Healthcare Financial Analytics
A financial crisis.
As a healthcare company, you acutely feel the financial pains of the American healthcare system. Healthcare costs in the United States continue to climb, but reimbursements from payers to providers are repeatedly slashed. As a result, providers and provider networks are forced to analyze what is profitable – then make the tough decisions. In many cases, this means re-negotiating contracts or eliminating services.
A three-part plan.
LPA Software Solutions has worked closely with the medical community for years to enable healthcare professionals to better leverage their data. One of our most effective solutions tackles the problem from three separate angles:
Firstly, LPA Healthcare Financial Analytics empower hospital and provider CFOs with the necessary data to understand profitability by service line – outpatient services, surgery, or labs – as well as by doctor, or by practice. With this data, the company is better able to make investment decisions based on concrete costs and profits for common services.
Secondly, our Healthcare Financial solution teases out the data that will enhance billing performance with better revenue cycle management. This function gives your company the hard facts it needs to negotiate with providers or payer organizations for higher reimbursements.
Finally, we enable your company to use your data for effective budgeting and forecasting. Our technology includes a powerful “what-if” capability that will help your organization plan for any future scenario.
LPA’s Healthcare Financial Analytics Solution provides your CFO with a complete picture of profitability, one that includes “Doctor P&L Detail” as well as consolidated reporting to aggregate levels of service line. It also manages cost allocations via a series of driver alternatives in order to arrive at a fair allocation. Additionally, our solution is tied to your revenue cycle to ensure accurate and consistent reporting with the G/L system, as well as to provide the ability to analyze data all the way down to the patient level.
Visually, LPA’s Healthcare Financial Solution includes physician dashboards and details for contract negotiations, including hypothetical scenarios stemming from volume and service line alternatives. Because of its technical sophistication, our solution is optimized for mid- to large-provider networks including hospitals and large IPAs.
Healthcare Case Studies
Refer to the following Case Studies for details on how LPA has enabled Healthcare solutions for a variety of Provider/Hospital organizations: