Every healthcare provider has to be financially healthy to deliver healthy patient outcomes. With daily regulatory uncertainty, payment caps and cuts, providers are forced to look internally on how to minimize the cost of care to stay viable. Without a net margin, providers can’t fulfill their mission – at least for not a long time.
Hoap Health’s Cost Intelligence solution addresses a tough challenge faced by providers – what’s the cost of care per visit and how can we improve the net revenue with the same level of care?
Cost Intelligence solution gathers, normalizes and connects the cost data points across the entire patient life cycle from pre-patient care, patient care, care coordination, discharge, to billing and reimbursement. With visit level analytics, providers can compare the cost, charge, cash, and denials to assess whether the encounter was profitable. Empowered with this rare visit level actionable insight on a net revenue per visit, Providers can identify and address issues at every touch point of the patient life cycle from cost of supplies, drugs, coding, billing, charges, to denials and adjustments. Profitable departments, case types, and physicians can be encouraged while corrective course of action are set up for under-performers.
Providers can make informed decisions on how to optimize cost, plug revenue leakages, and improve outcomes.