Baker Tilly Virchow Krause, LLP (Baker Tilly) is a nationally recognized, full-service accounting and advisory firm, today announced a collaboration with Datawatch and Tableau to launch the Baker Tilly Revenue Cycle Innovation Center (RCIC). The RCIC is an end-to-end service offering assists healthcare organizations by providing clear visibility into actionable data for maximizing and managing revenues encompassing all aspects of revenue cycle data analysis, from self-service data preparation to data visualization.
A first-of-its-kind innovative healthcare revenue cycle solution, the RCIC provides a unique method for accomplishing financial tasks and offers data analytical processing sets that enable executives to make data-driven decisions and solve complex problems related to large healthcare organizations. Datawatch Monarch’s data preparation and data intelligence platform ensures that analysts and financial business users can easily access, meld and manipulate information from any source including 835/837 insurance remittance forms, electronic health records (EHRs), HL7 messages and more.
Other key features of the RCIC include:
– Internet of Things (IoT): The RCIC leverages the Internet of Things (IoT) which allows the interconnection to occur via the computing devices embedded in everyday objects, enabling them to send and receive data in ways that historically have not been possible.
– Robotic Process Automation (RPA): Robotic Process Automation (RPA) which is the application of technology that allows for the configuration of software or a “robot” to capture and interpret existing applications for processing a transaction, manipulating data, triggering responses and communicating with other digital systems. This features enables specific functions of your revenue cycle can run 24-hours a day, seven days a week and 365 days a year, which significantly boosts outcomes and shrinks cycle times.
– Cloub-based Telephony Tools: RCIC has leveraged advancements in cloud-based telephony tools to drive staff productivity to unforeseen levels. This allows for the implementation of solutions that can nearly double employee productivity and effectiveness.
Reduced Vendor Fees: The RCIC solution also provides insurance discovery tools, patient responsibility automated scoring and propensity to pay evaluation tools. These tools allow organizations to drastically reduce vendor fees and only outsource accounts that are truly hard to collect and require specialization, such as legal intervention.
– Remote Assist: The Baker Tilly Remote Assist framework provides your management team with the ability to monitor your overall revenue cycle performance and have information to understand the root cause of negative performance and have timely and accurate information to take appropriate corrective action. Additionally, the Remote Assist option comes with ongoing review of operational performance by the Baker Tilly consulting team to quickly identify issues, notify management of negative trends and provide guidance on how to correct for the entire time you use the solution. Think of it as “preventative maintenance” for your revenue cycle.
“The RCIC is built to enhance healthcare revenue cycle strategies to provide a significant increase in financial performance by combining best-in-class consulting capabilities with leading technologies,” said Michael Duke, principal at Baker Tilly. “By partnering with Datawatch, Tableau and other knowledgeable specialists, we are creating a radically new approach that fully optimizes revenue cycle operations for healthcare providers.”