Our digitally-evolving healthcare environment has produced massive amounts of patient and practice performance data – yet despite its availability and volume, this information continues to be under-analyzed and underused. Making more effective use of this wealth of data will result in tremendous benefits for all stakeholders involved – but first, it must be synthesized into an easy-to-understand, centralized, and visual solution. With the right setup, healthcare analytics dashboards let medical practices (physicians and staff) view their patient, provider, and operational data, giving them an opportunity to identify areas for continued success as well as spaces for improvement and growth.
To illustrate how this enhanced access and oversight of patient and practice performance data can help practices identify areas for improvement, the Healthcare IT and Analytics experts at Medical Advantage shared three top benefits of healthcare analytics.
1. Improve the Patient Experience
A visual dashboard that features patient KPIs allows you to recognize gaps in patient care – both at the population health and individual levels. With comprehensive reports in place, physicians can effectively monitor daily patient averages, total patient volume, key demographics, patients by specialty, and much more.
Empowered with this oversight, healthcare professionals will ultimately be in a position to make data-driven decisions related to staffing, resources, and overall care processes. With the right dashboard setup, this means physicians will be able to identify gaps in care more easily. For example, when providers have a more efficient system for tracking health metrics across patient groups, population health challenges like care management for at-risk populations and medication adherence become easier to tackle. In addition, healthcare analytics dashboards allow providers to check performance in areas like wait times, scheduling, the documentation process both during and between visits.
The overall effect? Healthcare dashboards allow providers to identify areas where they could be serving patients more effectively – and practice leadership will then be able to act to implement policies to do so, resulting in an improved patient experience.
2. Maximize Practice Revenue
Of course, using healthcare analytics dashboards to identify areas for betterment does more than just improve the patient experience. Coupled with the correct policy implementations, dashboards can also be a tool for identifying areas where profitability can be increased.
Like all businesses, every medical practice has unrealized areas for improvement in their revenue stream. The things analytics will reveal about your RCM process are endless. From tracking claims reimbursement cycles and payer-specific reimbursement trends, reporting on physician and location-specific performance, and identifying the effects scheduling and telehealth policies are having, dashboards will help you diagnose trends within your revenue stream – giving you the information you need to make decisions and improve the process.
When it comes to ROI, healthcare analytics dashboards are one of the most surefire investments medical practices can make. With increased oversight of operations, dashboards give medical practices more oversight of their finances, empowering them to identify and take advantage of opportunities for cash flow improvement.
3. Identify Areas of Growth and Focus for Physicians
In today’s healthcare market, patients have more options than ever before. For care providers, the market is more competitive than ever – making patient acquisition and retention two of the most important focuses for any practice looking to remain viable.
In addition to assisting with the improvement of the patient experience and revenue streams, healthcare analytics dashboards can help physicians identify areas for growth and focus. By tracking metrics regarding visit lengths and times, reimbursement rates, referrals, cancellations, scheduling capacity, and practice marketing analytics, physicians can track practice productivity and identify areas where they may be able to more effectively grow their patient base. These KPIs are critical metrics physicians need to make staffing decisions, reduce cancellations, ensure accurate coding and billing practices, and a positive patient experience.
This means that your healthcare analytics dashboard can help you make informed decisions and policy in a third area – growing your practice.
Medical Advantage Can Help
Our healthcare dashboards allow healthcare providers to focus on the delivery of high-quality patient care while our multidisciplinary team of IT, health informatics, and data scientists take the burden of data integration, analytics, and reporting off your hands. Our consultants bring decades of experience building and supporting healthcare providers in their analytics and reporting needs, as well as in-practice support, to assist in addressing and acting upon the opportunities identified in your data.
Medical Advantage’s expert healthcare analytics consultants are here to assist with the implementation of a customized healthcare reporting dashboard. Contact us today to learn more about how our Healthcare Analytics Dashboard solution can benefit your medical practice.