The methodology of the GHMS Healthcare Practice Analytics team is to utilize the data created and entered by the practice and the payers to paint a visual picture for everyone involved in order to review the overall health of the practice. This provides opportunities for achieving the goals of increased revenue capabilities, assured rules compliance, and reduced operational costs along with a multitude of benefits as outlined below.
Healthcare Practice Analytics Benefits:
- Allows the practice to manage their patient population by tracking provider performance on many clinical quality measures.
- Creates the ability to compare clinical providers across one practice or many practices, as well as track performance against predetermined goals.
- Improves clinical performance and patient outcome by seeing trends of performance over time.
- Transforms patient data entered in practice management systems into meaningful information that drives improvement in clinical and financial outcomes.
- Procures insightful financial views of cost and profitability.
- Monitors Contract Reimbursements.
- Ease of revenue opportunities analysis.
- Quick production of ad-hoc reports for unique information requests.
- Saves significant time from having to manually compile financial reports.
- Provides fact-based decision support.
- Delivers insightful performance views of your most important processes.
- Tracks the results of initiatives with performance goals.
Clinicians provide clinical services to patients that evolve into business office tasks which generate insurance claims, patient statements and multiple goals. Two of the most important goals are to recover revenue for the practice and to encourage continued support of patients by the clinician within the healthcare sector. A third goal gaining in popularity is superior quality of care provided by healthcare practitioners. Each goal requires separate identifiers to meet payer and government requirements demonstrating quality, reimbursement for services and mainenance of the highest level of reimbursement.
Specific key indicators to watch in practice style executive dashboards:
- Days in A/R by site, by payer
- Visit counts
- Payer mix
- Revenue per case
- Revenue per payer per case
- Revenue per procedure type
- Charge lag times
- Denial rates and types
- Bad debt trending
- Expected remaining payments
- Quality identifiers such as PQRS achievements
- Cancelled cases
There are many more KPIs to report against and each KPI should have a benchmark, either based on historical data or projection targets.
Global Health Management Services has developed customized Executive Dashboard services available to any size healthcare organization or provider(s). Due to the approach and experience GHMS has with analytics in the healthcare sector, we are able to develop the dashboards you need at the lowest expense possible. In most cases, our dashboards pay for themselves within 30 days, by reducing ongoing expenses and highlighting opportunities for enhanced revenue and operational workflow.
“I could not imagine a practice surviving in the near future without analytics. Data drives profit. In this case, using analytics to manage your organization can mean the difference between being an independent practice or needing to sell the practice. Further, if you are in the market to sell your organization, you’ll need analytics to increase your margins to look attractive to a buyer.”
CEO & Partner
Global Health Management Services
“Effective, efficient billing presents many challenges, and having a Billing Vendor like Global, who can be trusted to bring an efficient and effective organization and provide you with clarity on many murky issues is invaluable.
Whether you are a start up or a transfer you can expect a seamless transition for your billing functions. The custom reports that are available with Global provide you with the ability to understand and monitor every aspect of your business. Whether you wish to track variable costs, non-implant revenue, non-billable implants, or some other metric unique to your business Global has the capability to make that happen. They can help you decided what you should be measuring and monitoring and Global will also keep you informed of market trends.
They truly are the complete package.”
Ambulatory Surgical Center
Administrator / Lead Anesthesiologist