October 1, 2020

Data Analytics: The Truth and Consequences

As we discussed in a previous blog, many healthcare organizations are interested in using data analytics to improve outcomes. Yet few make it all the way to the finish line: the place where descriptive, predictive and prescriptive analytics come together with carefully conceived communications to shape consumer behavior in positive ways that support organizational goals.

Getting data analytics to work in your favor means applying intelligent algorithms to support goals. It might sound simple, but the truth is that prescriptive analytics is a highly sophisticated data capability. To spur the consequences you desire, smart communications based on analytics must be a high priority. This means patient communications composed of messages that resonate—and are delivered in the most appropriate way for each patient—based on their preferences and wherever they may be in their healthcare and financial journeys.

If that sounds like a tall order, we have some good news.

Payment systems can incorporate predictive modeling to identify each patient’s propensity to pay. This information is crucial for communicating the right messages to patients at the right time and in the most effective ways.

Case in point: a patient dealing with short-term financial challenges, perhaps related to the COVID-19 pandemic, is more likely to respond to messages conveying empathy and offering options to pay more slowly or even to put payments temporarily on hold. If those messages are delivered in the way that patient prefers to receive information, such as a text message, the odds that he or she will respond quickly and in a positive way increase even more.

The truth is that consequences are directly linked to how much your organization knows about its patients—and your willingness to implement analytics-driven patient communication solutions. Providers that do this well see a significant lift in payment rates—both in the number of people paying and in the total dollars collected.

Becoming analytics driven takes persistence and expertise. Partnering with an experienced vendor with a proven multi-level analytics program helps many healthcare organizations develop a solid data analytics program linked with effective patient communications.

If you’d like to learn more about how to become more analytics driven, please download our white paper: Smart Data Analytics Drives Successful Revenue Management.