August 28, 2014
Healthcare business intelligence (BI) tools are a must-have for small practices. If implemented in the right manner, BI can improve care by delivering extra value to patients. It can also reduce the cost of running a medical practice.
Large as well as small practices opt for BI due to its ability to improve clinical and financial outcomes. Tasks such as management of billing cycles and AR, tracking of contracts and indentifying patients in need for particular services can be easily managed by BI tools.
According to a survey by TEKsystems, 58% of healthcare organizations haven’t implemented BI systems
As per a KLAS report, more than half of all healthcare organizations in the US are planning to buy or replace a new BI system over next three years
Small practices have digital information in the form of PMI, EHR and billing records. Now that the BI system has become more advanced and affordable, small practices are able to turn all that digital information into meaningful business intelligence. This has helped providers reap the following benefits:
Through BI, physicians have been able to create customizable health plans. These plans are effective in management of patient conditions based on lab results, demographics and diagnoses. They are able to set up alarms and reminders to see which patient is more prone to a chronic disease, what are the risk factors and what solutions are required to manage the disease
With the help of advanced BI tools, it has become easy to increase the first-time reimbursement capture and also follow up on underpaid and denied claims
Geographic analysis has become easier with the latest BI software. It helps determine where the patients are coming from so that marketing efforts can be targeted in a better manner
The latest in BI software has made it easy for physicians to review revenue cycle performance and find out the number of days it takes to collect AR. With the help of this information, it becomes easier for them to institute the best medical practices, increase overall productivity and compare various payers
The BI software is designed for working with and addressing new regulations and requirements. The system is ICD-10 compliant and it can be used for tracking progress towards MU demonstration
Business intelligence has also enabled physicians to track a patient’s health over time and send reminders automatically. It has also helped providers uncover trends in patient population and spot disease outbreaks
In order to ensure proper consolidation of data to be used by the operations and finance departments, many practices prefer outsourcing their BI requirements to billing companies like MedicalBillersandCoders.com.
They have a team of skilled, certified coders and billers who offer effective billing solutions to 42 specialties all over the US. The team at MBC also offers BI solutions with which physicians are able to get relevant and timely data. This has helped small practices streamline healthcare and enhance decision-making.