Salt Lake City, UT — February 1, 2024 — Rivet, healthcare’s leading financial diagnostic and revenue acceleration platform, announced the launch of Revenue Diagnostics. Financial leaders can now gain full visibility into forecasted net revenue, cash collection, and claim adjudication for a full picture of their organization's financial health. The platform's easy-to-use and tailored dashboard brings together historical claims data, payer contracts, and fee schedules for a full overview of revenue activities, providing hospitals and practices with actionable insights to drive strategic decision-making and investment.
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 in coming months.
“Rivet Revenue Diagnostics provides healthcare organizations the guidance of a command center to help healthcare finance leaders manage their financial wellness,” said Ted Ferrin, Rivet co-founder and CEO. “The intuitive insights powered by dynamic, machine learning-driven computations capture the predictions necessary to empower growth, see the future, and audit the past to hold teams accountable to performance while tackling ever-evolving healthcare reimbursement trends to achieve a healthy bottom line.”
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.
To learn more about Rivet Revenue Diagnostics, go to www.rivethealth.com/revenue-diagnostics
Read more about Rivet Revenue Diagnostics in AiThority's AI Technology Insights.
To learn how Rivet is empowering healthcare provider organizations with industry-leading revenue acceleration tools, visit www.rivethealth.com.
About Rivet
Rivet, healthcare's leading financial diagnostic and revenue acceleration platform, protects provider revenues while delivering industry-renowned transparency on everything from payer contracts, overturning denials, forecasting cash and net revenue, and facilitating patient cost accuracy and payments. As a purpose-built financial operating system for healthcare, Rivet empowers financial leaders with net revenue clarity for strategic management. Rivet also serves administrative staffs with sophisticated tools to manage, benchmark, and negotiate payer contracts, as well as auto-detect payment variances, handle delinquent claims, and quickly recover revenue after wrongful denials. As a partner-agnostic platform, Rivet seamlessly interacts with all EHRs to deliver HIPAA-compliant, secure good faith estimates to patients and facilitate upfront payments. Based in Salt Lake City, Utah, Rivet believes healthcare finance teams deserve more from their revenue cycle tools and is offering a platform that levels the “paying field” between providers, patients, and payers for an elevated financial experience. For more information, please visit rivethealth.com.
