Andrew Hurd, CEO, MedeAnalytics
With the rapidly changing compliance landscape, the healthcare industry today has become vigilant with regards to billing processes, coding, and physician practices, and managing audit process. Healthcare organizations deal with a colossal amount sensitive data such as security number, medical history, employment, and income information of patients. In such a scenario, organizations need to arm themselves with data analytics in order to stay compliant and be audit ready. With an aim to address this problem, MedeAnalytics, a CA based firm offers workflow tools that compare data analytics to complex audit rules to proactively manage compliance risk. “Data is just data. Until you know what to do with it,” says Andrew Hurd, CEO, MedeAnalytics. The company’s powerful healthcare analytics solution impart the enterprises the ability to identify key metrics necessary to successfully manage their business and turn data into clear and actionable insights into revenue, cost, quality and risk. “At MedeAnalytics, we deliver intelligence that helps healthcare organizations detect their greatest areas of risk and identify opportunities to improve their financial health,” he adds.
The company’s healthcare analytics solution helps normalize vast amounts of incredibly complex data across multiple resources to produce clear and human-powered insights that the healthcare enterprise can act upon. “Our analytics solutions not only respond to today’s pressing issues like fee-for-value, expanding Medicaid benefits, and accountable care, but also make possible proactive, evidence-based management of the challenges and opportunities in the current health care models,” extols Hurd.
MedeAnalytics analyzes data and improves appeal success with an audit workflow solution. The company uses data mining methodologies to enable healthcare providers proactively identify and address any potential vulnerability. This in turn helps organizations gain better understanding of coding trends, and increase audit appeal success by managing the tasks, handoffs and deadlines of the audit process, saving time and money.
“Our solution assesses and reduces risk with benchmark data, and prevents issues that could trigger an audit in the first place with ‘at-risk’ healthcare revenue analysis,” says Hurd.
Furthermore, MedeAnalytics has the provision for health plans like Provider Engagement, Population Health, Medical and Medicaid management, Employer reporting, Enterprise Master Patient Index, HEDIS Quality Management, and Performance Management. In addition, the MedeAnalytics also provides consulting services for both healthcare companies and health plan providers.
Our solution assesses and reduces risk with benchmark data, and prevents issues that could trigger an audit in the first place with ‘at-risk’ healthcare revenue analysis
Since inception, MedeAnalytics has been helping organizations with its best-of-the-breed analytics solutions. In one instance, a not-for-profit integrated healthcare delivery system used MedeAnalytics Patient Access across its 19 hospitals to increase point-of-service collections, improve the patient experience, and streamline patient registration workflows. As a result, the client experienced a boost in point-of-service collections by $3.8 million in over two years, representing a 20 percent increase across their organization.
Another success story of the MedeAnalytics involves a not-for-profit healthcare organization that deployed the firm’s Revenue Cycle and Patient Access to manage accounts receivable, while driving collections and efficiency in patient access. The solutions helped them reduce outstanding receivables by $15.4 million, lowered bad debt by $8 million, and increased point-of-service collections by over 50 percent.
The company has more than 30 percent organic growth in its bookings and 62 percent jump in employee acquisitions, indicating its market leadership. “As the need for Big Data and analytics continues to grow in the healthcare industry, we are extremely well-positioned.