Rivet Revenue Diagnostics allows organizations to confidently calculate cash and forecast net revenue. Whether it’s auditing the past or forecasting the future, Rivet’s platform puts users on a level “paying field.” Leveraging historical data and contracted rates as the guiding intelligence, Rivet utilizes trends and nuances to paint a clear picture of what to expect. This tool can capture up-to-date predictions, allowing proactive communication and reporting of reliable information to bridge between revenue cycle and finance. Rivet’s platform acts as the “CFO whisperer,” harnessing the power of data from revenue as well as overarching and individual outcome projections to provide the opportunity for growth, enabling organizations to confidently increase revenue.
The ability to confidently calculate forecasted net revenue is crucial in today’s climate as hospitals and practices face many unprecedented challenges. Margins are razor thin for many organizations that are facing obstacles like decreasing payer reimbursement rates or staffing shortages. Other hurdles that create the need for improved forecasting include the threat of consolidation, changing payer policies resulting in increased denials, and substantial increases in adjudication times. These factors, along with many others, create the need for speedy and accurate revenue insights to collect every penny earned.
“Hospitals and practices today are up against many novel challenges that create a dire need for accurate revenue projections,” said Clint B. Adams, United Musculoskeletal Partner’s chief financial officer. “Financial leaders face limitations with the current brittle models that break under the pressures of varying provider, procedure, and payer mixes. It has become critical for an advanced solution, such as Rivet Revenue Diagnostics, to address this gap with a purpose-built, reliable model for accurate forecasting and financial visibility and accountability.”
Today’s models used in healthcare for cash calculations and net revenue projection lack a strong foundation, basing predictions on adjusted billed charges and broad payer reimbursement windows. This leads to inaccurate predictions, leaving organizations wondering where their finances stand and what the future holds. No matter how an organization forecasts net revenue, Rivet Revenue Diagnostics can provide information to forecast cash flow, determine how to reduce and avoid revenue leakage, benchmark performance, and more.