JACKSONVILLE, Fla. and DALLAS, Texas – Availity, with its subsidiary RealMed, and RemitDATA Inc., introduced a new comparative analytics tool for physicians to benchmark key business health metrics against state and national peers, and then use Availity to improve those metrics. The result is greater visibility and control over their practice’s business performance.
The average group practice spends $247,500 on unnecessarily complex or redundant administrative tasks, according to a 2010 survey commissioned by the Medical Group Management Association. Comparative analytics allow medical practices to optimize performance, reduce audit risk and accelerate payments by preventing denied claims.
“Running a physician practice has become much more complicated and labor intensive over the past few years, and business sustainability has never been more challenging for physicians,” said Russ Thomas, CEO of Availity. “The comparative analytics tool we’re introducing helps practice and group managers quickly identify root problems and resolve obstacles to a healthy business.”
Comparative analytics is a specific type of data-mining technology that allows providers to compare, in real-time, their revenue cycle and overall operational productivity performance against peers, locally and nationally. By discovering peer-to-peer benchmarks on key metrics such as payer processing times, staff productivity and denial rates, providers can uncover actionable insights.
Dave Ellett, CEO of RemitDATA said, “Comparative analytics is ready to empower healthcare professionals to improve staff productivity, pinpoint revenue potential and reduce costs. RealMed customers will know exactly how well they’re performing because they’ll have the context to know whether or not they’re actually leveraging best practices compared to their peers.”
Founded in 2000, RemitDATA Inc. helps more than 100,000 healthcare providers improve revenue and cash collections by identifying and correcting performance issues in the post-adjudication stage of the revenue cycle. The company provides a range of system-agnostic analytic and workflow solutions with patented proprietary technology offered in Software as a Service (SaaS) form for immediate value-add implementation, resulting in faster return on investment. The end result is more enlightened providers with better educated practice management teams, improved employee productivity and increased profitability. Based in Memphis, Tennessee and Dallas, Texas, the company has enjoyed more than 90 percent client renewal rate since its inception. For more information, please visit www.RemitDATA.com.