Datawatch and Baker Tilly Redefine How Healthcare Providers Measure and Optimize Revenue Cycle Operations
BEDFORD, Mass., June 26, 2017 (GLOBE NEWSWIRE) -- Datawatch Corporation (NASDAQ-CM: DWCH) today announced that professional services firm Baker Tilly Virchow Krause, LLP (Baker Tilly) will tap the power of the Datawatch Monarch self-service data preparation platform to help healthcare organizations optimize revenue cycle operations for a variety of reimbursement methodologies, including value-based care strategies. Baker Tilly will employ Monarch as part of its new Revenue Cycle Innovation service offering, which has been conceived to drive true transformational change in the way that revenue cycle activities are performed. Baker Tilly's innovative revenue cycle service offering automates processes and applies advanced analytics to empower clients to achieve outcomes that are 10 times greater than standard approaches.
"Although healthcare executives place a strategic focus on revenue cycle programs and invest a lot of money in them, the return on investment is consistently much lower than what we've seen is possible. A lot of this has to do with the access to data and information being an obstacle for management teams," said Michael Duke, principal, Healthcare Consulting Practice, Baker Tilly. "Any benefits that have been achieved are often short lived and not sustainable. With the use of the Datawatch suite, especially Monarch, we enable our clients to access Revenue Cycle Process Analytics in a way that wouldn't be otherwise achievable."
Despite rapid IT advancements across healthcare back office systems, most healthcare providers still grapple with disparate revenue cycle systems and poor operational processes which drive up costs and negatively impact net revenue. They have grown tired of the false promises of their health information technology (HIT) and electronic medical record (EMR) vendors, and have seen failed investments in high-priced revenue cycle improvement services.
"Revenue cycle innovation requires new ways of solving traditional problems, and advanced analytics is key," said Andrew Malinow, PhD, director, Business Analytics, Baker Tilly. "Organizations must also begin driving workflow in an automated fashion with a much stronger understanding of the transaction level events that impact overall performance. Rapid, iterative decision-making must become the new norm. If management teams truly want to improve revenue, maximize cash flow and reduce operating costs, they need tools that are generally not found in the core EMR system—we provide them."
Baker Tilly selected Datawatch Monarch to serve as its standard platform for self-service data preparation and automation. Monarch provides analysts with an unprecedented ability to quickly and easily access, manipulate, enrich and combine disparate data from virtually any source and prepare it for analysis. Only Monarch can unlock 835/837 insurance remittance forms, HL7 messages and data in unusable reports from EHR/EMR and other systems—without coding, manual data entry or involvement from IT.
"Baker Tilly is a premier, full-service accounting and advisory firm with rich domain expertise in healthcare revenue cycle management," said Michael Morrison, CEO of Datawatch. "We are excited to partner with Baker Tilly and its team of healthcare experts to rapidly turn operational data into revenue cycle insights that will help the firm's clients radically improve program results and accelerate time to value."
"With Monarch, Baker Tilly can eliminate manual, time-intensive data manipulation and spend more time analyzing data to identify gaps in clients' revenue cycle processes," added Duke. "We're able to obtain insights much faster, and from a broader range of data sources, to make more strategic recommendations to healthcare organizations about how they can increase annual net revenue, accelerate cash-flow collection and dramatically reduce costs through staff reallocation and process improvements."
Datawatch Monarch is used by healthcare organizations and service providers worldwide seeking to overcome the common hurdles to data access, reconciliation and reporting. More than 720 hospitals and other healthcare providers rely on Monarch to improve the preparation and analysis of patient, physician and financial data and gain insights vital to driving down operational costs, increasing productivity, maintaining regulatory compliance and improving quality of patient care.
For more information about how Datawatch Monarch is being utilized specifically for revenue cycle management, visit: http://www.datawatch.com/in-action/roles/revenue-cycle-management-healthcare-providers/
For more about Baker Tilly, visit: http://www.bakertilly.com/ ?
About Datawatch Corporation
Datawatch Corporation (NASDAQ-CM: DWCH) enables ordinary users to achieve extraordinary results with their data. Only Datawatch can unlock data from the widest variety of sources and prepare it for use in visualization and analytics tools, or for other business processes. When real-time visibility into rapidly changing data is critical, Datawatch also enables users to analyze streaming data, even in the most demanding environments, such as capital markets. Organizations of all sizes in more than 100 countries worldwide use Datawatch products, including 93 of the Fortune 100. The company is headquartered in Bedford, Massachusetts, with offices in New York, London, Frankfurt, Stockholm, Singapore and Manila. To learn more about Datawatch or download a free version of its enterprise software, please visit: www.datawatch.com.
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