11 – Using Analytics to Increase Cash Flow (financial)
In today’s healthcare market, financial challenges rank as the number one issue hospitals face. To maintain a margin to support its mission, hospital CEOs are always looking for opportunities to boost revenue through improved reimbursement. Managing discharged not final billed (DNFB) cases, where bills remain incomplete due to coding or documentation gaps, is one important way hospitals can improve financial performance. By expanding the use of analytics to every aspect of its billing services, Thibodaux Regional Medical Center has achieved impressive, sustained results. Three years after Thibodaux Regional launched its initial DNFB redesign effort, it continues to sustain and add to its improvement, realizing $2.4M in additional annual reimbursement and a 61% relative reduction in DNFB dollars, significantly improving its cash flow.