Over the past several years, the need for performance data and financial reporting in healthcare has grown tremendously — one of the reasons for Medical Advantage’s recent introduction of its Financial Dashboards tool, a groundbreaking new form of medical practice management software. When diagnosing a patient’s ailment, physicians examine many pieces of information and data to make clear decisions for their patient. The overall health of a medical practice can also be examined by viewing many unique data elements and sources to help make decisions.
While the overall purpose of the tool is clear – using data to drive effective decision-making that improves profitability and patient outcomes – just how does Medical Advantage’s Financial Dashboard tool work? What are the individual features and capabilities that make Financial Dashboards such an excellent solution for managing and improving ROI for and performance for medical practices?
Healthcare advisor and Medical Advantage consultant Pete McCann has broken down the top five features and capabilities of Financial Dashboards, and how these features allow for effective reporting, effective communication, and effective, growth-driving executive strategy.
1. Automated Financial Dashboards for Healthcare
One of the Financial Dashboards’ most powerful features takes effect right from the start of implementation: with the crafting and implementation of an automatic reporting framework. This automated reporting system standardizes the process by which data is captured and delivered from fragmented sources.
This automation saves time and reduces workflow redundancy by replacing what used to be achievable only through costly manual labor— pulling data from different documents, sources, and locations, oftentimes by hand— with an automatic solution. Our financial dashboard solution integrates data from payroll, EHRs (Electronic Health Records), practice management software and more to capture all your practice metrics.
With its ability to eliminate the need for time-consuming monthly or even weekly manual report assembly, the Financial Dashboard’s automated report assembly feature is one of its most powerful capabilities, one which has delivered many clients an immediate return on investment.
2. Consolidation and Integration of Diverse Data Sources
Medical Advantage’s Financial Dashboards also have a powerful second feature: the consolidation and integration of these diverse data pools into one intuitive and centralized location.
Many multi-location group practices – and even single practices have data coming in from various locations and sources. Medical Advantage’s consultants have worked in healthcare practices and understand where meaningful data is (places like EHR [Electronic Health Record] systems, employee payroll, practice management software and so on).
By consolidating this data into one place, business leaders have access to the data they need to run their practice – all in one place at the touch of a button. Empowering decision making for day–to–day business and allowing for long-term strategy and decision making for practice growth and performance.
3. Customizable Financial Dashboard Reporting and Layouts Solutions
No two healthcare businesses are the same: every practice, group, subspecialty, and provider is different. Of course, that means that each healthcare organization’s data and reporting needs will be different, too—that’s why Medical Advantage’s Financial Dashboards are designed with customizability in mind.
As previously mentioned, each Financial Dashboard is based off a customized reporting framework designed by consultants who have worked in practices themselves – and understand the nuances of the healthcare reporting field. Medical Advantage’s Financial Dashboards also offer the ability to tailor and personalize the layout, readout and look of the dashboard appearance to suit each organization’s needs.
This customization offers the further benefit of scalability – whether you are a single practice, a multi-location group, or an MSO managing several groups – having a personalized data reporting and readout solution allows for easy expansion and use with additional units.
4. Dynamic, Real-time Medical Practice KPI Tracking
The capability to track data, metrics and KPIs in real time are the bread-and-butter and most compelling feature of Medical Advantage’s Financial Dashboard tool.
Users can choose to view— in the desired degree of detail— a host of KPI reports, all updated automatically and fed in real-time by back-end reporting frameworks. These include doctor office visit volume, new patient acquisition rates, physician assistant surgical assistance, the status of pending claims, the status of denied claims, dollar values charged by practice and by provider, and many, many more advanced PowerBI metrics.
In addition to providing these automated reports on charges, payments, claim outcomes, physician performance, patient visit volume, and more, Medical Advantage’s Financial Dashboard tool allows you to track certain target subsections of patient populations more closely for Chronic Care Management purposes.
Taking control of your medical practice by gaining access to granular, automatically updated data reports has never been easier thanks to Financial Dashboards.
5. Benchmarking and Comparison Capabilities Across Medical Practices
With these comprehensive, real-time data reports in hand, business and private equity leaders now have a chance to use another one of Financial Dashboard’s features: benchmarking and comparison capabilities.
Whereas before, fragmentation across data sources and reporting techniques made it difficult to compare KPI’s and health- and financial-related metrics across individual units—Financial Dashboards have made it easy. Within the dashboard interface, users can compare reports across benchmarks like physicians, locations, or time. These comparisons give business owners insights which help them to decide where and how to invest energy and efforts and enable them to easily identify areas of their organization which are performing above or below average.
These reports and metrics can be filtered and compared week-over-week, year-over-year, YTD vs. PYTD, and cross-analyzed with other factors like providers and locations.
Taken together, all the features found in Medical Advantage’s Financial Dashboards serve one common purpose: allowing for the identification and promotion of best practices that boost both profitability and quality of care— resulting in improved efficiency, better revenue, and improved patient outcomes and quality of care all in one medical practice management software resource.
And there is a bonus – Financial Dashboards also provide seamless integration to Medical Advantage’s award-winning consulting services focused on improving services at the point-of-care. Contact one of our consultants today to find out about how Financial Dashboards can revolutionize the way your medical practice does business.