Matrix Management
Business Intelligence & Dashboard Reporting
Wave Online's BI Dashboard is a web application; it’s a data visualization tool, which displays the current status metrics for an enterprise. On the other hand, it displays the progress over a time towards specific goals. This application identifies and delivers a graphical view in the form of various charts. In addition to this data, these reports highlight the revenue exhausted.
CASH FLOW SOLUTIONS
Timely and consistent cash flow is our primary focus. Improper coding or misdirected invoicing can create gaps in collections. We identify those gaps and create strategies to repair them within a certain time frame. An individual clinic, specialty physician group or the entire hospital revenue cycle will benefit from our advanced technology and customer support.
GROWTH STRATEGIES
Wave Online is a partner not just a vendor. We serve as an integrated expansion of your business office, helping to meet your financial and strategic goals through robust revenue cycle management and customer-focused analytics.
QUALITY & ASSURANCE
Our senior management team is comprised of certified Six Sigma experts, trained to identify errors or defects in a business process and eliminate them. You don’t have to stay on top of every innovation or best practice in quality control because they do. They rapidly apply solutions that are in continuous development based on client feedback and industry trends.
ADDED VALUE
Experienced revenue cycle specialists and technology project managers will deliver solutions that go beyond the traditional model for outsourced billing. They function as a valuable addition to your team, as they focus on optimizing billing and collection practices to help you grow your bottom line.
REVENUE ENHANCEMENT: HOW IT WORKS
Our revenue enhancement strategy is a proven method to increase cash flow. We set between 60 – 120 days to implement our plan and ensure the revenue enhancement has become realized. To improve cash flow, Wave Online follows a detailed step-by-step approach. We have proven records with our past and existing clients. Below are a few of the metrics that highlight the step-by-step revenue enhancing strategy.
- As a part of RCM, we take care of billing lag, rejections, AR above 45 LBD, denials, 90+. We ensure claim billings are done promptly and on time. We track weekly billing lag by Payer Mix and understand the gaps, aiming to bring it to 2 days lag.
- We create a Rejection Control Plan (RCP) to shorten the percentage of rejections. RCP helps to fix all the front end and scrubber rejections, clearinghouse rejections, and payer rejections. We set a deadline of 60 – 90 days to bring down the rejections.
- Denial – Our business intelligence and technology support helps to create predictive denial analysis. This brings newer insight and helps to create a new strategy to reduce the denial percentage, bringing it to less than 5% within 60 – 90 days’ time.
- Our unique AR Movement Control (ARMC) helps to reduce the movement of AR to an older bucket. We get more space to work on older AR and strategize a project specified plan to get insurance collections from the old AR.
- After, a special team works on underpayment recovery and credit balance. These two functions help to bring in missed revenue.
Our revenue enhancement program has a 360-degree view on all the accounts that come in fresh and as well look into previously closed accounts and validate the payments to recover if there any underpayment is done on it.
Let’s transform your revenue cycle today
When you create a high-performance revenue cycle, you’re finally free to invest your full resources into what matters most: the care of your patients.