manage cost variations, network utilization, and ensure quality in care efficiently.
Innovaccer will be exhibiting its financial analytics solution along with its healthcare data platform at multiple conferences. Join team Innovaccer at the Healthcare Financial Management Association (HFMA) Annual Conference 2018 at booth #1153 from June 24 to 27. To know more about the solution, click here.
To learn more - http://www.innovaccer.com/financial-analytics-for-health-system
Innovaccer Inc. is a leading healthcare data platform company focused on delivering more efficient and effective healthcare by combining pioneering analytics with transparent, and accurate data. Innovaccer’s aim is to simplify complex data from all points of care, streamline the information, and help organizations realize strategic goals based on key insights and predictions from their data. Its products have been deployed across more than 500 locations with over 10,000 providers leveraging it at institutions, governmental organizations, and several corporate enterprises such as Mercy ACO, StratiFi Health, UniNet Healthcare Network, Catalyst Health Network, and Osler Health Network. Innovaccer is based in San Francisco with offices around the United States and Asia.
For more information, please visit innovaccer.com.