Sophical Solutions

WHAT IS INSIGHT

Insight is a software product that provides hospitals with automated reports of charges and usage information and variances at the department, patient type, registration area, charge code and plan code levels.  Reports are cutomized for each administrator's area of responsibility. 

HOW IS INSIGHT USED

Department Administrators:  Administrators use their customized reports to identify variances in their departments that should be investigted.

Chief Financial Officer:  CFOs use the reports to monitor the revenues asociated with new service lines and each administrator's revenue for the period.

Revenue Cycle Manager:  Revenue Cycle Managers monitor the revenue generated from revenue enhancement initiatives, identify areas not entering charges timely, identfy charge transfer or posting issues and monitor departments' actual revenue against budgeted revenues.

Compliance Officer:  Compliance Officers monitor the usage of inactivate charge codes, usage on newly implemented charge codes and large volume and charges variances.

Benefits

Net revenue is improved.

Cash flow is enhanced.

Lost charges are reduced.

Administrator's revenue performance can be monitored and compared to budgeted revenues.

Revenues associated with new service lines can be monitored. 

Revenue benefits from revenue enhavement initiatives can be evaluated. 

CASE STUDY

A $5 Billion healthcare system has been utilizing Insight for over two years and is achieving a double digit return on investment.