Medical practices with better analytics will get better returns on investment, as a business leader who has access to the best information can make the most informed decisions.
Your practice deals in and generates a lot of data in the daily course of business from many healthcare data sources. Each of those points of information contributes to a full picture of how your practice is performing.
To help maintain an efficient practice, all practice managers should be analyzing data from these four healthcare data sources:
1. EHR Data – Electronic health records (EHR) are created throughout your practice as your organization takes on new patients, schedules appointments and documents prescriptions and care. You will also generate this data from daily financial operations, billing, claims, and insurance records. Administrative clinical data, including demographics, progress notes, patient problems, medications, vital signs, past medical history, immunizations, laboratory data and radiology reports all constitute EHR data.
2. Billing and Claims Data – Health claims and billing data are obtained and aggregated by the practice for submission to health care payers. Age, sex, employment status, total health care costs, diagnosis and procedure codes are all examples of claims data collected by the practice.
3. Patient Registries – Patient registries are collections of standardized information about a group of patients who share a condition or experience. Typically created by researchers, patient registries exist for a variety of diseases, both rare and chronic, including cancer, diabetes, cystic fibrosis, acute coronary syndrome, and arthritis.
4. Population Data – Population health data include statistics, measures, and indicators of the state of and influences on the health of a specific population. Such information can be leveraged to provide insight into trends in need for care, and likelihood of denied claims or delayed payments.
The Importance Of Analyzing Your Practice Healthcare Data
These healthcare data sources generate an immense amount of data about the finances, patients, type of care provided, and the conditions and problems patients are seeking help with. They also generate a valuable resource for your practice manager or anyone needing to assess the business end of a practice.
Using analytics in healthcare to process that data can provide insights into whether your practice is bringing in enough patients to keep the business running, what type of care people seem to be most in need of, and whether you have the staff and resources needed to provide the care your community needs.
Healthcare data analytics can also predict who among your patients is most likely to adhere to their medication prescription, when a large number of your patients are due for screenings that will require more office visits, staffing shortages, or if claims are likely to be rejected by a particular insurance provider for a certain reason.
Healthcare analytics can spot patterns that tend to lead to worse outcomes, and vice versa, allowing you to maximize better care outcomes.
Healthcare analytics can also provide the following benefits:
· Research and prediction of disease by analyzing clinical data.
· Prevention of unnecessary doctor visits and improvement of health outcomes by assessing past and current patient data.
· Operational insights gained by processing scheduling, billing and revenue data.
EHR Data Analysis
Your EHR is the focus of your patient data sources. As mentioned earlier, health data sources encompass all we need to keep accurate records for patient care and progress.
This data can be used for various medical analytics applications, including clinical decision support, population health reporting, reducing medical error by virtue of improved accuracy of records, making health information more accessible, limiting test duplication, reducing treatment delays, and supporting quality management.
Medical billing EHR will record and categorize claims, then process and track payments. Revenue cycle management systems record how revenue is generated at your practice from the appointment all the way to the final payment. Those records may entail patient registration, patient’s personal information, and the patient’s primary insurance provider.
A practice can improve its revenue by applying analytics to show the number of claims that require additional work to secure payment. Analytics can also show the types of rejections and denials, illuminate the possible causes, and show trends for each. With the causes of denied and delayed claims in hand, practice operations can be steered away from known roadblocks, and toward more certain, speedy revenue paths.
Patient Registries and Population Data
Population health data and patient registries can offer various opportunities for your practice, both for your current patients and for those you meet in the future.
Patient registries, for instance, are a good platform for learning which people with certain conditions and diseases may be experiencing a lack of care. Such platforms will also provide a wealth of information on the type of care that may be in demand among underserved communities. If the registry concerns your area of specialty, you can join the community, and learn to better understand patient perspectives on therapeutic approaches. You can also gain a perspective that will be handy when referring your own patients to a specialist. You may also connect with like-minded physicians and who can share care and treatment insights.
To provide some examples, population health data can provide insight into who may be seeking out prenatal care or family planning or provide insight into how many of your patients are likely to be diagnosed with hypertension or diabetes. These prognostics inform your planning for both resources and personnel.
Physicians can use population health data to determine which factors influence certain demographic groups to take up treatment, such as who may need proactive care against diabetes, including screenings and weight loss plans. In regard to our senior population, healthcare analytics can also help predict who, according to age and medical history, is a likely fall risk.
Medical Advantage Can Help
Looking for a powerful, reasonably priced, automated healthcare reporting dashboard for your organization’s needs? Medical Advantage can help. Our financial, patient, patient visits, and services healthcare dashboards are designed to give your organization the insight necessary to make sound strategic decisions, improve care quality, and boost revenue.
Our healthcare consultants work as an extension of your staff to help close gaps and improve clinical and financial outcomes based on your data.
Interested in learning more? Fill out the form below to get in touch with one of our consultants today.