From enabling healthcare providers to make patient-driven decisions to helping them address critical operational metrics, data analytics is spotlighting the importance of business intelligence. Analytics enable business decision-makers to understand the dynamics of their financial operations, anticipate shifts in the market, and manage risks.
Companies are increasingly embracing data analytics and statistical reasoning to make decisions that will ultimately improve efficiency and their bottom lines. Recent research shows that data-centered organizations are 23 times more likely to acquire customers, six times as possible to retain those customers, and 19 times as expected to be profitable as a result.
Intelligent analytical tools like our Comprehensive Zotec Analysis and Reporting System (CZAR) have been specially designed and developed to provide 24/7 insight for healthcare providers. Our easy-to-use data solution empowers providers with the information and analysis to make more informed decisions about their revenue cycle, resulting in rises in operational efficiencies and increases in reimbursements. CZAR is also key to identifying potential issues before they become business critical.
When identifying problems, data analytics can help answer crucial questions such as:
· What was the cause of the problem? (Reports and Alerts)
· Why did it happen? (Diagnosis and Insight)
· What will happen in the future? (Predictive Analysis)
· What is the best way forward? (Recommendations)
The optimal way for healthcare organization to access and understand their data is through dashboards and visualization tools. By digitizing financial metrics, providers can insightfully examine data that will lead to strategies that provider greater awareness and transparency into revenue cycle management (RCM), patient satisfaction, coding trends, and payments indicators. Data visualization tools help interpret massive streams of information by presenting it in a format that is easy to understand while placing important insights front and center.
While recent CZAR enhancements have made the tool even more powerful, it’s also become more intuitive and quicker. Usability was key in the development process and highest industry user experience frameworks were implemented following the Nielsen and Molich’s design heuristics. Doctor or business manager, financial leader or administrator, all users will find powerful impact and ease of use with CZAR’s data dashboards and intelligent insight.
Here are four ways Zotec helps healthcare providers drive business optimization with data analytics:
Data analytics can help providers retain patients, as it enables healthcare organizations with patterns and statistical reasoning that can help improve areas of the business that aren’t performing highly. Although most organizations believe in the benefits of data analytics, not every company is maximizing the information at their fingertips. Studies reveal that only 53% of businesses implement data analytics strategies to improve their business. Research from Mckinsey suggests that organizations using their consumer behavior insights strategically outperform their peers by 85% in sales growth margins and by more than 25% in gross margins.
Improve User Experience:
The customer experience is the most prominent reason people do business with a company, whether or not they recognize it. In fact, nearly 80% of consumers have bailed on a transaction because of one poor service experience. Implementing data analytics can improve your services and encounters based on the data derived from patients to provide an enhanced user experience. With data analytics, you can analyze past payment propensity and communication preferences to enable personalized messaging, recommendations, and even payment preferences.
Identify Potential Risks:
Providers increasingly must operate in high-risk environments, and these environments require risk management processes set in place. Data analytics have been instrumental in creating new risk management solutions; analytics can improve the effectiveness of risk management models and develop more innovative strategies. By leveraging data analytics, healthcare organization can find themselves in a better position to quantify, measure and predict overall risk.
When providers identify patients who are more likely to return to the same medical practice, it enables them to optimize their outreach investments. Through building relationships, patients feel as if their value is being recognized. By maximizing their value, providers can expect for a patient to repeatedly seek their medical attention when needed. As providers gather data about the Patient Bill Care™ experience that bring consumers back, they can use this information to make modifications and enhance their financial experiences even more.
There’s never been a better time to take a deeper dive into data! To learn more about Zotec’s intuitive, intelligent, and insightful data analytics, download our Solution Spotlight here or visit us online at www.zotecpartners.com.