Organic Growth Podcast: Lifetime Value: Turning Fragmented Financial Data into Automated Accrual Revenue Reporting

Stewart Gandolf (Healthcare Success): Welcome to the healthcare success podcast special edition here today we are at  McGuire Woods private equity conference in cooperation and partnership with our friends over at Levin Associates. My first guest today is Quin Wright. Quin is with Real Rev and welcome first of all Quin.

Quin Wright (Real Rev): Thank you Stewart. Pleasure to here.

Stewart Gandolf (Healthcare Success): Great. So today we're going to talk about lifetime value and to help our listeners who aren't familiar with this idea.

Lifetime value is a constant issue when we're working with our clients to market them organically because we brought in 30 patients. So what, what does that mean economically? So what we want today, what I found is with Quin and his team, they understand these kinds of concepts. So first of I want to pass the mic over to you, Quin. Just tell us, our listeners quickly about what it is you guys do at Real Rev and then we can talk about the topic at hand.

Quin Wright (Real Rev): Yeah, sure. And thank you, Stewart. So at Real Rev, we turn fragmented financial data into automated accrual revenue reporting as well as accurate AI decision making.

A focal point within our business modeling, within our platform is around lifetime value of a patient. We believe in its importance because it really aligns excellent patient outcomes with good practice economics. And in order to do that, you have to have a way to measure that relationship. And LTV or lifetime value as we call it, really allows that alignment to define that relationship and make it more measurable and visible.

Because along the continuum of care of a patient through all the episodes in which you're seeing them, how do you know how well you are taking that patient to the end of that and completing that care?

Stewart Gandolf (Healthcare Success): Great. So why is it so hard? Why does everybody struggle with this topic?

Quin Wright (Real Rev): Yeah, sure. And really, it comes down to the foundation of the data. A lot of people may rely on gross revenue information or perhaps collections and other information such as that.

Where Real Rev has an advantage and what we focus upon is on patient level accrual net revenue, which not only is accurate, but is able to measure all the episodes within that carry continuum, as well as have better timing of when the services were actually delivered. know, gross charges are gonna be more, call it inflated and not realistic of what you're doing economically. And then collections, you're gonna have all the RCM noise and things of that nature that are really impacting timing and things of that nature, far from when you actually saw the patient.

Stewart Gandolf (Healthcare Success): So really foundationally, establishing that data and having it at a patient and claim level is key. And we talked to just a few minutes ago off screen about how ⁓ you have one provider has what, 18 different healthcare softwares. It's like, how do you navigate through all that?

Quin Wright (Real Rev): Yeah, sure. So, you know, that's where we've invested in RealRev is really around, I it our ETL processes to ensure that we're able to take information that's disparate, fragmented and have it in a manner to where it's in a common core schema to where it can be more usable for things such as lifetime value or to enable AI for use horn as well.

So that's really where we've invested a lot of our own.

Stewart Gandolf (Healthcare Success): So do you ever see mistakes ⁓ when you're looking at where you come into a business and they've been doing things a certain way? Do you ever find costly mistakes that they've been doing and help solve what the problem is through the work that you guys do?

Quin Wright (Real Rev): Absolutely. ⁓ And it's not something we try to hang our hat on, right? That we're correcting mistake, but you know.

Whenever someone's working with less visibility into their information and data, the fact of the matter is, is they're going to be driving blind to, I mean, in a respect. You know, we are able to kind of turn the lights on, especially in that multi EMR environment to where they can have better decision-making. They can be more aligned with all their teams across the various stakeholders utilizing the same source of truth.

Stewart Gandolf (Healthcare Success): And in terms of process, when a provider is trying to do this, how do they typically do it? And do you have any tips for them?

if they decide to go through this very difficult road on their own?

Quin Wright (Real Rev): Well, the first thing I would say is, I mean, get the foundation correct. You be focused on the right data model. You know, oftentimes practices may use overgeneralized averages or things like that to assign to patients to determine their value. And what that can ultimately sometimes lead to is you're focused on the wrong metric, which means your outcomes and your focal points after that may not be correct. So, you know, kind of the adage, can't manage what you measure.

My suggestion would be that to really spend the time there and building that foundation so that ultimately your teams are working in the same direction to ensure that you are providing complete care for your patients and not call it episodic or incomplete

Stewart Gandolf (Healthcare Success): Awesome. Any last words or advice?

Quin Wright (Real Rev): Absolutely not. I mean, I would say that in our world, we've seen a little bit of everything. ⁓ We call it meeting our clients wherever their data is. We've seen about every surprise imaginable and we're happy to help those.

It's almost like the bigger the problem or the dirtier the data, the more we're willing to jump in.

Stewart Gandolf (Healthcare Success): Great. And then how do they reach you they want to?

Quin Wright (Real Rev): Check out our website, realrev.com. You can also find us on LinkedIn. Again, my name is Quin Wright and I'm Senior Vice President, but happy to reach out and help any of those who have some interest.

Stewart Gandolf (Healthcare Success): Awesome. Thanks for joining us.