Simplifying Data-driven Decision Making
If you want to improve your practice’s financial performance or make an investment, such as adding a new provider, your practice data is crucial for determining if this is the right decision for your practice. This article will show you where to find the data and how to use it effectively.
Adding new providers or services to your practice requires using practice data to evaluate past performance and predict future growth. However, many practices struggle to gather all the data they need from different systems. If you’re unsure where to start, this article will focus on key areas for building projections.
The Keys to Build Projections
1. Claims and Revenue:
- Practice billing data is a great way to measure provider performance and overall practice “health.”
- To plan for future growth, you need to combine this data with information from your revenue cycle management (RCM) and electronic medical records (EMR) systems.
2. Revenue Cycle Management (RCM):
- Effective RCM is crucial for financial success.
- It helps you manage cash flow, identify inefficiencies, reduce claims denials, and optimize revenue.
- Analyzing RCM data can also show you which payers are most valuable to your practice.
3. Electronic Medical Records (EMR):
- EMR data can help you evaluate the value of post-acute care providers.
- This information allows you to build a network of providers that will contribute to your practice’s growth.
4. Consolidating Data and Technology:
- Finding the right data sources is just the first step.
- You need to turn that data into a comprehensive view of your practice.
Sometimes, practices don’t have the expertise to analyze RCM and EMR data or create future-focused growth plans. That’s why partnering with a company like TRIARQ Health and consolidating technology vendors can be valuable.
By simplifying your approach to data-driven decision-making, you can make informed choices that will benefit your practice’s success and growth.