Using Financial Reporting Data to Measure Practice Success
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.
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.
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