As a provider, you may wonder why you need an analytics solution in addition to your RCM, PM, and EHR systems. You’ve never had one before, so why start now? Think of it this way.
In your car, you need a powerful, reliable engine, drivetrain, and fuel system to keep you moving forward.
But you also need gauges and indicator lights to monitor your speed and fuel level—and let you know right away if your engine is overheating, before it can cause permanent damage. Even more importantly, you need windows—and ways to keep them clear—so you can see where you are and where you’re heading as you hurdle down the road.
In your healthcare practice or organization, you can think of your PM, EHR, and RCM systems as the engine, drivetrain, and fuel system that give you the power to keep moving forward quickly and efficiently. But what about the gauges and windows?
That’s where healthcare analytics comes in. Analytics gives you the meaningful visibility you need to keep track of your ongoing and long-term financial and operational performance—so you can make necessary course corrections, avoid crashing into obstacles, and proceed with confidence when the road ahead is clear.
At the day-to-day level, analytics:
- Shows you where to focus your attention.
- Helps you prioritize staff time and other resources.
- Enables you to understand the details of your revenue cycle and AR days (for example, which payers have the longest turnaround times for claims).
- Empowers you to catch and address problems in your reimbursements before they become entrenched and significantly affect your revenue.
In short, analytics can help you make smarter calls on the financial and operational decisions that can’t wait, and give you insights into otherwise unknown specifics of what’s driving your long-term performance. Once you start using a powerful, user-friendly analytics solution, you’ll wonder how you ever got by without it.
It’s easier than you think.
Thankfully—and despite what you might have heard—putting analytics to work for you doesn’t require overhauling or replacing your hardware or software. You just need to choose the right analytics solution. Make sure it’s cloud-based (so you don’t have to buy new hardware or install software) and works with your existing systems (so it can access your data without manual uploads).
Pay attention to key performance indicators, too. In analytics speak, KPIs are the “gauges” you’ll use to monitor your financial performance. KPIs, reports, and dashboards should be user-friendly and require no specialized expertise. They should also let you “drill down” into the underlying data when you want details, and be easy to customize, so you can keep track of what matters most to you. And insist on KPI alerts that notify you whenever a KPI moves out of your acceptable range.