In the healthcare industry, plenty of business intelligence platforms can help you keep the pulse of your medical practice. A business intelligence (BI) platform can also help you identify improvement areas, and provide insights to make data-driven decisions.
However, a good BI platform can sometimes take time to find. 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
- benchmarking your practice against broad industry indicators
Doing all these tasks for your practice takes a lengthy and exhausting process, leaving you with this administrative burden. However, with a robust Business Intelligence (BI) platform, you can:
- reduce costs
- increase your revenue
- improve patient satisfaction
A good BI platform can help you monitor the overall health of your medical practice and get insight into how it is going. Read more about this in our blog Why is a good Business Intelligence platform key to running your medical practice?
Here are some key aspects you should keep in mind when choosing or evaluating your current Business Intelligence (BI) platform:
1. Robust analytics information
Your BI platform should be able to show you KPIs and areas of improvement you need to focus on. With this information, you may be able to get back to your billing team with valuable information about your practice’s health.
Effectively deployed, these metrics can help you quickly measure how you are doing. Are you meeting your targets? Are you better off now compared to last year? How did COVID-19 impact your financial health?
2. Drill-down capability
This quality can help you understand your medical practice trends and story. 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, understand which and why metrics are fluctuating, and set up a plan of action to improve those metrics.
3. Tracking of the correct resources on your account
Working with an efficient team that keeps an eye on your practice is as important as having access to a good platform in the first place.
Suppose you don’t have a solid structure on the backend 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, even if you have a BI platform.
At Health Prime, we can help!
As a Health Prime client, your practice will have complete visibility into all financial activity associated with your business. Our BI platform, Health Prime’s Datalytics, offers timely and actionable insights and full visibility into key performance metrics so you can focus on changes that will have the most impact.
Datalytics focuses on insights that other medical billing solutions neglect. Our RCM and analysis platform will let you focus on metrics to determine areas of improvement in your medical practice and monitor its overall health.
By drilling down into details, you can understand the story behind your numbers and have that data driven support to make process improvement modifications in your practice. Read more about Datalytics in our blog Datalytics: the RCM platform you need to know about.
To learn more about reducing costs, improving your medical practice, and increasing revenue using a good BI platform, contact us at [email protected]. Our team will set up a meeting to discuss how we can maximize your revenue by cutting costs, saving time, and collecting more!
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