? 75% less time reconciling data and creating budgets
For Enterprise Performance Management solutions to deliver a quick and demonstrable return on investment (ROI), they must address healthcare’s common financial challenges with configurable features that fit the unique needs of each hospital or health system.
Hobson & Company, a third-party research organization focused on total cost of ownership and ROI studies, conducted in-depth interviews with more than 20 healthcare organizations and found that Axiom’s Healthcare suite delivered significant efficiency improvements, revenue growth, and reductions in the cost of care.
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Learn the Key Benefits of the Axiom Software Healthcare Suite
Faster data reconciliation and budget creation
75% less time reconciling data and creating budgets
Axiom™ Budgeting clients report integrating data seamlessly from the general ledger, EHR, payroll, etc., and monetizing the impact of changing budget assumptions.
With Axiom™ Rolling Forecasting, clients can model the impacts of volume, rate, and efficiency assumptions across revenue and expense plans and accurately predict future financial results based on the most up-to-date financial assumptions.
“It takes less time for each department director to update the existing budgets from the prior quarter and less time for the Executive staff to review the budgets. What used to be a 6-month annual process, now takes just 2-3 weeks per quarter.”
— Director, Financial Planning & Reimbursement
75% faster budget reporting
Configurable reports in Axiom Budgeting deliver real-time results by summarizing and easily identifying trends and variances with drill-through capabilities to support root cause analysis.
“The reports are all interactive, and managers can drill down into subsidiary data to identify what is driving variances. We have gained efficiency and provide better service to the managers now.”
— Controller
Enterprise Decision Support solutions increase revenue and save time
50% less time reconciling, loading, and normalizing data
Axiom™ Cost Accounting and Decision Support has built-in tools for integrating and importing data and automates key functions to run on-demand or scheduled processes.
60% less time on data management and reporting
Cost Accounting and Decision Support provides analysts with consolidated reports and underlying trends across service lines, by diagnosis-related group (DRG), payer, attending physician, and many other dimensions.
3% revenue increase in one service line
Cost Accounting and Decision Support provide necessary costing data to determine market and investment opportunities to grow service lines.
“Axiom is so easy to use, and the speed and performance of the platform make costing so much faster.”
Director, Decision Support
“Axiom is much more accessible, flexible, and transparent than the prior system. Now we have direct access to tables and can understand all the calculations.”
Director, Business Intelligence
“We use Cost Accounting and Decision Support to analyze the current population by location, age, etc., and then work with the Marketing Department to create targeted marketing materials to help expand service lines.”
Director, Decision Support and Denial Management
Increase revenue streams with Contract Management
5% increase in underpayment collections
With Axiom™ Contract Management, hospitals and health systems proactively monitor payment performance against contract terms and calculate accurate estimates of reimbursements.
"We discovered that a payer was not following the hierarchy stated in the contract for years and years.”
— Director, Contract and Payer Relations
5% fewer payment denials
Tracking denials is difficult and often time-consuming. Contract Management enables organizations to perform root cause analysis, track payment and denial transactions, report on denials by payer/plan, and manage denial and follow-up efforts.
“Once we started using Contract Management, we identified a couple of payers through Axiom who had never shown up on our denials’ task force radar.”
— Director, Revenue Cycle Optimization & Contract Management
0.2% rate improvement with payers
Contract Management supports contract modeling and claims analytics by simulating managed care contracts, supporting better negotiation, and avoiding revenue decreases from proposed contract terms.
“The payer gets the same scrubbed data as we do. Axiom provides an incredibly accurate reconciliation with the payer. No longer are there any issues with payers proposing unfavorable contracts — since the payers know how good we are at modeling using Axiom, they don’t mess around.”
— Director, Contract and Payer Relations
Clinical Analytics reduces the cost of care & non-reimbursable expenses
1% decrease in cost of care
With Axiom™ Clinical Analytics, health systems can analyze care variation of physicians individually or in groups and identify over- or under-utilization of services.
5% decrease in non-reimbursable expenses
Clinical Analytics offers customized scorecards so users can drill into specific areas to perform root cause analysis and identify improvement opportunities across various quality metrics (e.g. length-of-stay, readmissions).
“Clinical Analytics can confirm which physicians are outliers and provide backup to the department heads for discussions about reducing costs. We use Clinical Analytics for length-of-stay (LOS) benchmarks.”
Director, Strategic and Decision Support
“Using Clinical Analytics, health system leaders were able to trace infections to operating physicians. As a result, we are implementing infection prevention metrics for physicians. Using a clinical analytics solution that includes an application to track the performance of individual physicians helps monitor these metrics.”
Manager, Clinical Analytics
Machine learning saves you time with Comparative Analytics
50% less time reconciling, loading, and normalizing data
Axiom™ Comparative Analytics uses a uniform classification process to compare data and eliminate the burdens of data normalization and submission.
“All our data and competitive data is in the system and we can access it with the press of a button.”
— Corporate Financial Planning Lead
25% faster data management and reporting
Comparative Analytics generates meaningful analytics and reports from data that is “scrubbed” for regulatory compliance and professionally normalized and classified using advanced statistical techniques and machine learning. Data, measure, and peer group definitions are applied across expense, labor, revenue, volume, clinical, and other data.
“Axiom reports and graphs are so user-friendly. Now, the directors and managers can create their own reports and interpret them easily.”
— Corporate Financial Planning Lead
6 Benchmarking and Comparative Analytics Best Practices
Having the ability to gauge your organization’s performance relative to peers is increasingly critical as hospitals and health systems face mounting competition and persistent market...
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Read this solution brief to learn more about Syntellis’ Axiom Data & Intelligence
Services & Solution Brief
Axiom Data & Intelligence
Read this solution brief to learn more about Syntellis’ Axiom Data & Intelligence
Services & Solution Brief