UPDATED (12-25-2020) – There are good companies, and then there are great ones. We’ve always strived for greatness—setting ridiculously huge goals and putting our clients’ needs before our own. We believe that empathy plays an enormous role in business. Service providers need to be able to place themselves in the shoes of the client; gaining insight into their daily challenges, hurdles, and objectives.
We’ve applied these principles throughout our performance dashboard journey—producing an end product that has steadily lived up to its promises. Moreover, the ever-evolving healthcare industry continuously pushes us to take on a proactive and creative approach, so, our work is never finished, but that’s part of the excitement for us!
Here is our dashboard story. We hope you enjoy it.
Up until 2015, we were similar to every other good RCM service-based company; regularly informing clients of their company’s financial health and overall performance. From national clients to individually owned practices, we were committed to helping clients increase revenue and improve their bottom line. We provided growth-based reports including accounts receivables, CPT code, provider, location performance, and, well, you get point. We were proud of the value we were providing, but with increased RCM industry complexity and challenges on the horizon, we knew we could do better.
Next, we would deliver the reports to the client, follow up with a phone call, and discuss the previous months’ performance—highlighting improvements and discussing a plan of attack for the upcoming month. We were by no means doing a bad job. Our client retention rate was exceeding 98% and our fair pricing, extensive years of experience, and personable approach all played a pivotal role in our continued onboarding of new clients. Again, we were content with our growth, but we knew we could provide greater more value. We wanted to empower our clients to be proactive—providing daily performance updates (rather than monthly) — and allowing them to focus more on the future, instead of the past.
“If you want a thing done well, do it yourself.” — Napoleon Bonaparte
The next phase would include a collaboration with an outside vendor that would help us build data-driven financial dashboards for our clients. It was a great idea, but as with all great ideas, it required some fine-tuning. About six months in and constant collaboration with our clients resulted in some interesting feedback. While the thought of accessing financials in a digital dashboard form was great, the learning curve seemed to be too intensive for the average user. Each client was different —requesting different key performance indicators to help make quick and informed business decisions. Truth-be-told, the vendor software had too many limitations that included; time-consuming setups, frustrating interfaces, and a lack in the overall perceived value of the technology.
The final straw happened when we met with one of our laboratory clients who requested a few simple terminology wording adjustments, only to discover that our vendor was backed up and limited with time. In other words (pardon the pun), they simply weren’t willing to make the time for what should’ve been a simple request. This was not going to work for us—or our client, so we decided to bite the bullet and build our own dashboards—solutions that would resonate with each client, regardless of size or specialty—giving them the tools to outshine their competition.
The Future Is Bright
Today, our RCM dashboards are some of the best out there. Our clients absolutely love them. We’ve designed our dashboards with the user in mind. Whether it’s a CEO who wants high-level KPIs based on location performance, a CFO who wants to drill down to a granular level, or a salesperson who wants to see the performance of their claims, our dashboards have you covered! And in the rare case, our dashboards don’t meet a client’s needs, we’ll design a custom solution that does. We’ve built our dashboards with no limitations and therefore won’t restrict clients of their hunger for accurate data and invaluable performance metrics.
Data is going to become ever increasingly important as healthcare evolves. Value-based payment models, payer rates re-negotiations, identifying outliers—all precious aspects of improving a company’s bottom line. We’ve been at this for over 10 years, and we can confidently say that we have the experience and dashboard technologies to help your organization become the data-driven machine it was meant to be.