Using your practice data and analytics proactively
By IPN
What impact did COVID have on your provider productivity, patient visit rate, and revenue? How many of your patients are overdue for cancer screening? Are your visit rates and/or infusions increasing post-COVID? What payers are paying you less than the cost of drugs? Does the practice charge master/fee schedule need to be reviewed and revised? What is the status of your AR based on payer, CPT code, or physician? What drug claims still have open AR balances?
The answer to these questions lies in data analytics which allows consistent tracking of your practice’s performance. If your practice fails to regularly analyze this type of data, you are missing out on valuable information that could be used to improve your practice operations and revenue, patient care, and key business decisions.
The word analytics means that an ample amount of data is being digitized and further consolidated, which helps with analysis of the data. InfoDive® reports focus on the metrics important to your practice.
Are you using your data to the best of its abilities? Managing your data can take either an offensive or defensive strategy, according to an article in Harvard Business Review. “Data offense focuses on supporting business objectives such as increasing revenue, profitability, and customer satisfaction … Offensive activities are often more real time than is defensive work, with its concentration on legal, financial, compliance, and IT concerns.”1
InfoDive recently enhanced its portal. Its fresh new look and enhanced functionality make it easier to quickly review productivity and financial data. There are also some new sections such as “At a Glance” in Drugs and Supplies. Simplified icons and an alphabetized toolbar make navigation more intuitive.
The Medicare sequester cuts that had been paused during the COVID-19 Public Health Emergency (PHE) restarted on April 1, 2022. From April 1 through June 30, 2022, the decrease is 1 percent. The decrease will return to 2 percent on July 1, 2022. InfoDive provides a quick and easy report showing the projected amount of the reduction and its impact on practice revenue.
At the business level, data analysis can help to identify operational issues that need to be addressed and the added benefit of tracking your action steps.
For more information on evaluating how your practice
measures up or to see a demo of the enhanced InfoDive portal and its
functionality, contact info@intrinsiq.com.
1. https://hbr.org/2017/05/whats-your-data-strategy
