Big data has become synonymous with healthcare, as the industry rapidly shifts to technology-based EMR systems to comply with MACRA, Meaningful Use, and value-based healthcare contracts.
The need for analytics, reporting, and numbers-based evidence, in general, has left independent practices such as yours wondering if they can keep up and remain successful.
The good news is most EMR systems can be expanded to include reporting capabilities, so your practice can interpret data efficiently. How can your practice maximize the benefits of business intelligence (BI) reporting?
1. BI Monitors Trends GraphicallyThe old saying of “A picture is worth a thousand words” could not be truer for healthcare analytics, as medical providers do not have the time to analyze or interpret numbers on a spreadsheet.
BI analytics, such as MedEffect’s Reporting Analytics, can create dashboards depicting graphs and charts for your specified parameters with the simple click of a button. This allows you to quickly and easily see how your practice is performing, financially and operationally.
2. BI Measures PerformanceBI reports can show side-by-side comparisons of any aspect of your practice.
Whether it’s year-over-year or month-over-month, analyzing revenue, patient volume, patient encounter lifecycles, or the number of days to process insurance claims, these reports can uncover many underlying inefficiencies and redundancies in your office workflows.
Also, these reports can show how well your practice is performing after implementing process workflow improvements that save time and money.
3. BI Customizes KPIs As NeededA huge advantage of BI reporting is that you can either run high-level reports or drill-down to very specific details, depending on what information you need.
Customization is key, as there may be times where you may need to monitor specific patient encounters one month, but the next month you may just need to monitor provider-level overviews.
Having the ability to focus on what’s most important at any given time gives you the upper-hand on total practice management.
4. BI Compares Your Practice’s Benchmark Against Industry AveragesBy having your practice’s health and wealth summarized in succinct or detailed reports, you can compare your practice’s performance with the rest of the industry. This information gives you opportunities to pat yourselves on the back or to make necessary adjustments for maximum practice performance.
How Can MedEffect Help Implement BI Analytics into Your Practice?MedEffect Strategies offers robust business intelligence reporting capabilities. These capabilities can be integrated into our entire suite of practice management solutions and completely customized for your specific needs.
For more information on our business intelligence offerings, contact us today! Let us take care of your business so you can get back to taking care of your patients.