Using Financial Reporting Data To Measure Practice Success | AdvancedMD

Features Navigation

Live Chat (800) 825-0224 Live Demo

← Back

Using Financial Reporting Data to Measure Practice Success

Medical Billing

Practice Analytics | AdvancedMD

 

Is your practice running efficiently? Are you using best practices in scheduling, patient communication, operational workflows, and medical billing? Many clinical practices don’t really have the answers to these questions. You may know that there are some potential bottlenecks in your clinic workflow, or that the average days your collections remain in accounts receivable (A/R days) is 60, but if you are not analyzing that information through analytics and reporting, it’s almost impossible to know if that is good or bad, and whether you should be trying to improve.

What are Financial Reporting and Analytics?

Financial reporting and analytics are the process of taking metrics and data from your clinic’s performance to help you make strategic decisions to improve performance and to grow your practice. The reports and analytics can help you identify areas of your practice that need room for improvement.

A 2019 survey by the Deloitte Center for Health Solutions found that 84 percent of healthcare executives believe analytics will be extremely important for their organization’s strategies. At the same time, only one in three organizations do not have an integrated analytics strategy and most agree that health systems need analytics to provide data-driven insights to improve costs, quality of care, manage population health, reduce financial risk and engage patients. Data and analytics can enable transformation and position organizations for future success.

Clinical Financial Reporting

Small and independent practices may have difficulty with financial reporting and analytics or may not be doing it at all if not sure how or where to start. Historically, most of the information available for financial reporting was centered around inpatient care, or targeted at huge medical practices and hospital systems, which made the information essentially useless for a small practice or solo practitioner. Today, though, there are practice management software tools available that expand Big Data financial reporting and analytics to smaller organizations. MIPS & MACRA have also created a more standardized way to measure clinical outcomes, and AdvancedMD makes it easy to pull data from your own EHR systems to compare clinical performance.

Financial Reporting

Another important place to use data to make decisions about your practice is with your finances. Financial reporting can help you identify potential risks to your practice early, plan for future growth, hire effectively, and maximize revenue cycle management.

AdvancedMD has medical billing software and a suite of financial tools that provide big-picture reports and easily customizable dashboards so you can see exactly what’s happening in your practice. Use 150 standard reports or use hundreds of parameters to customize your own. The information is presented in a way that allows you to make sound business decisions without needing an advanced degree in finance. AdvancedMD will also build customized reports catered to your practice.

To learn more about how you can get access to information that helps you visualize, track, and measure your practice success, watch our AdvancedInsight demo or talk to us about the tools available from AdvancedMD.



Topic: Medical Billing


Other Resources Related to This Topic


Revenue Cycle Management

RCM for Ophthalmology Performance Data

AdvancedMD offers a revenue cycle management service for ophthalmology and many other specialties. We compiled...

Medical Billing

7 Critical Attributes of the Best Medical Billing Software

Choosing a medical coding and billing technology is one of the most crucial decisions you...

EMR/EHR

Best practices to improve patient payments

This 11-page PDF is our definitive patient payment collections guide. Originally released in 2014, this...

“The money I have invested in AdvancedMD is miniscule compared to the return. I have never been more efficient – ever – in my professional life as I am now.”

Jed Shay, MD
The Pain Care Center

Read the story  ›

“[Our] patients are very well-educated and well-informed, and they want to see results quickly. The practice has to run extremely efficiently and be accessible to them. The nice thing about [AdvancedMD] is it has allowed me to be more efficient both in and out of the office. Now I don’t have to come back into the office, which is great for my family and everything else. It saves me a lot of time – probably an hour a day on the three days I work in the second office.”

Keith Berkowitz, MD
Center for Balanced Health

Read the story  ›

“The best thing I ever did in private practice was getting AdvancedMD—it has liberated me.”

Estaban Lavato, MD
La Loma Medical Center

“Having integrated practice management and EHR is absolutely wonderful, you don’t have to flip back and forth between systems—all of your information is at hand when needed.”

Raju Raval, MD

Read the story  ›