Data is a powerful tool for any medical practice looking to monitor and improve performance, but it’s often hard to know where to begin. Choosing healthcare analytics software that delivers the right answers quickly can help, allowing you to keep your finger on the pulse of your group’s finances and make timely decisions.
Data can also back you up. Practice performance reports can show others the effectiveness of your strategies to strengthen the practice’s short and long-term financial viability.
Choose Effective, User-Friendly Healthcare Analytics Software
Look for a solution that makes it easier to quickly answer specific revenue cycle performance questions, such as:
- How is my practice revenue trending this month?
- Are all my claims processing quickly?
- Which payers are taking the longest on reimbursement?
“Answering these questions about the performance of your practice requires a solution that allows you to work with the breadth of your practice’s processes and go deep in order to understand the causes of issues,” says Daniel Gaines, CareCloud Director of Product Management.
Ease of Use and Customization Are Critical
“This dichotomy of breadth and depth often results in solutions that are difficult to learn and complex to use,” Daniel adds. “The best products will leverage familiar paradigms to ease the learning curve and simplify the user experience without sacrificing much in the way of power.”
Also look for technology that allows you to customize reports. For example, hone in on key revenue cycle management (RCM) metrics you really want (such as first-pass resolution rate, accounts receivable aging buckets, and/or net collection rate). Also, look for software that creates visually engaging reports in fewer clicks (‘What, no more exporting to Excel first?’). The best software also allows you to share findings quickly and easily with your colleagues to get the maximum impact.
Do you know what you need when setting up a new medical practice?