Winner: The Data-Driven Care Provider
Reading Time - 7 minutes
Why you should spend 7 minutes reading this:
failing to utilize data captured in your EMR can result in a loss of 5-25%+ to your bottom line
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We've increasingly entered into the age of data-driven businesses.
Why?
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Data allows businesses to make increasingly educated decisions
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Better decision making, over the long-run, compounds into competitive advantages across the business
One of the key advantages of healthcare practices over other industries is your access to robust operational data
This data is typically stored as insurance or reimbursement data within your EMR. You'll need to convert it to a database format where it can be analyzed. This process can be involved but will provide you with a significant operational advantage.
Here are questions you can begin to answer rapidly with restructured data: we've included videos to show you the speed and ease with which you can answer these if you invest in the right analytic tools and data structure.
1. Is this contract hurting me?
2. Is this contract paying me correctly?
3. Which contracts should I try to keep? (learn more here: contract management)
4. Which location is my worst or best? (learn more here: location management)
5. Am I overpaying this physician?
6. Is this physician over-billing or under-billing? (learn more here: physician management)
This is a sample of what is possible. If you need analytic support to convert your data, we can help.
High-level actions you can take based on this article:
1. Convert your insurance data into operational data
2. Develop reporting for each of your functional groups (physicians, contracts, locations)
3. Develop targets for your staff to improve your bottom line
Keep Reading - Up Next:
Managing Care: Key Functional Groups
Articles if:
I am a physician in a practice or clinic
I am looking grow my practice or clinic
I am looking to sell my practice or clinic
