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:
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.