Mel Gunawardena, Managing Partner, SYNERGEN Health
A streamlined and efficient revenue cycle is considered as the “circulatory system” of a healthcare organization. Beyond traditional tools, today’s healthcare providers rely on innovative strategies to improve the revenue cycle performance. However, with advancements in healthcare analytics, CIOs are on a constant lookout for analytics products that help in deriving actionable insights to improve metrics, whether financial or clinical.
With a deep understanding in healthcare analytics domain, SYNERGEN Health, a financial services company, transforms the revenue cycle management by providing a single, intuitive dashboard coupled with actionable intelligence. DOCTRIX, SYNERGEN’s cloud-based analytics solution, visualizes financial data in a user-friendly interface for enabling decision makers to obtain a holistic view of clinical and business procedures and identify potential risks in advance. “We deliver analytics and services to not only understand key metrics but provide necessary guidance to take corrective measures that results in positive financial outcomes,” begins Sunil Konda, VP of Product, SYNERGEN Health.
In the current data-driven digital era, healthcare providers face diverse challenge with regards to data accessibility and speed/cost of software implementation and maintenance. DOCTRIX streamlines such complexities by understanding financial data of healthcare revenue cycle with its easy-to-read executive dashboards— accessible from PC, tablet or any smartphone. It leverages self-service, big data analytics, and machine learning to understand the ups and downs in their practices. “DOCTRIX utilizes descriptive, predictive, and prescriptive analytics and its professional expertise to maximize their clients’ revenue potential,” says Konda. It seamlessly integrates data from multiple resources in real-time and checks for daily pulse defined by industry best practices. For example, SYNERGEN Health analyzed profit/loss combinations across various drugs for its medical oncology clients. This essential information obtained from analytics helped them in renegotiating with vendors and payers. With the reengineered processes SYNERGEN improved their first time payment rates to over 95 percent and reduced the AR to less than 20 days.
Being a HIPAA compliant solution, DOCTRIX secures the de-identified patient information by making it accessible to authorized users including physician groups, clinics, and other healthcare organizations. It also helps its clients in tracking performance by alerting the users on KPI thresholds and enabling them to export data in single clicks. The platform agnostic solution provides customizable KPIs for its clients to broaden their view on business and minimize financial risks. DOCTRIX provides granular level drilldown capability for its customers to obtain a summary and detailed level of analysis. At one instance, a customer was struggling to extract information from their 22 facilities and numerous reports as each one required an exclusive login to the system. The analysis of detailed reports was time consuming and provided limited visibility into their processes. DOCTRIX enabled the customer to have complete view on their clients in a single dashboard with an ease of access. The solution automated manual reports and also enabled the customer to switch to facility level from enterprise with a single click. “We saved around 10 to 15 hours of manual reporting on a weekly basis,” says Nimshan Fernando, Product Manager, SYNERGEN Health. “Previously, the customer didn’t have any visibility regarding which practice is doing well. But, with DOCTRIX, they can take a glance on their practices for 15 minutes and identify the issues instantly,” adds Konda.
Duminda Gunawardena, Managing Partner, SYNERGEN Health
SYNERGEN Health plans to deliver value-based analytics to its clients, and also develops machine learning-based collections and denial workflow management system for enhancing payment collection efficiency. “We are also building predictive capabilities in DOCTRIX for forecasting revenue, reimbursements, and pay/CPT for practices to plan their future services and operations,” concludes Konda.