Analytical Software In The Healthcare Industry
MedADVIZOR Delivers Clear Results and Rapid Payback for Healthcare Providers
Rapidly changing and competitive payment landscapes combined with the pervasive growth of electronic medical records has created a unique challenge for healthcare organizations: Analyzing unprecedented amounts of data about both patient and business processes and then deriving actionable insights from this information. The solution? Healthcare analytics companies with the technology, knowledge, and experience necessary to address industry-specific issues.
Pain Points in Healthcare Analytics
While identifying and storing as much relevant health data as possible seems productive at first glance, problems emerge if organizations don’t have the necessary analytics infrastructure in place. Instead of new strategies and innovative service delivery models, companies are drowning in data-rich, information-poor environments.
At ADVIZOR Solutions, we call this the "cycle of pain." You’ve got the raw materials for actionable healthcare research and analytics — somewhere, but finding it requires a seemingly never-ending back and forth to query, cut, and slice and dice this information. When you finally have something workable, you may realize that changing circumstance now demand something entirely different than the outcome of your initial search. Another option? Downloading data subsets into Excel and then giving it your best shot. Equally painful, equally time consuming and ultimately frustrating.
What’s more, it’s getting worse — as data volumes ramp up and patients expect on-demand access to their personal records, treatment plans, and even medical advice, entry-level business analytics in healthcare isn’t enough. Instead, precise location-finding, analysis and interpretation tools are must-haves for any health organization looking to future-proof its IT efforts and embrace a positive data prognosis.
Consider three top-priority pain points for healthcare companies:
- Data capture: To maximize the value of analytics, healthcare providers must implement processes that effectively capture and store accurate data. However, just 23.5 percent of EHR records match patient-supplied information, highlighting the challenge of physical/digital data mergers and storage.
- Data query: Healthcare data is only useful if staff can easily search databases for relevant results or specific outcomes. While SQL solutions are replacing more ad-hoc methods of data set division, healthcare companies still face the challenge of standardizing all data to ensure query results are accurate, in addition to breaking down data “silos,” which may exist across different organizational departments.
- Data reporting and analytics (and visualization): Leveraging business analytics in healthcare to drive both short-term decision making and long-term strategy demands the ability to quickly access data and develop easy-to-understand visualizations. Consider an organization looking to discover the most common patient-compliant reporting about medical services received. While convoluted reports full of text and statistics may contain all necessary data, they lack the impact of clean, color-coded charts or graphs that display this information at a glance. And the ability to drill in and ask questions to better understand the results!
New Treatment for Healthcare Analytics
To improve the impact of healthcare analytics on the quality of care and performance management, industry professionals are embracing new technologies such as MedADVIZOR. Our MedADVIZOR solution is designed with healthcare in mind, and lends vital insight to improve financial and clinical outcomes in several areas:
- Patient care: Understand diagnosis/treatment/physician outcomes — our solution can simultaneously sort through multiple data sources to present a unified picture of patient care.
- Financial results: Discover direct and referral sources of revenue and direct and indirect costs, then easily visualize them to inform long-term strategy.
- Marketing/patient acquisition: Which activities are most effective at attracting patients? What marketing efforts yield the greatest returns for the lowest investment? Use MedAdvizor to uncover data-driven acquisition strategies.
- Reimbursement: Do you know which groups or payers are the most profitable for your organization? Do you know which result in high levels of claim rejections? This kind of data can make or break your bottom line. With MedAdvizor, you can easily break down costs, claims and rejections to discover where changes need to be made.
- Drug costs: How do practice prescription habits impact total profitability? Aggregating this data is time-consuming and tedious using traditional methods. Gain immediate insight using MedAdvizor.
Data analytics now drives the success of healthcare outcomes. Yet too much data can also overwhelm even experienced IT teams and health agencies. Address your biggest pain points and empower your decision-making outcomes with the right data analysis solution — let’s talk about improving your results today!
See how the Radiation Oncology Associates of Georgia use MedADVIZOR to manage their practice and come out on top of their mountain of data.