Finding a Cure for Outdated Processes
Vibra Healthcare is a network of long-term acute care hospitals and acute rehabilitation hospitals across the United States.
Spreadsheet Dependence is a Missed Opportunity
As a rapidly growing company, Vibra Healthcare was challenged with growing revenue by optimizing capacity and improving billing processes. They also preferred to manage costs by improving processes without needing to add resources.
However, the company acted as many start-up organizations do, using spreadsheets for analytics, financial reports, consolidated income statements, balance sheets, and cash flow statements for key executive stakeholders and external lenders. Vibra faced many limitations and challenges with this approach and knew that they desperately needed an interactive and improved solution for greater visibility into current financials.
Vibra Healthcare improved capacity management, charting and billing accuracy with IBM Business Analytics.
A Prescription for Success
AUTOMATION AND PREDICTIVE ANALYTICS
In order to create this comprehensive, coordinated, and integrated analytics environment, Vibra partnered with Perficient to implement a phased business intelligence and reporting solution based on IBM Business Analytics software.
Prior to the onset of the project, Vibra and Perficient created a proof of concept for a patient length of stay model to understand and predict how long patients would stay in comparison with health plan guidelines and payments. During the initial phase of the project, the team implemented patient census reporting, allowing Vibra to better understand and manage hospital capacity. Clinical documentation improvement dashboards were also implemented to promote improved charting and more accurate billing. To augment this improvement in utilization forecasting, Vibra leveraged IBM Cognos TM1 financial performance management capabilities along with Perficient’s implementation expertise to reduce manual re-key efforts. Hundreds of reports were automated, including corporate and departmental balance sheets, income statements, and cashflow reports. In addition, Vibra is now analyzing referrals in IBM Cognos Business Intelligence to understand how its relationships with other facilities are converted into new business. Referral analysis will be expanded through the final phase of the analytics implementation, involving the creation of predictive models around denied referrals to minimize losses to competing providers.
On the Road to Recovery
MORE ACCURATE BILLING AND REPORTS DRIVE REVENUE OPPORTUNITIES
Perficient provided Vibra with a flexible and scalable system that includes the following benefits:
- The solution has increased accuracy with direct links to the patient and financial systems, and billing accuracy has improved 26% by identifying under-documented patient stays in real-time.
- Vibra can now target and support the referrers who are most likely to provide qualified patients.
- The company now enjoys automated, accurate, and timely financial reports across facilities and produces consolidated income statements, balances sheets, and cash flow statements into a single, comprehensive corporate view. The automated nature of these reports results in reduced error rates.
- Vibra has improved analysis of referral sources and performance transparency across facilities.