How To Financially Optimize Your Business During A Pandemic
While society is just beginning to reopen in phases, the healthcare industry has been facing this...
Business Intelligence (BI) is not just a collection of compiled data, it is an assortment of technologies and tools that help you map out tactical strategies on how to streamline operations. Whether it be in the form of reports, dashboards, graphs, charts and other analytic sources, the true purpose of BI is to influence informed decisions that benefit the stability, longevity and growth of your business.
Why Is It important?
With all of this data at your fingertips, you are able to better visualize trends and patterns that are present in your business. From gaining operational insights such as key performance indicators (KPI) and productivity reports that help you eliminate inefficiencies or optimizing revenue cycle management through high level automation, BI and Analytics provides you with a complete 360 degree synopsis of your business’ goals as well as helps you facilitate plans of action to successfully implement change.
How To Leverage BI and Analytics?
By taking advantage of interactive reporting features such as drop down menus, drill downs and calculated field filters, you will be able to gain more efficiency and improve the productivity of your staff with metrics that track task progress. It is also important to utilize a BI platform that is user friendly and completely customizable to your business’ needs. With simple dashboards that enable configurable presentation layers like cross tab views, you can easily look at referrals by quarter and break down data by financial class, case type or key payors. These elements of flexible functionality not only make it easier for you to make better business decisions but it also streamlines the reporting process for your faculty and staff.
Make sure your BI and Analytics tools are able to seamlessly connect external data sources such as Google Sheets, Quickbooks, PayCom etc. so that your business can extract, transform and load data company wide. Your BI platform should also feature an expansive, secure database that helps you better retrieve data, perform calculations and fill in any gaps of information by uniquely defining relationships between data points.
One of the most important components of BI and Analytics is the convenience and functionality of high level automation. With automated reporting, dashboard distribution, engagement metrics and signals that help you streamline data dimensions, your business’ information can be more efficiently organized and easily accessible.
With flexible self-service functionality, your BI platform should give you the opportunity to customize dashboards, create personalized analysis views as well as assign user/role access filters to specific sets of data. Both ease of use and interface simplicity are critical factors in making sure your business’ information is not too tedious or overwhelming to process, so that in the end you can effortlessly collaborate, share and inform any data driven decisions with employees, departments, business affiliates etc.
Some other significant features your BI and Analytics tools should include are engagement settings that are configurable to accommodate varying data formats and communication narratives that help organize as well as prioritize your clients’ interactive collection of data. Through the use of compliance alerts, task notifications and social integration, you can set parameters around financial reimbursements and automatically monitor your business’ net promoter score (NPS) dashboards in addition to mapping out geospatial data with location intelligence features that help your business target specific demographic audiences.
While BI algorithms enrich data and provide operational insights that help you make entrepreneurial decisions, revenue projections, conversion tracking, gross profit reports etc. - all play a significant part in effectively analyzing your business’ financial performance in terms of budgetary progress, KPI metrics, RCM trends and more. Also, be sure that you are able to present information at billing claim level, so that you can measure payment velocity, units per visit and calculate fiscal run rates. It is also important to ensure your BI platform includes powerful reporting features that allow you to customize fields and drill down by insurance, provider, patient and other differentiating filters.
These 6 key elements are what constitutes a strong, successful BI/Analytics platform and are what you should look for when your business is ready to discover the impactful power of data driven decisions, innovative engagement, intuitive automation and interactive reporting. If you are interested in improving your operational outcomes and increasing your business’ financial incomes, click here to learn more about Raintree’s BI and Analytics solutions that are both standalone and interoperable with other software systems.
As Raintree's Creative Content Manager, I enjoy both creative and technical writing. Some of my passions include art, anthropology, music, cooking and traveling to new places. I hope you enjoy this article, please feel free to comment and share!