How To Streamline Your RCM
With states and government officials easing restrictions and beginning to authorize phased...
In order for healthcare practices to understand every aspect of their financial and operational performance, they must collect as well as analyze data to identify what changes would improve clinical efficiencies as well as increase revenue. Fortunately, an intuitive and interactive business intelligence (BI) platform can help you leverage all this information to make informed decisions rather than perform manual data gathering.
How BI Is A Game-Changer For Your Practice
Business intelligence software aids providers in collecting patient information, analyzing metric patterns, organizing reports as well as creating charts using data from clinical questionnaires, surveys, electronic medical/health records (EMR/EHR) and social media campaigns. As a result of these insights gained through BI, practices can quickly identify areas of strength or weakness and use them to make changes that will improve patient outcomes, increase profits as well as keep patients proactively engaged.
BI and analytics provide you with a complete overview of your practice which helps you create a plan of action to meet your business goals. With a strong BI solution, you are able to access key performance indicators (KPI) that can pinpoint inefficiencies of which your practice should optimize through automation or process refinement.
How To Overcome Healthcare Data Challenges With BI
While BI in healthcare can help streamline care, reduce staff overhead, increase patient satisfaction and maximize revenue, there are some data challenges that come along with it - which for most practices are:
Since the advent of the Health Insurance Portability and Accountability Act (HIPAA), healthcare organizations have been responsible for meeting stringent standards related to the collection, use and maintenance of each patient's personal health information (PHI).Consistently meeting HIPAA mandates was already cumbersome, but the rise in cybersecurity attacks has only amplified the need for extensive, robust data security. As a result, today's practices face the challenge of complying to HIPAA but also still have health records accessible for data analysis.
Another data management challenge in healthcare is handling the large volumes of unstructured data—including images, videos and other visuals that practices may capture. These unstructured types of data are not as commonly supported by electronic medical/health record (EMR/EHR) systems as you may think, so practices should seek EMR/EHR software that is interoperable and can glean valuable patient information from any data source.
Not only must practices have access to data on their own patients, but they should also be able to share that information with other organizations such as hospitals, research centers, referral providers and pharmacies. However, this data sharing, while beneficial to the convenience of patient outcomes, introduces new layers of privacy and data management issues.
At present, there is no universal data storage approach in healthcare, which makes it difficult to achieve interoperability with other healthcare organizations' medical data management systems. To overcome these challenges, ensure that your software protects all PHI while following security best practices to protect your organization from cyberattacks. Additionally, by using a BI platform that has the ability to integrate other analytical sources, including those that contain product, sales or operational information, you'll gain a complete 360° overview of your organization's performance trends and enable data-driven decisions that will optimize your practice’s flexible functionality.
How BI Improves Patient Outcomes and Enhances Engagement
When your patients achieve positive health outcomes and are happy with the care they receive, they are more likely to return to your practice as well as refer their friends or family to you. A powerful BI solution can help you efficiently manage clinical information and stay connected to patients throughout their entire care journey.
How BI Can Streamline RCM and Operations
Monitoring key performance indicators or productivity metrics allows your practice to adopt important insight into the front and back end of your operations. As an added benefit, BI software provides financial summaries by charges, payments and adjustments, all of which help you evaluate the true reimbursement for underpayments, reduce claim errors for denial management as well monitor collections. Tracking all of this will not only increase billing transparency and enhance your patient revenue cycle but most importantly it may even improve your bottom line.
Innovations in business intelligence allow patients to take a more active role in their healthcare engagement while also optimizing provider efficiencies, click here to learn more about Raintree's BI and Analytics offering.
Melinda Curle has a passion for online marketing and healthcare software. She likes to understand people's personal needs and figure out how the software fits into their journey. When she's not studying the world of digital marketing, she can be found hiking.
Every healthcare organization should leverage technology-enabled solutions in order to effectively...