Availity’s Revenue Cycle Management product now offers a Comparative Analytics tool for physicians to benchmark and improve upon key business health metrics. The result is greater visibility and control over a practice’s business performance.
Comparative Analytics is a specific type of data-mining technology that allows providers to compare 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.
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.”
Try it out
For a limited time, you can get a free Pulse Check – a customized business checkup using your most recent 45-day remittance history. Find out how you stack up against peers, plus get answers on how to lower denials, accelerate cash and more. For more information about this tool or to schedule your Pulse Check, call 1.877.732.5633 or contact us.