Proprietary technology for analyzing practice financial performance drives optimized collections while supporting precise business reporting
NEW ORLEANS, June 6, 2011 /PRNewswire/ -- 2011 RBMA RADIOLOGY SUMMIT -- The ability to forecast cash flow and collections performance is vital to medical practices, but many physicians don't have access to the wealth of valuable data in their practices for improving these processes and increasing revenue. To help physicians pinpoint where and how to improve collections, effective new performance forecasting tools that target and "mine" data are available from Orion HealthCorp, Inc., a leader in medical billing and practice management for more than 20 years.
"Our company's data mining tools enable cutting-edge analyses that significantly benefit business forecasting and optimize financial performance, with many practices dramatically narrowing the margin between projected and actual collections," said Terrence L. Bauer, president and CEO of Orion HealthCorp. "For practices that traditionally forecast based on a previous month's performance, data mining means the difference between using a magnifying glass and using a microscope to get the most accurate results possible."
At the highest level, forecasting and performance improvements require data on three primary billing elements: historical net collection ratios (NCRs), lag time between billing and payment, and the percentage of insurance collections versus private pay. But within each of these essential areas, a practice should focus on an even more detailed picture by examining the mix of facilities (hospitals, imaging centers, etc.), payers, and location of service (inpatient, outpatient, etc.), as well as demographic zip code data.
With technology tools from Orion, a practice can extract detailed data to determine its unique profile. Data mining offers better insight into specific payers and markets, including where to market. Orion's forecasting models evolve as the market evolves to identify shifts in insurance and patient responsibility ratios. The net result of these forecasting tools is better collections results, with more stable and predictable cash flow.
"It's a matter of honing your focus so collections forecasting is no longer guesswork, but based on accurate views of past performance," said John Garrett, chief of operations for Orion RMI. "Such analyses make it possible to predict future cash flows based on actual charge posting metrics and to determine what transitional cash flows will look like."
The healthcare industry will continue to change, and as it does data analysis will become even more critical. Find out more about predictive analysis and practice performance here. Also, hear more about Orion's solutions and enter to win an iPad 2 at Booth 606 during the 2011 RBMA Radiology Summit, held June 5-8 in New Orleans.
About Orion HealthCorp, Inc.
Orion HealthCorp, Inc. is a trusted partner to physicians who require the specialized medical billing and practice management processes and technology necessary to successfully maximize the recovery of earned revenue and to manage stringent industry compliance mandates and insurance intermediaries. The company supports thousands of office-based physicians and hospital specialists in pathology, radiology, and anesthesiology; and delivers an intense focus on personal relationships and company accountability. Innovative tools, technologies, and operational processes enable the Orion team to capture missing revenues that other companies overlook and help clients mitigate the risks associated with choosing a billing partner or implementing a new billing process. Headquartered in Roswell, Ga., with offices in Alabama, California, Colorado, Illinois, Ohio and Texas, Orion HealthCorp is among the top medical billing and practice management companies in the United States. For more information, please visit: www.orionhealthcorp.com
SOURCE Orion HealthCorp, Inc.