JACKSONVILLE, Fla. – Availity is pleased to announce that Medigistics, a medical billing and accounts receivable management company, is gaining a competitive edge by comparing and improving key business health metrics using comparative analytics.
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.
With comparative analytics, available through Availity’s Revenue Cycle Management product, Medigistics gains access to analysis and benchmarking technology that provides information on real-time reimbursements against state and national peers. The result is greater transparency into business operations.
“With comparative analytics, we’re keenly aware of how we stack up against competitors,” said Gary Broughman, treasurer for Medigistics. “We can quickly see where our opportunities exist. It’s a valuable tool for any office/practice manager or physician who’s serious about process improvement.”
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.
“Medigistics will be able to quickly identify root problems and resolve obstacles in the revenue cycle, which enables them to focus on helping their clients run a healthy business,” said Sean Kilpatrick, director of the provider portfolio for Availity.
Medigistics, an employee owned company based in Columbus, Ohio, is a full service multi-specialty medical billing and accounts receivable management solution. We are expert at converting healthcare provider’s hard work into revenue for their respective business. All services for our clients are performed by our employees in our office in Ohio.