The net revenue revolution continues: Kodiak RCA Next update

Find out what’s new with the RCA Next solution, including updated features and training and educational opportunities.

Staying ahead of a constantly evolving industry like healthcare requires the latest knowledge and solutions, including transformative healthcare net revenue analytics. In comes RCA Next, the ground-up redesign of the Kodiak Revenue Cycle Analytics net revenue reporting solution.

In this article, find out what’s new with the RCA Next tool, including new features and functionalities, migration updates, and information about newly redesigned education and training opportunities. In addition, see how RCA Next, especially when used with other innovative solutions, can propel net revenue improvement throughout your entire organization.

A refresher: What is RCA Next?

RCA Next will begin rolling out this year for existing users and new customers of the Kodiak RCA solution. The redesigned solution offers users new features – including automations and enhanced reporting and analytics – aimed at improving performance and simplifying users’ experience.

The conversion to RCA Next is multipronged, including an initial assessment conducted with Kodiak’s specialists and then four main steps: pricing and scoping discussions, contract (software as a service) updates, file specification conversion, and parallel testing and training. At the time of this writing, approximately 38% of Kodiak RCA customers have converted or are in the process of converting their files to RCA Next file specifications, and 75% have begun discussions with Kodiak specialists regarding their migration to RCA Next.

Everything available in RCA is now available in RCA Next, and new features designed to further increase precision in reserve modeling and enhance the efficiency of month-end close are being added frequently. Some of the latest features and ongoing deployments include:

• Updated criteria and configurability of unapplied discounts
• A net revenue workflow to add more reporting capabilities
• Plain-English net revenue narratives
• Dynamic month-end close packages, allowing for more customized reports
• A rules engine that significantly reduces the effort of manual adjustments
• Account-level exceptions reporting to review potentially problematic accounts before generating journal entries
• Improved change in prior period estimates reporting
• Redesigned reporting experience with unparalleled access to data
  
  

Newly reimagined education opportunities

To help make the transition to RCA Next as seamless as possible, Kodiak’s specialists have redesigned education and training to help you and your team adopt the product and get the most out of all the features RCA Next has to offer. The revamped educational program has three components:

• Self-study: This component features two learning paths – one for users new to RCA and one for users converting from RCA to RCA Next. Both paths provide full, unrestricted, on-demand access to educational content, and users can learn at their own pace at times that are most convenient to them.
• Application: Users can experience learning in various formats within the RCA Next application itself. For example, some lessons function more as controlled examples of the application, in which users get to a scripted end point. Other exercises are directly in RCA Next using customers’ own data.
• Virtual training: These sessions, led by Kodiak product and net revenue specialists, will occur throughout the engagement. They are designed to make sure teams understand the educational materials, have an opportunity to take a deeper dive into functionality, and are able to ask questions during open forums.
  
  

RCA Next users also have access to additional supporting education, including:

• Product documentation: Materials include how-to guides and educational articles.
• In-application content: Educational content is embedded directly into RCA Next, meaning users can access information without leaving the application.
• Community: RCA Next users can engage with and learn from other users at like organizations, further enhancing the user experience.
  
  

The combination of training opportunities and supporting educational resources has been designed to set up RCA Next users for success. Educational resources are housed at https://academy.kodiaksolutions.io (please note the new URL, which RCA Next users will want to bookmark for easy access).

Evolving from reporting to improving net revenue

When it comes to improving net revenue, RCA Next is just the beginning. Several other innovative solutions leverage RCA Next’s data and net revenue reporting features to create a ripple effect of net revenue improvement across an organization. When combining RCA Next with these other solutions and services, net revenue teams can streamline their financial processes, allowing users to spend more time on value-added activities.

Example solutions that use RCA Next data include:

• Account Resolution AI. With this solution, Kodiak uses historical RCA Next and electronic data interchange (EDI) data to create supervised learning models to automate the resolutions of credit balance and low-value debit balances back into the patient accounting system. This fully automated solution uses existing data feeds, along with patented technology¹, to provide ongoing automation.
• Automated Cash Reconciliation is driven by Kodiak’s proprietary three-way-match logic between the bank, patient accounting system, and general ledger. The solution includes exception workflow, assignments, and monitoring to enhance coordination among finance, accounting, revenue cycle, and cash posting teams. Other core features include a completeness module, end-user dashboards, executive dashboards, and a financial close module.
• Payor Market Intelligence allows healthcare leaders to target and quantify the impact payor behaviors have on their organization’s financial performance. Armed with this information, providers can have more targeted, actionable working sessions with payors and focus their limited resources on the right opportunities.
  
  

Ready to revolutionize your net revenue?

The goal for successful organizations today should be not just accurate reporting but overall improvement in their net revenue.

Are you ready to learn more or make the migration to RCA Next? Spots for making the conversion to RCA Next in 2024 are filling up fast. To continue the conversation and get started, contact Kodiak’s specialists today.

¹Computerized theme and machine learning technology as detailed in U.S. patent No. 11,062,214.