5 Ways to Increase Revenue with Healthcare Business Analytics

Healthcare organizations have experienced drastic volume declines in 2020 as well as the stress of caring for an unprecedented number of COVID-19 infected patients. To remain viable, it’s critical to analyze the performance of each site of care, each provider, and to be able to collect all of the reimbursement generated.

It requires having advanced analytics that can quickly extract meaningful insights from timely, accurate data. Unfortunately, most business analytics are cumbersome, requiring too much time and effort while providing too few key healthcare metrics and actionable insights. Does your analytics solution have the functionality required to manage your practice effectively? Here are the top five things to look for to ensure that your organization has the necessary business intelligence to optimize physician productivity and strengthen revenue streams.

1. Advanced analytics capabilities

Ensure that your revenue cycle solution includes an intuitive business analytics interface that can fully monitor performance across the enterprise with a comprehensive data set and sufficient parameters to drive informed comparisons. The solution should make it easy to compare any metric at any site or level of your organization, enabling leadership to gain an in-depth understanding of the forces shaping the organization without hiring outside data analysts.

healthcare business analytics platformFor example, Ingenious Med’s IM Analytics™ platform enables users to manipulate information across more than 800 parameters. This enables them to customize reports and scorecards, including site-to-site and clinician-to-site comparisons across any metric.

2. Quick-start, preset reports

Ensure your business analytics platform can access a wide range of data and analyze key healthcare metrics. This makes it easy for providers and administrators to benchmark performance, view productivity statistics at a glance and quickly understand the underlying causes of trends. Having quick-start, preset reports saves valuable time and enables your teams to immediately grasp what’s happening in your organization. The reports should include RVU count, patient team assignments, volume, utilization, coding and more.

3. Role-based interactive dashboards

An effective solution should deliver insights that meet the different needs of providers and administrators rather than a one-size-fits all approach. Look for the ability to generate role-specific dashboards that contain relevant key performance indicators (KPIs) for each group, while offering both one-click access, detailed drill-downs and focused data sets.

healthcare goal performance alignmentDashboards should feature intuitive KPI data visualizations for evaluating and enhancing individual and group performance. Clinicians and local administrators can customize on-target, caution and at-risk performance thresholds to create and measure progress towards personal and organizational goals. They should be clickable, enabling clinicians to drill down to view their ranking in relation to their group – and their peers. An effective dashboard should also automatically highlight both optimal and below-average performance areas to quickly steer attention to the metrics needed to align with the healthcare organization’s performance goals.

4. Enterprise and individual provider views

It is also important to analyze the entire patient journey and multiple care locations, while being able to drill down to the individual physician performance level. The platform should help you standardize performance across the organization, with insights at the provider, practice and location level:

  • Benchmark providers by total bills, encounters, length of stay, readmissions and other quality measures
  • Quickly access insights that enable you to view and compare service quality and value metrics
  • Build a data-driven foundation for improved productivity, staffing and incentive plans

5. Real-time, trusted data

Physicians often question the validity of performance data. Basing the data on charges that physicians themselves have entered helps strengthen buy-in and can avoid claims that suboptimal performance is due to sicker or more complex patients. Ingenious Med’s more than 20 years of experience has shown that charge data is trusted by physicians for its validity and valued for its timeliness.

mobile charge capture performance dataHaving a mobile tool that intuitively captures charges in any setting along the care continuum also makes it easier for physicians and administrators to ensure that charge data is captured accurately and timely. It minimizes the need for coders to waste time tracking down missing or inaccurate charges days after care has been delivered.

In a time of tight revenues, enabling your organization’s providers and administrators to monitor and improve productivity and performance has never been more critical. Selecting a solution that delivers actionable, data-driven insights where they matter most – at the point of care — is the first step.