The healthcare industry is changing. The changes are driven by industry trends that include moving to the cloud, growth through consolidation, cost, and reduction initiatives, evolving regulatory requirements, and shift to consumer-driven healthcare. As we progress more in this rapid pacing universe, the financial information amidst rapid growth and increasing complexity becomes a major KPI. One of the keys to unlocking the success has been the ability to monitor key performance indicators (KPIs).
Here we will see how industry trends are calling for more insight and transparency into a healthcare company’s financials, and how VNB Health’s Financial Dashboard fits into all this. This is especially important with multi-entity/multi-location environments, which require access to data from any entity, at any time, from anywhere.
The dashboard contains the following reports:
- Revenue and Expense
- Financial Performance
Revenue and Expense
Revenue & Expense Detail is the default page for the dashboard and displays transaction details based on the prompted values in a table format. Revenue & Expense Summary (Journal) displays a summary of actuals at the chart field level viz by Departments, by Services along with both Expense Type and Sub Expense Type
Revenue and Expense - Details
The drill-through mechanism imbibed here, allows you to go into the base data and look into the “Revenue and Expense Details” that comprises of departments, personnel names, company name, locations, profits and service names, all bifurcated whether by Revenue or Expense. The data dump automatically calculates the Gross Profit, Net Profit and both margins, with the help of advanced algorithms.
This is one of the most interesting dashboards in the financial spectrum. Working professionals in the healthcare teams need a financial performance dashboard to monitor, analyse and improve their financial health, efficiency, and profitability. A dashboard can help the teams to:
- Get a centralized view of financial data from different sources and systems.
- Save time and resources by automating data collection and reporting.
- Perform financial forecasting based on historical trends and current conditions.
- Increase profitability by identifying opportunities for cost optimization and revenue growth.
- Improve communication and collaboration with stakeholders by sharing relevant and actionable insights
This dashboard contains data for Current Month & majorly for Current Year across – Revenue, Net Profit, Gross Profit, Account Receivables, Earnings before Interest and Taxes, and Bad Debt Ratios. The data visualizations help us understand Operating Profit Margins, Revenue & Net Profit by Departments as well as by Service and lastly Revenue by location.
Financial Performance - Details
The drill-through mechanism implemented here allows you to check for the rendered services and their timelines, which department they belonged, locations, Operating Expense & Net Profit at all 3 levels [Current Month, Previous Month & Month-on-Month], and lastly the Revenue Growth Rate. The COVID-19 pandemic has put the spotlight on health care revenue cycle performance more acutely than at any time since the foundation of managed care arrangements in the mid-20th century, which is why investing more attention and time in the revenue cycle of the future is more critical than ever.
Medical claims are some of the most valuable sources of data for healthcare organizations. All-payor claims contain detailed diagnosis and procedure information for any billable patient visit. Healthcare organizations can use this claims information to:
- Trace referral patterns
- Improve population health
- Increase sales
- Accelerate their go-to-market strategy
It can be difficult to do all this without fully understanding medical claims data. In this dashboard, we’ll help you understand how claims data and patient health records are interrelated. The dashboard helps you understand the Current Year data [Claims, Settled Claims & Settled Claims Ratio]. Also, a visual representation of Claims settled by Insurers, by Locations and the pending ones from both patient & Insurer parties, helps us draw inference on the better equipped Insurance companies, and which side is the patient leaning to.
The in-depth base data here has the amalgamated data pertaining to claims with specifications such as the diagnosis, the claim type submitted and the age range to which the patient belongs. It also gives a picture of the rendered service, the patient’s name and the insurer they followed up with. These data are super critical when we talk about decision making data.
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Contact us today for a free Demo of our healthcare financial dashboard and discuss your future BI & Analytics initiatives with one of our expert Healthcare BI & Analytics consultant.