A good business intelligence (BI) platform can help you monitor the overall health of your medical practice and gain insight into its performance. By detecting areas for improvement, you can reduce costs, increase revenue, and improve patient satisfaction.
How easy is it for you to detect areas of improvement with your current BI solution?
With typical BI platforms, the process of seeing your metrics and how your practice is doing is usually more manual. Your Key Performance Indicators (KPIs) are not seen at a glance, and you are left doing all the hard work—figuring out what to measure yourself against, researching the industry standards, and benchmarking your practice against broad indicators that the industry holds.
Doing all these tasks in your practice takes a lengthy and exhausting process, leaving you with this administrative burden and taking you away from what matters the most: your patients.
Business Intelligence provides only simple KPIs, often missing the bigger picture and leaving you to do the heavy lifting to figure out a performance improvement pathway for your medical practice.
A GOOD business intelligence platform will provide you with some key features for your practice:
1. A robust analytics tool shows you KPIs and areas of improvement to focus on. With this information, you may be able to provide your billing team with valuable information about your practice’s health.
Effectively deployed, these metrics can help you quickly see how you are doing. Are you meeting your targets? Are you better off now compared to last year? How has COVID-19 impacted your financial health?
2. Drill-down capability helps you understand your medical practice trends and story. It is not simply showing you the metrics. It will allow you to understand which metrics, in particular, are fluctuating and why. Why have your days in A/R increased? Which denials are creeping up, and from which payers? What is the effect of no-show patients on your practice revenue?
An effective BI platform will allow you to dive deep into the reasons behind each indicator. With this in mind, you can set up a plan of action to improve those metrics.
3. The correct resources on your account to work with that BI platform–working with an efficient team who keeps an eye on your practice is as important as having access to the platform in the first place.
Suppose you don’t have a solid structure on the backend for working your denials and no responses, looking at your over 90-day A/R, trending out your denials and rejections, and focusing on areas of improvement. In that case, that is not good business intelligence.
With a good business intelligence platform, you can keep your finger on the pulse of the overall health of your account at one glance. It will also allow easy access to all your information so you can place them into meaningful reports.
Pulling reports with valuable information from your practice is essential to see trends. It will let you identify which KPIs to improve and how to improve them. These analyses will help you have training/educational sessions with your physicians and staff to improve your processes.
Health Prime’s Datalytics platform focuses on insights that other medical billing business intelligence solutions neglect. Datalytics carries the burden and makes it easier to determine go-forward strategies.
Datalytics raises the bar for medical billing analysis by providing the ability to:
- Drill down into your metrics to understand your KPI trends
- Determine why your metrics are how they are
- Create a plan of action to manage your medical practice efficiently and improve your revenue collection
- Find more time to dedicate to your patients
At Health Prime, we understand the importance of benchmarking your practice—not just against best practices and standards but against the industry average. We manage internal benchmarks above the industry average so you can optimize your practice, increase revenue, and ensure that you get paid for your work.
If you want more information about Health Prime Datalytics and how it can improve your medical practice, set up a one-on-one training session with your Health Prime Client Success Consultant. If you are not a client yet, feel free to email us any questions at [email protected]. Our team will schedule a meeting to discuss how we can optimize your workflows by cutting costs and saving you time!
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