“Technology-Enabled Efficiency,” EFFY Healthcare is a U.S.-based company with roots in the telecommunications industry of Europe. Massive data requires exception-based analytics to find and correct the drips that make up the stream of revenue loss. To find out more we sat down with Jonathan Farr, Senior Vice President and Business Development at EFFY Healthcare, North America:
Q: Who are the primary users of the EFFY healthcare platform, and what are some of the key challenges you are helping them solve?
A: Our primary users are mid- to large-size hospital enterprises groups. We target the short-run revenue cycle, and are able to increase net revenue by three to four percent, with ROI multiples of between eight and ten. A unique challenge, and our strength, lies in delivering actionable analytics. Healthcare executives often know the problems, but they are overwhelmed by exceptions, and lack the tools to manage them. We provide a technology solution to discover variances, and then manage actions to correct. We call this “Actionable Analytics.”
Q: EFFY is powered by RAID HEALTHCARE. Could you tell us something about this?
A: First of all, RAID HEALTHCARE is not a transactional platform. Our industry has excellent transactional systems that perform 95 percent of our needed tasks very well. RAID HEALTHCARE looks instead for the exceptions, and manages the correction.
Q: What geographic markets are you focusing on currently?
A: We are targeting the U.S. market. The complexity of rules and regulations unique to this market often create exceptions to the smooth flow of transactions. We focus on the exceptions market.
Q: What are your plans for the future?
A: Enterprise managers will grow to understand the unique qualities of the RAID HEALTHCARE platform, beyond revenue cycle management. Length of Stay, Infection Control, Home Health — the list goes on. They all have good transactional systems at their base that need to be audited on a continuous basis. All transaction systems need to be “tuned up” and that’s exactly what EFFY HEALTHCARE does.