Is This Blog For You ?
If you are physician or a practice manager and struggling hard enough to effectively utilize your medical practice data for augmenting the business edge of your practice, this blog is for ‘you’.
The Inside Intelligence
Healthcare enterprises have never been technologically sophisticated and financially concerned as it is nowadays. To conquer these challenges and improve the business performance, the medical practices are poised to turn-on the espousal of Business Intelligence (BI) featuring data analytics.
Why Business Intelligence ?
There are three data domains that any healthcare enterprise needs: clinical, operational and financial. The information required by the providers varies: superbill data, patient care & co-ordination, clinical histories, diagnoses, treatments and outcomes, inventory costs and other financial data, patient admission data, recoverable Accounts Receivable (AR), bad-debt, etc. So, you need to have a bird’s eye view to perk-up your practice development.
Start Bolstering Your Business Edge
Discover your success boulevard through these executable tips suggested by Nate Moore, CPA, MBA, FACMPE, president, Moore Solutions Inc., Centerville, Utah; and Mona Reimers, CPC, FACMPE, director, revenue services, Orthopedics Northeast PC, Fort Wayne, Indiana:
#1 – Say No to Pie Charts
Pie charts portray the data as assorted slices. From these charts sorting out the biggest piece of a pie is much easier; when it comes to the delineation of other slices, it may be complicated. Thus, interpretation may be insignificant.
So what’s the alternative way to represent the medical practice data ?
Bar Charts are the right choice. Bar charts ease the user to infer the data representations in an obvious way.
#2 – Don’t Get Diverted
Colorful backgrounds, stylish fonts, miraculous animations and pointless decorations would dwindle down focus of the users on the data point.
Make it Simple…
Design your visual presentation in a simple pattern by emphasizing the essential data points.
#3 – Do Dashboard Reporting
Using the dashboards for reporting pattern makes the data analysis much easy, organized and updated. The three primary types of dashboards comprise:
Tactical Dashboards:
This is the trend updating dashboard to overview the yardsticks such as ARs per physician or Key Performance Indicators (KPI) in comparison with your current practice scenario.
Operational Dashboards:
This is the frequently changing dashboard used by the frontline managers and staffs and it engulfs the information on:
- Scheduled appointments
- Daily payment collections
- Payment posting batches
Strategic Dashboards:
It encompasses the goals and objectives of the medical practice and thus aids the partakers to get tuned with the strategic plans. The common focus points include:
- Overall fiscal trend
- Partner benefits forecast
- Current worth of practice
Understand, transform and implement these BI and analytic ideas… Augment the business side of your medical practice…
