Data analytics has been around for a long time, helping countless industries and businesses improve their operations.
So why not medical practices?
Using data successfully can make a huge positive impact on a healthcare organization. For example, data analytics can give owners the ability to review staffing needs or analyze the profitability of a new service. Clearly, there is a whole host of benefits to integrating data into a medical practice.
Data can become an important strategic partner for managing a medical practice and provide important insights to support key business decisions. These insights can help owners, managers or even administrative staff looking to improve upon their work.
Start by opening up Microsoft Excel and running some basic functions and charts. Using pivot tables to cross-analyze your data can be a great help for those just getting going.
Using benchmarking, in particular, can make a big difference in a practice’s operations. By looking at the ideal or desired operational efficiencies across a practice, managers can easily identify which areas in the organization could use some help.
Although it can be scary to see imperfections in the organization, it’s much better to face them than let them cause problems under the surface. Any practice that utilizes and acts upon data is going to outperform others in its field that are afraid or unwilling to do so.
A great area to analyze with data is the overhead that comes with running a medical practice. For example, what are the patterns you see in staffing and facility expenses? These are easy areas to start applying data analytics in a way that can save money in the long run.
Once overhead data has been reviewed, start looking at the revenue cycle of the medical practice. What trends do you see in payment? How long of a payment delay does the practice face on average? Is most of your revenue unexpectedly coming from a particular type of client? All of these things can affect revenue totals.
Professional medical billing outsourcers, like Billing Savi, are experts at breaking down billing data to create revenue cycle efficiencies. Contact them to get help in aligning your revenue cycle for maximum profitability.
To successfully manage a medical practice it is essential to keep track of patient progress, patterns within revenue cycles and trends within the market that could help identify exciting new opportunities. Data analytics can help a practice stay ahead of the game and even predict changes in supply and demand.
By using recurring trends and patterns, healthcare professionals can more effectively prepare for upcoming changes in business or patient volumes.