How can Small Practices Benefit from Healthcare Business Intelligence?

Text-only Preview

How can Small Practices Benefit from Healthcare Business Intelligence?
Healthcare business intelligence (BI) tools are a must-have for small practices. If
implemented in the right manner, BI can improve care by delivering extra value to patients.
It can also reduce the cost of running a medical practice.
Large as well as small practices opt for BI due to its ability to improve clinical and financial
outcomes. Tasks such as management of billing cycles and AR, tracking of contracts and
indentifying patients in need for particular services can be easily managed by BI tools.
Industry Facts
According to a survey by TEKsystems, 58% of healthcare organizations haven't
implemented BI systems
As per a KLAS report, more than half of all healthcare organizations in the US are
planning to buy or replace a new BI system over next three years
Small practices have digital information in the form of PMI, EHR and billing records. Now
that the BI system has become more advanced and affordable, small practices are able to
turn all that digital information into meaningful business intelligence. This has helped
providers reap the following benefits:
Through BI, physicians have been able to create customizable health plans. These
plans are effective in management of patient conditions based on lab results,
demographics and diagnoses. They are able to set up alarms and reminders to see
which patient is more prone to a chronic disease, what are the risk factors and what
solutions are required to manage the disease
With the help of advanced BI tools, it has become easy to increase the first-time
reimbursement capture and also follow up on underpaid and denied claims
Geographic analysis has become easier with the latest BI software. It helps
determine where the patients are coming from so that marketing efforts can be
targeted in a better manner
Call now 888-357-3226 (Toll Free)
[email protected]
Copyright (c)-2014 MBC. All Rights Reserved

The latest in BI software has made it easy for physicians to review revenue cycle
performance and find out the number of days it takes to collect AR. With the help of
this information, it becomes easier for them to institute the best medical practices,
increase overall productivity and compare various payers
The BI software is designed for working with and addressing new regulations and
requirements. The system is ICD-10 compliant and it can be used for tracking
progress towards MU demonstration
Business intelligence has also enabled physicians to track a patient's health over time
and send reminders automatically. It has also helped providers uncover trends in
patient population and spot disease outbreaks
In order to ensure proper consolidation of data to be used by the operations and finance
departments, many practices prefer outsourcing their BI requirements to billing companies
They have a team of skilled, certified coders and billers who offer effective billing solutions
to 42 specialties all over the US. The team at MBC also offers BI solutions with which
physicians are able to get relevant and timely data. This has helped small practices
streamline healthcare and enhance decision-making.
Call now 888-357-3226 (Toll Free)
[email protected]
Copyright (c)-2014 MBC. All Rights Reserved