Enhancing Healthcare Financial Management with Altair's Advanced Data Management Platform
Technology Category
- Infrastructure as a Service (IaaS) - Cloud Databases
Applicable Industries
- Finance & Insurance
- Healthcare & Hospitals
Applicable Functions
- Facility Management
Use Cases
- Inventory Management
- Usage-Based Insurance
Services
- System Integration
About The Customer
Cape Regional Health Systems is a healthcare service provider that caters to an expanding resident population and over a million seasonal visitors. The organization's finance and reimbursement team, consisting of eight members, plays a critical role in monitoring and managing the financial health of the group. As the organization has grown, the team has faced challenges in consolidating and analyzing information from various databases and reports, including patient records, insurance providers, and other organizations. The team's primary responsibility is to provide comprehensive business analysis for the management team, a task that has become increasingly complex with the organization's growth.
The Challenge
Cape Regional Health Systems, a healthcare service provider for a growing resident population and over a million seasonal visitors, faced a significant challenge in managing and analyzing their expanding data. The organization's eight-person finance and reimbursement team struggled to consolidate information from a dozen different databases and reports, including patient records and insurance providers. As the organization grew, so did the volume of data, making it increasingly difficult to gather the right data points for analysis. The IT team was using SQL-based coding scripts to extract data from various modules and repositories, a process that was not only complex but also time-consuming. The team often had to rely on external consultants for assistance, which further delayed the data retrieval process. This delay in data access was a significant hindrance for the executive team, who needed timely data to make critical business decisions.
The Solution
To address these challenges, Cape Regional implemented Altair's Monarch, an advanced data management platform. Monarch was designed to expedite the process of data collection and reporting, eliminating the need for lengthy timeframes to secure information from the IT team. The organization also upgraded to the most recent version of Monarch to handle large reports and data collection workspaces. While Excel remained a crucial tool for reviewing the data, Monarch provided the team with the ability to manipulate the information in greater detail for added insight. The platform enabled the team to create detailed analyses of outpatient revenue by account type and individual patient basis, which were essential for understanding revenue sources and negotiating favorable rates with insurance firms.
Operational Impact
Quantitative Benefit
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