Data Analytics Can Help You Understand and Mitigate Risk

Manual efforts to predict cash flow and forecast financial health leave many organizations simply reacting to problems that surface, making them vulnerable to revenue problems that can quickly spiral out of control.

The good news is that organizations with the right data analytics tools in place are poised to stay profitable by drawing on deeper insights into the specifics of financial health that inform better workflow practices and improved revenue capture. Additionally, analytics that focus on employee productivity and effectiveness are critical for managing the cost to collect. The added complexity many physicians face with virtualized workforces—even for short intervals—can have a material impact on revenue cycle performance.

Optimal strategies going forward draw on technology-enabled workflows and real-time analytics to stay one step ahead of operational losses and revenue cycle bottlenecks. Financial executives should leverage financial forecasting tactics that deliver a holistic understanding of organizational financial health.