Three Takeaways to Choose the Right Business Intelligence Platform for your Practice
In the healthcare industry, there are plenty of business intelligence platforms that can help you keep the pulse of your medical practice, identify areas of improvement, and provide you with insights to make data-driven decisions.
However, a good BI platform can be sometimes hard to find. With typical BI platforms, the process to see 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 on your practice takes a lengthy and exhausting process leaving you with this administrative burden. However, with a robust Business Intelligence (BI) platform, you will be able to reduce costs, increase your revenue, and improve patient satisfaction by detecting areas of improvement.
Three aspects you should keep in mind when choosing or evaluating your current 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 some valuable information about your practice’s health. Effectively deployed, these metrics can help you see very quickly 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
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 metrics are fluctuating and why so you can set up a plan of action to improve those metrics.
3. Tracking of the correct resources on your account
Working with an efficient team who keeps an eye on your practice is as important as having access to a good platform in the first place.
If you don’t have a solid structure on the backend working your denials, your no responses, looking at your over 90-day A/R, trending out your denials and rejections, and focusing on areas of improvement, that is not good business intelligence.
Evaluate your BI platform options
As an AdvantEdge client, your practice will have complete visibility into all financial activity associated with your business. AdvantEdge Analytics (A2), web portal provides your practice with 24/7 “anytime-anywhere” access to data and information that allows you to manage your business and measure your performance.
A2 data is updated daily providing you with drill-down access to detailed information by payor, provider, location, modality, etc.
AdvantEdge not only offers one, but two Business Intelligence platforms to help you monitor the pulse of your practice. Besides AdvantEdge Analytics (A2), we offer a second powerful analytics tool Datalytics, which allows access to the patient level details for stakeholders with appropriate security.
This platform also allows you to understand your no-show rates and the economic benefit of one additional patient appointment per day for your practice.
If you want to learn more about how to reduce costs, improve your medical practice and increase revenue by using a good BI platform, contact an AdvantEdge expert and stay up to date on company and industry trends by visiting our LinkedIn page.