ATLANTA--(BUSINESS WIRE)--Navicure, a provider of cloud-based healthcare claims management, patient payment and data analytics solutions, today announced key findings from its most recent national survey highlighting current data analytics usage and additional needs for healthcare organizations. Deployed in May and June 2016 in conjunction with Porter Research, the survey findings revealed that 55 percent of respondents do not have a data analytics solution in place to improve their revenue cycle, yet nearly half (45%) are currently looking to implement one.
The majority of survey respondents were executives (42%), practice administrators (35%) and billing managers (22%). Respondents represented a broad range of specialties and sizes: 43 percent from organizations with one to 10 providers; 27 percent with 11 to 50 providers; 9 percent with 51 to 100 providers; and 21 percent with more than 100 providers.
Among respondents who are using a data analytics solution, the survey explored themes of processes, challenges and technologies. Key findings showed:
- Data analytics and reporting is extremely important to healthcare organizations. The overwhelming majority of respondents (88%) indicated it is extremely or very important for making informed business decisions. Further, 73 percent viewed it as a high priority for their organization.
- Lack of time/resources is the primary data analytics solution challenge. The largest share of respondents (38%) said their biggest challenge in leveraging insights from their data analytics solution is a lack of time and resources to focus on data analytics, followed by the inability to benchmark performance against peer organizations (25%). Lastly, 19 percent of respondents noted the difficulty of obtaining actionable reports to help address issues.
- Organizations are achieving positive results with data analytics and reporting solutions. The majority (71%) of organizations noted these solutions have helped them achieve cash flow improvement through reducing days in A/R, followed by increasing revenue by identifying bottlenecks to get paid more quickly (56%). Almost half (48%) indicated staff productivity benefited from data analytics because it helped identify additional training needed.
“Now more than ever, healthcare organizations are realizing the benefits of implementing a robust data analytics and reporting program,” said Jim Denny, founder and CEO of Navicure. “As organizations are tasked to further improve and report value, this research confirms data analytics and reporting solutions will play an increasingly important role. Implementing a user-friendly solution that streamlines reporting with actionable data will facilitate informed decision making and ongoing revenue cycle improvements, helping organizations achieve greater financial health and position them for future success.”
To view the complete survey results and analysis, visit www.navicure.com/datasurvey.
About Navicure
Navicure is a provider of cloud-based healthcare claims management and patient payment solutions that enable healthcare organizations of all sizes to increase revenue, accelerate cash flow, and reduce the cost and effort of managing insurance claims, patient billing and payments, and data analytics. Serving more than 90,000 healthcare providers nationwide, Navicure’s complete healthcare revenue cycle management platform integrates payer and patient billing with an advanced analytics dashboard utilizing real-time data to continually optimize operational workflow and financial results. Navicure’s unique 3-Ring® service supports every client with trained, experienced analysts who guarantee that every call will be answered within three rings. Navicure is the exclusive claims management and patient payment solution of the MGMA Executive Partner network. For more information, please visit www.navicure.com, or follow @Navicure on Twitter.
About Porter Research
Porter Research has for over 20 years worked diligently to understand and assess each client’s unique needs and to build a customized business-to-business research program to achieve desired goals.
The company has worked with over 300 healthcare IT companies, providing many with Go-to-Market Strategies based on its unparalleled experience, proven methodologies and knowledge-based analysis. Porter Research enables its clients to operate in a fast-changing market of new, emerging technologies and health reform issues. It provides the unbiased results that healthcare clients need to make informed, strategic business decisions.
For more information, visit http://www.porterresearch.com/, follow @PorterResearch1 on Twitter, or call 678-282-1033.