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Data is the foundational building block for most companies. Leaders won’t know how their company is doing or which growth strategies are most necessary if they can’t review recent data. Software makes that easier. Learning more about the best analytics tools for health care revenue can empower teams with actionable insights to evaluate current workflows.
Benefits of Using Health Care Analytics Tools
Health care teams benefit from analytical software in numerous ways, primarily because they gain more visibility. Users can quickly see their team’s revenue cycle results, claim denial rates, payment process statistics and more. The information allows health care experts to proactively address potential problems and improve each patient’s experience by solving administrative challenges. Company-specific data gathered over time could be a team’s tool to set growth goals that achieve desired results.
Best Analytics Tools for Health Care Revenue
Comparing data analytic software can refine the financial goal-setting process for administrative officials or executive leaders in a health care company. Changes backed by data specific to a company’s operations can achieve more value-based care. These companies offer the best analytics tools for managing health care revenue.
1. Millennia
Millennia makes it easier for patients to participate in revenue cycles. They can access custom portals at home and manage their bills in one place. Meanwhile, the software can reduce an administrative team’s responsibilities by letting the tool streamline payment collections. Eliminating the vendors necessary to send bills, collect payments and process collections is one of the reasons Millennia is among the best analytics tools for health care revenue.
2. Arcadia
Arcadia is a great option for health care teams trying to simplify their finances. The platform gathers claims, payment information and ongoing billing activity before analyzing the data in a company overview dashboard. Leaders will gain more insight into at-risk patient populations while automating the financial workflows necessary for daily operations.
3. CitiusTech
CitiusTech uses AI to process large amounts of organizational data and analyze it for operational, clinical or administrative purposes. Users get tips from the predictive analytics side of the AI-powered system. These insights could help organizations meet financial management goals and solve problems before they arise.
4. Health Catalyst
Health Catalyst is a great fit for companies with complex data. The analytics tool collects financial and operational information in a digital warehouse. Machine learning capabilities note risks and patterns so management teams can refine their strategies. Predictive insights, tracking tools and large-scale data collection simplify revenue management for those with internal IT teams who are ready to monitor the program.
5. McKesson Corporation
The McKesson Corporation combines IT services and financial management for companies throughout the health care industry. Medical experts use the Enterprise Reporting and Analytics platform to clarify what patients are paying for and track performance metrics related to financial reports. The user-friendly interface collects purchase history data from over 36 months to provide comprehensive pattern trends and reporting graphs. Collaboration tools allow multiple users across an organization to benefit from the same account.
6. Infinx Healthcare
Infinx Healthcare provides a multi-perspective approach to health care revenue management. The company’s software helps experts track payment cycles, patient activity and claims resolution processes. The AI backing the platform can also reduce administrative responsibilities by managing things like reviewing documentation and authorizations. Predictive analytics further translate large amounts of data so anyone using the platform can easily interpret their company’s standing and where their finances are going.
Comparing the Top Analytics Software Providers
| Company | Software features | Best for |
| Millennia | Integrated patient payment portalEngagement intelligenceCustomized conciergePatient payment analytics Digital patient engagement | HospitalsHealth systemsHealth care portfolio companiesPhysician-owned offices |
| Arcadia | Patient payment dashboardCompany analytics dashboardsBenchmark reportingReferral managementPatient engagementProvider-payer collaboration | Health care payersHealth systemsAccountable care organizationsPublic health initiatives |
| CitiusTech | Contract oversight and managementRealSight strategiesPayer analyticsMulti-payer data integration | Health care providersHealth care payersLife sciences companiesMedical technology brands |
| Health Catalyst | Cost managementPatient engagementRevenue cycle managementHealth information exchange | Large health care companiesCommunity hospitalsAcademic medical centersAccountable care organizationsOutpatient practices |
| McKesson Corporation | Report creation36-month data collectionsTeam spacesScheduled reportingMicrosoft Office integration | Specialty practicesPharmaciesWholesale medical providersBiopharma companies |
| Infinx Healthcare | AI support agentsHealth care revenue cloudPayer and clearinghouse integrationsProvider systems integrationsDenials and reimbursement management | Rural hospitalsSpecialistsAcute care hospitalsLTC pharmaciesDental practicesAmbulatory surgery centersPhysician groups |
Support Your Team With More Accurate Data
Optimized health care is possible with more informed decision-making processes. Data collection and routine reviews are foundational to that goal. The best analytics tools for health care revenue can improve a health care company’s financial standing and strengthen team growth strategies.
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