It’s not unusual for organizations to spend massive amounts of money on data services that only scratch the surface. These data analytics are often so broad and complicated that companies don’t know what to do with them. So, these organizations are left in the dark, without any clue of what could be slipping through the cracks. A recent McKinsey report found that employees spend 1.8 hours every day—an average of 9.3 hours per week—hunting and combing through data. An example from UTR Conf explains it as if a business hires five employees but only four show up to work, and the fifth is searching for data that contains no real significance. This is why revenue awareness is so important for organizations. Time, money and important resources are being squandered, and companies don’t have any insight into why.

Too much data leads to too much waste

It’s nothing new: Healthcare creates a massive amount of data. And it is all encompassing. Financial data, patient data, registration details, claims and revenue metrics. When this data is disorganized, it becomes unusable or difficult to manage and creates a ripple effect. Money is lost when time, resources and people are spent trying to find and make sense of the jumbled mess. Organizations are unfortunately facing challenges far and wide when it comes to revenue awareness. High costs, inefficient data-management tools, poor data quality and revenue leakage are far too common and are often issues that can easily remain hidden.

A solution that does the work

Without a solution that homes in on solving these problems head on, companies are left confused about their data and where their money is going. Inaccuracies in data management can lead to mistakes in billing, missed charges, claim denials, redundant care and more, which result in significant revenue loss and patient satisfaction considerations. Resolving these issues and having a system that tracks and manages organizations’ data (but also saves them money) can be true game-changers.

A reliable data-driven analytical system goes beyond providing good data; it ensures that data is structured, organized and ready for AI analysis, offering overall organizational support and informed decision-making.

In such an analytics-driven environment, fact-based and accurate data can greatly improve the revenue cycle. A tool that understands the existing data, identifies gaps where more data is needed and, overall, detects where the revenue problems lie, is possible. A reliable data-driven analytical system goes beyond providing good data; it ensures that data is structured, organized and ready for AI analysis, offering overall organizational support and informed decision-making.

The path toward better revenue awareness

At Altera, we measure our success by our clients’ outcomes, and that includes the organizations’ people and their experiences. This is where our Ventus Revenue Aware solution comes into play. Considering the people who will be gaining insights and identifying areas of improvement while using your data is imperative. Learn more about the Ventus Revenue Aware here.