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 and Expense - Summary
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.
Financial Performance - Summary
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.
Performance Top Analysis
The Financial Performance Top Analysis report offers a succinct overview of key financial indicators within the organization. Visuals such as the top 20 practitioners by revenue highlight the highest revenue-generating individuals, providing insights into their contributions to the organization’s financial health. Analysis of the top 5 insurers by account receivables reveals the entities with outstanding payments owed to the organization, enabling targeted follow-up and collection efforts. Similarly, identification of the top 5 departments by account receivables and declined transactions offers visibility into areas where revenue collection processes may need improvement, aiding in streamlining operations and optimizing financial performance organization-wide. Overall, the report facilitates informed decision-making and strategic actions to enhance revenue generation and financial management practices.
The Financial Performance Trends report provides a comprehensive overview of key financial metrics over time. Visuals such as net profit over the year offer insights into the organization’s profitability trends, indicating periods of growth or decline in financial performance. Analysis of operational expenses by year enables tracking of expenditure patterns and cost management effectiveness. The report also highlights revenue and account receivables trends by year, aiding in understanding revenue generation and outstanding payments owed to the organization. Additionally, the visualization of revenue growth rate by year allows stakeholders to assess the pace of financial growth and identify opportunities for strategic planning and resource allocation. Overall, the report assists in monitoring financial health, identifying trends, and making data-driven decisions to support organizational objectives.
Claims - Summary
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.
Claims Top Analysis
The Claims Top Analysis report within the healthcare finance industry offers a detailed breakdown of key performance indicators (KPIs) related to claims data. It provides insights into claims amounts across various dimensions, including services, companies, departments, insurers, and procedures. The report highlights the financial impact of the top 5 services, 10 companies, 5 departments, 5 insurers, and 10 procedures within the healthcare organization. By analyzing claims amounts, stakeholders can identify patterns, trends, and areas of significant financial activity, enabling strategic decision-making and resource allocation. Understanding which services, companies, departments, insurers, and procedures drive the highest claims amounts is crucial for optimizing revenue management, cost containment, and reimbursement negotiations within the healthcare finance domain.
Claims - Summary
The Claims Trends report in the healthcare finance industry provides visual representations of claims data over time. The first visual offers a comparative analysis of total invoice amounts, amounts paid by insurers, and amounts paid by patients throughout the year, providing insights into revenue sources and payment dynamics. The second visual presents trends in settled and pending claim amounts by year, allowing stakeholders to track the efficiency of claims processing and identify areas for improvement or potential bottlenecks. The last visual highlights the distribution of pending claims amounts by claim type over the year, enabling proactive management of outstanding claims and prioritization based on claim types. Overall, these visuals empower healthcare finance department to monitor financial performance, optimize revenue cycles, and enhance claims processing efficiency for improved financial health of the organization.
Contact Us Today
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.