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Brian Robertson is an intense evangelist for applying the power of advanced analytics to improve the business and clinical practices of healthcare. With years of expertise in the healthcare sector, he co-founded MedeAnalytics, a company that used Business Intelligence to solve providers’ revenue cycle problems. In 2009, Robertson saw the potential of advanced analytics and founded VisiQuate, an advanced analytics technology and service company that helps clients achieve peak business health through yield improvement and cost optimization. One of the company’s first solutions, Denial Management Analytics, addressed a major pain point in healthcare. Nearly 40 percent of active claims are in some stage of clinical or administrative denial, which adversely affects yield and time to revenue.
VisiQuate resolves issues like this by analyzing the full spectrum of things that can create problems in the denied claim cycle, including segmenting the payers into groups who either are paying, not paying, slowly paying, partially paying, or denying to pay. The company then develops mitigation and resolution strategies through advanced root cause analysis, risk scoring, and smart workflow and work listing solutions, all designed to improve yield and optimize cost per claim.
To solve a broader set of problems, VisiQuate offers Revenue Management Analytics, which integrates clients’ data sets to get a complete picture of their total accounts receivable. Among other things, this reduces A/R, increases cash, reduces bad debt and denials, tracks and increases collector productivity, and eliminates systemic defects.
The company also offers Patient Access Performance Analytics, which improves operations at the front end of the revenue cycle, covering eligibility, registration, coordination of benefits, and more. When an enterprise analytics client approaches VisiQuate, the company effectively becomes the client’s analytics department by offering daily actionable insights as a service. As Robertson remarks, “VisiQuate tailors personalized analytics solutions to the unique needs of the enterprise, such as strategic imperatives, tactical objectives, compliance, standard key performance indicators, and more. Our solutions help a full spectrum of people, from patients to registrars, billers, collectors, case managers, and analysts, as well as the C-Suite and Board.”
VisiQuate tailors personalized analytics solutions to the unique needs of the enterprise, such as strategic imperatives, tactical objectives, compliance, standard key performance indicators, and more
VisiQuate has many of its enterprise clients grown through acquisition, who have a number of disparate Health Information Systems such as Cerner, Epic, Meditech, and even homegrown systems. Whether the data source is their HIS, patient records, or third party data sets, the company ingests, normalizes, cleanses, and enriches all the data to make it actionable. To make the data more valuable, they offer a complete Healthcare Consumer Longitudinal Record that unifies big data silos across the enterprise.
Robertson says VisiQuate can find a growing body of solutions for macro or micro problems through crowdsourcing, which lets the company curate shared knowledge. He says, “We pull client experiences together on a regular basis through a variety of media to share knowledge and best practices.” VisiQuate continues to embed this shared knowledge into its solutions, and issues a constant stream of updates on a regular basis.
Besides its technology, Robertson sees the get-stuff-done, blue-collar culture of VisiQuate as vitally important. The company is on the people side of the healthcare industry, so their employees are committed to acting more like true partners than as vendors. Moving into the 20s, VisiQuate considers there is a tremendous opportunity for clients to reach the next level of the business analytics maturity curve, where analytics lead directly to true dollarized value, intelligent process automation takes the waste out of the system, and the overall result is greater bottom-line effectiveness.
Black Book Names VisiQuate #1 In Revenue Analytics
Tuesday, June 27, 2023
Black Book names VisiQuate top of class in hospital and health system financial IT solutions for revenue analytics
SANTA ROSA - VisiQuate, the industry-leading provider of advanced analytics, intelligent workflow, results-driven services, and AI-powered automation offerings to America's most respected healthcare providers, today announced their selection as the number one solution for hospital and health system financial IT revenue analytics by Black Book Research™.
"Continued financial pressures including inflation, investment and revenue losses, staffing challenges, along with zero percent margins are contributing to the need for savvy health care leaders to look for advanced technologies optimize their Revenue Cycle Management (RCM) teams," said Brian Robertson, founder and CEO of VisiQuate. "Our solutions provide revenue cycle teams with the actionable insights and data visibility necessary to effectively manage RCM operations. We are delighted that Black Book recognizes the value that our services and solutions bring to the market."
Black Book collected survey responses from more than 5,600 health system Chief Financial Officers, Vice Presidents of Finance and RCM, Controllers, Business Office Managers, Staff, Consultants, and Directors from hospitals and physician practices to determine the top-performing vendors among in-demand financial software, technology platforms, and systems, and assess the gaps and urgencies of financial technology administration.
"The latest wave of post-pandemic challenges accompanying the shift to value-based care finds most providers navigating through empowering virtual health, initiating highly patient-positive experiences and sinking margins," said Black Book's founder Doug Brown. "The lack of advanced analytic tools, strategic dysfunction caused by failed RCM software integrations, and outdated dashboard and decision support systems have put focus on the immediate technology needs of chief financial officers."
Survey Findings Highlight the Importance of Digital Transformation in Financial Systems
According to the results of the 2023 Black Book survey, a significant number of CFOs and senior leaders recognize the crucial need for digital transformation within their finance divisions. The survey revealed that 80% of participants emphasized the importance of this transformation for the commercial stability and long-term survival of their healthcare organizations. Unfortunately, less than 9% of respondents confirmed that their organizations have already implemented comprehensive strategies for extensive financial IT improvement, indicating a decline since the previous year.
Furthermore, 75% of those surveyed identified missing IT capabilities and redundant or conflicting processes as immediate drivers for prioritizing the rationalization of financial systems. These findings were observed during the second quarter of 2023, leading to the intention to make prompt acquisitions by the first quarter of 2024. In terms of specific areas of focus, providers expressed the need for modular technology improvements in patient engagement and access solutions (30% of respondents), predictive analytics (30%), benchmarking analytics (23%), cost accounting (13%), forecasting tools (10%), and enterprise resource planning software (8%). Additionally, 81% of financial executives reported actively monitoring the use of automation technology to enhance charge accuracy and reduce operational costs.
The survey also shed light on the current challenges faced by healthcare organizations. The departure of skilled professionals and the subsequent struggle to attract and retain talent emerged as a major concern for 77% of surveyed CFOs and financial managers. This situation has been further exacerbated by the ongoing labor shortage. Another significant shift noted since the pandemic began is the rise of remote work. Thirty-nine percent of respondents indicated that they are investing in responsive technology products to support remote employees, increase productivity, and ensure efficient data access. Creating collaborative spaces to facilitate a flexible workplace approach has become essential in this context.
For a comprehensive view of the 2023 financial software solutions survey results, covering 40 revenue cycle management (RCM) categories and over 300 vendors, please visit https://blackbookmarketresearch.com/finance-revenue-cycle-management. To explore VisiQuate's complete suite of revenue cycle solutions, you can visit their website at www.visiquate.com or meet them in person at Booth #515 during the Healthcare Financial Management Association's annual conference in Nashville, taking place from June 25 to 28.
Company
VisiQuate
Description
VisiQuate’s user-friendly end-to-end revenue cycle management and analytics solutions let virtually anyone in a healthcare organization explore complex data from multiple sources to quickly gain insights and create actionable workflows. This ability helps clients improve yield, optimize cost efficiencies, and dramatically improve the quality and velocity of decision making. Ana, VisiQuate’s cognitive learning platform and interactive, automated data assistant, provides proactive alerts and uses natural language chats that are powered by AI, ML, and informed by crowdsourced data. Amplifying the power of the advanced analytics is the collective experience of industry domain leaders who constantly share knowledge and best practices
