Data-driven decision making: The key to your independence

by | Apr 6, 2023 | Blog | 0 comments

In today’s healthcare environment, data is essential for independent practice success. Whether you’re looking to improve your practice’s financial performance or to deliver higher quality, patient-centered care, data and analytics should play a critical role in driving your clinical and business decision-making.

Using data and analytics can help practices identify areas of improvement, optimize workflows, and identify opportunities to reduce costs and improve patient outcomes. This data-driven approach can help practices maintain their independence and remain free from the constraints of becoming a hospital-owned practice or acquisition by private equity.

Here are two places in your practice where you can find crucial data and use it for your benefit:

Revenue Cycle Management (RCM)

Effective RCM is critical for a practice’s financial success. By leveraging data and analytics from the entire RCM process, practices can identify inefficiencies in their billing and collections, reduce claims denials, and optimize revenue generation. Data and analytics garnered from a practice’s RCM process can also highlight different opportunities to streamline practice operations, reduce costs, and improve the bottom line.

Electronic Medical Records (EMR)

Practices must shift their perspective that an EMR’s only purpose is record-keeping and begin to see their EMR as a care planning tool. EMR systems have primarily served as practice-specific record-keeping tools, but the systems must evolve into a comprehensive practice workflow tool that improves patient care coordination and outcomes. EMR systems must enable healthcare providers to create and implement standardized care plans and pathways that guide clinical decision-making and care delivery. Furthermore, EMRs must become more interoperable and capable of sharing patient data across different care settings, which can also facilitate collaboration and improve patient outcomes.

Partnering for Independent Practice Success

Identifying where this necessary data lives in your practice isn’t enough. Turning the data into analytics reports with insights that show a 360-degree view of your practice is essential. Practices do not always have the right people on staff to extract and interpret the data from their RCM and EMR systems. Partnering with TRIARQ Health enables practices to tap into this data to streamline their billing and collection processes, reduce administrative burdens, and improve their financial performance. A partnership with TRIARQ Health can also provide practices access to cutting-edge technology and resources, enhancing their ability to provide high-quality, clinically coordinated care.

If you are uncertain about whether your RCM and EMR can support the business and clinical decision-making needed to keep your independent practice thriving, we can help. Contact us today.