REVENUE CYCLE ANALYTICS

Predicting Analytics
Driving Revenue
Cycle Optimization

 
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REVENUE CYCLE ANALYTICS SOLUTIONS

Patient Financial Clearance

Patient Stratification and Payment

Denial Management

Missing Charges ID

Vendor Management

CLIENT EXPERIENCE

 

“With Connance, we’ve been able to reduce our costs, decrease our aging and be more effective because of the smart user interface and the tools Connance provides. It’s a strategic relationship for us. They have a vested interest in our success. They are attuned to our situation and continually help drive improvement”

– Ryan Thompson, VP Revenue Cycle, Christus Health

 


Patient Financial Clearance

Engage patients before they arrive for treatment.

Empower your staff with the tools needed to connect with patients pre-service. Simplify their financial journey, collect payments earlier with less effort and improve the patient experience.

The Challenge

Collecting from patients after service is more difficult, especially in an environment where patient responsibility is on the rise. By engaging patients pre-service, billing offices increase cash, reduce costs and preserve the patient relationship.

The Solution

The Connance Patient Financial Clearance solution helps healthcare organizations engage with patients before they arrive. Pre-service collections are improved by using analytically optimized workflows and proactive, patient-centric digital communications. A patient portal and advanced self-service payment functionality gives patients more options and “do-it-yourself” flexibility. Integrated payment plan analytics mean patients get more compelling financial solutions, mitigating default risk in higher balances and achieving earlier payment. With Connance, billing offices do less work, gain upfront clarity and create a better patient experience.

Patient Stratification & Payment

Optimize your patient financial interactions in a digital world from bill drop through bad debt.

Our world-class predictive analytics optimize each step—call, text, letter, message and offer—so collection resources avoid no/low-ROI activities, and you realize dramatically improved financial performance.

The Challenge

In a portfolio of patient accounts, one third will generate virtually no cash while another third more than 80%. Do you know which patient falls in which category? With balance among insured growing, the problem is increasingly more complex. A phone call is a big investment; postage is not cheap; and personnel budgets are strained.

The Solution

The Connance Patient Stratification & Payment Solution optimizes the patient-pay process from bill drop through bad debt by leveraging predictive analytics to optimize activities. The result: dramatically improved recovery and enhanced patient experience.

Invest scarce time, energy and budget against your best opportunities.

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Denial Management

Drive claim follow-up efforts based on expected recovery cash value.

Optimize claims follow-up, denial management and prevention with the only solution that leverages predictive analytics in workflow.

The Challenge

Payers seemingly change the rules without telling anyone, creating a growing backlog of denied or underpaid claims. The backlog grows daily beyond the team’s capacity to touch every claim. Cash is lost or delayed. Vendors offer lots of reports and pictures, but not a great deal of clarity. There is simply not enough time or resources to explore all the data and discover the patterns or root causes.

The Solution

The Connance Denial Management Solution enables providers to identify the most valuable 60% of accounts, those that will generate more than 98% of the collections from follow-up effort, as well as the bottom 20% of accounts, those that will generate less than 0.3% of recovery. Workflow routes claims to the best follow-up resource based on predictive analytics.

With Connance, highest value opportunities go to the top of the queue. Reporting and performance analysis focuses attention on process and productivity drivers. Predictive analytics allow provider teams to work smarter while managers gain insight into how to more effectively invest time and efforts. Designed to fit today’s business office environment, Connance predictive analytics can be added to existing technology systems or provided as a complete analytics and workflow solution.

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Missing Charges ID

Increase net revenue by identifying the handful of claims that merit a second look.

Recover missing net revenue through advanced predictive analytics technology. A second-level check, after claim scrubbers and editors, helps providers get paid for the care delivered.

The Challenge

Hospitals and health systems systematically miss up to 1.5% of net revenue by failing to properly charge for services rendered. Claims audits are expensive, prone to heightened payer scrutiny, and often miss charges on the margins.

The Solution

The Connance Missing Charges ID solution recovers up to 1.5% of missing net revenue through advanced predictive analytic technology. Missing Charges ID identifies and prioritizes by expected value so billing teams focus on re-billing their best opportunities first. With the Connance Missing Charges ID solution, there is no need to load and maintain contract information.

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Vendor Management

Transform outsourced vendor performance with the industry’s first and still leading vendor management solution.

The Challenge

Monitoring and managing collection agencies and other outsourced vendors for double placements, lost accounts, activity outside of policy, invoice errors, and inventory reconciliation gaps is a major challenge. Most vendor management today is vendor administration, the performance improvement component just not possible.

The Solution

Connance Vendor Management transforms outsourced vendor performance offering workflow integrity and performance transparency that supports a positive patient financial experience and collection activity accountability. Vendor Management improves recovery and net back, reduces costs while providing visibility and control to help business office teams get the most out of their vendor relationships.