Pandemic Data Will Help Practices with Future Business Decisions
Using the business intelligence solution InfoDive®, data from community-based medical practices was examined. Analysts looked at recent trends in billing and revenue, new patient visits, E&M visits, and surgical procedures.
Data was compared to determine the impact on practices since the Public Health Emergency (PHE) was invoked. The results showed a decline in revenue; slight decrease of 4% in oncology practices, a more significant decrease of 35% in surgical practices, and non-surgical practices saw a decrease of approximately 9%.
A common thread among all surveyed practices is the 30-40% decrease in new patient volume across the practices, regardless of their specialty. The community-based practices adjusted to the shifts in patient volume by consolidating locations, working with fewer providers, and offering telemedicine appointments.
The data also provided some insight into patient referrals. Providers with established strong relationships with hospitals were able to maintain, and in some cases increase, the volume of new patients whose first encounter with the provider was during a hospitalization.
This pandemic has shown that business as usual is no longer an option. The value in using InfoDive allows healthcare organizations to measure practice performance. By monitoring trends, practices can identify areas of opportunity and assess if changes resulted in the desired outcome. Using data, InfoDive can help your organization react to the changes in the healthcare delivery model and shape the post COVID future.