How financial data decisions impact your platform

As a subset of the health system data provided by your organization, financial data can be ingested and leveraged throughout Ignite Growth Platform, from planning to reporting. Although submitting this data is optional, if withheld, metrics shown in the platform will likely be impacted.

Available system values that can be sent in the encounter data financial file include:

• Total charges: The total dollars for medical services provided.
   
• Total payments/Actual reimbursements: The total amount of reimbursement your organization has received for an encounter to date, including payments from both patients and payors. If total payments are being sent, this is represented as actual reimbursement in campaign reporting.
   
• Expected reimbursements: The payments your organization can reasonably expect to collect for an encounter in the future. Since it can take several months to collect actual payments, expected reimbursements allow you to monetize probable outcomes earlier in a campaign’s life cycle.
   
• Direct costs: The costs of caring for patients after fixed costs have been accounted for. Direct costs might include things like drugs or supplies; in other words, the costs incurred with each additional visit. Fixed costs might include things such as facilities or equipment and are typically not incurred for additional visits. Direct costs are used to more accurately calculate your CM. If you do not supply direct costs, your CM will be overstated.

The four financial values above are utilized as part of Ignite Growth Platform functionality to produce financial reporting and analysis in Aggregate Reporting, Campaign reporting, and Market Planner Insights.

Calculation Breakdown

An important benefit Ignite Growth Platform provides is the ability to calculate return on investments (ROI). In other words, the financial impact of your marketing efforts. Let's break down the ROI calculation to understand what financial data is used in the calculation. Then, we'll look at the impact in reporting if one or more financial data types is not sent.

• ROI: Attributed value divided by campaign costs
• Attributed value: The dollars received by your system above and beyond what would have come in organically. These are the dollars that can be directly attributed to the success of the campaign.

Attributed value can be expressed as five different financial measures in Ignite Growth Platform campaign reporting:

• Actual reimbursement (total payments)
• Expected reimbursement
• Actual contribution margin (CM)
• Expected contribution margin (CM)
• Total charges

CM can be shown in Ignite Growth Platform in two ways:

• Actual CM: Actual reimbursement minus direct costs
• Expected CM: Expected reimbursement minus direct costs

If direct costs are not sent, CM will reflect reimbursement values (payments received), resulting in an inflated ROI.

Campaign cost is the dollar amount invested in the campaign as referenced in the cost schedule in Ignite Growth Platform. Campaign cost is NOT impacted by the client-supplied encounter financial values as it is manually entered into Ignite Growth Platform for each campaign. It is critical to add campaign cost for accurate ROI calculations.

Impact of missing financial data values

Ideally, all financial data would be sent for ingestion. However, there may be reasons your health system decides to not send one or more of the financial data.

As mentioned above, metrics will be impacted in different ways, depending on what financial data is not being sent.

In the tables below, you will view what metrics are impacted when two of the most challenging financials to share are not sent. The image will share where in the platform this impact can be found.

Expected reimbursements NOT sent

Campaign Workflow impact table; Campaign Reporting

Market Planner Insights impact table:

Direct costs NOT sent

Campaign Workflow impact table; Campaign Reporting

Market Planner Insights impact table: