BUSINESS ANALYTICS PACKAGE WITH KEY PERFORMANCE INDICATORS FOR HEALTH CARE PROVIDERS
A system for comparing parameters of the revenue cycle of a healthcare provider to benchmark values is provided. The system includes a revenue cycle management company which manages the revenue cycles of a plurality of healthcare providers, wherein each of said revenue cycles includes the submission of healthcare claims by one of said healthcare providers to a plurality of healthcare payers, and the receipt of healthcare claim payments and remittance advice from the plurality of healthcare payers in response to the submitted healthcare claims; a database associated with said revenue cycle management company, wherein said database contains data relating to a plurality of parameters of the revenue cycle of each of said plurality of healthcare providers; and a non-transitory, computer readable medium having recorded therein a software program that contains suitable programming instructions. When executed by a data processing apparatus, the programming instructions cause the data processing apparatus to perform a method for (a) deriving from the database a plurality of performance benchmarks, wherein each performance benchmark corresponds to one of said plurality of parameters, and (b) displaying on a display a graphical depiction of the comparison of the value of at least one of said plurality of parameters for the revenue cycle of one of said plurality of healthcare providers to the benchmark corresponding to said parameter.
1 . A system for comparing parameters of the revenue cycle of a healthcare provider to benchmark values, the system comprising:
a revenue cycle management company which manages the revenue cycles of a plurality of healthcare providers, wherein each of said revenue cycles includes the submission of healthcare claims by one of said healthcare providers to a plurality of healthcare payers, and the receipt of healthcare claim payments and remittance advice from the plurality of healthcare payers in response to the submitted healthcare claims;
a database associated with said revenue cycle management company, wherein said database contains data relating to a plurality of parameters of the revenue cycle of each of said plurality of healthcare providers; and
a non-transitory, computer readable medium having recorded therein a software program that contains suitable programming instructions which, when executed by a data processing apparatus, cause the data processing apparatus to perform a method for:
(a) deriving from the database a plurality of performance benchmarks, wherein each performance benchmark corresponds to one of said plurality of parameters, and
(b) displaying on a display a graphical depiction of the comparison of the value of at least one of said plurality of parameters for the revenue cycle of one of said plurality of healthcare providers to the benchmark corresponding to said parameter.
2 . The system of claim 1 , wherein each of the revenue cycle performance benchmarks is a median value of a revenue cycle performance parameter.
3 . The system of claim 1 , wherein each of the revenue cycle performance benchmarks is a mean value of a revenue cycle performance parameter.
4 . The system of claim 1 , wherein the method performed by the data processing apparatus further includes:
determining the value of each of the plurality of revenue cycle performance parameters periodically, thereby obtaining the plurality of determined values.
5 . The system of claim 4 , wherein the method performed by the data processing apparatus further includes:
if the determined value exceeds a user specified alert value, sending an alert to the user that the determined value has exceeded the alert value.
6 . The system of claim 4 , wherein the method performed by the data processing apparatus further includes:
displaying a graphical user interface (GUI) which depicts the benchmark values, the alert values and the determined values.
7 . The system of claim 6 , wherein the method performed by the data processing apparatus further includes:
displaying the benchmark values, the alert values and the determined values on an indicator bar having a plurality of numerical values indicated thereon.
8 . The system of claim 6 , wherein the method performed by the data processing apparatus further includes:
displaying each determined value in a pane with the associated benchmark value and alert value, wherein each of the determined values is displayed in a separate pane.
9 . The system of claim 6 , wherein the determined values include determined values for average accounts receivable days.
10 . The system of claim 6 , wherein the determined values include determined values for visit code overuse.
11 . The system of claim 6 , wherein the determined values include determined values for rejected impact.
12 . The system of claim 6 , wherein the determined values include determined values for late explanations of benefit (EOBs).
13 . The system of claim 6 , wherein the determined values include determined values for claim denial rates.
14 . The system of claim 6 , wherein the method performed by the data processing apparatus further comprises:
providing a settings window wherein a user is prompted to input a start time for the generation of the benchmark values, the alert values and the determined values.
15 . The system of claim 6 , wherein the method performed by the data processing apparatus further comprises:
prompting the user to input a reoccurrence interval which determines the interval at which the benchmark values, the alert values and the determined values are regenerated.
16 . The system of claim 15 , wherein the method performed by the data processing apparatus further comprises:
generating the benchmark values, the alert values and the determined values at the start time of the interval input by the user.
17 . A method for assessing the revenue cycle of a healthcare provider, the system comprising:
deriving a revenue cycle performance benchmark for each of a plurality of revenue cycle performance parameters, wherein each revenue cycle performance benchmark is derived from a database containing data relating to the revenue cycles of a plurality of other healthcare providers;
determining the value of each of the plurality of revenue cycle performance parameters for the healthcare provider, thereby obtaining a plurality of determined values; and
displaying a graphical depiction of the comparison of at least one of the determined values with the corresponding revenue cycle performance benchmark.
18 . The method of claim 17 , wherein the database is maintained by a revenue cycle management company.
19 . The method of claim 17 , wherein each of the revenue cycles of the plurality of other healthcare providers includes the submission of healthcare claims by that healthcare provider to a plurality of healthcare payers, and the receipt of healthcare claim payments and remittance advice from the plurality of healthcare payers in response to the submitted healthcare claims.
20 . The method of claim 17 , wherein each of the revenue cycle performance benchmarks is a median value of a revenue cycle performance parameter.
B 5 -B 18 . (canceled)