Our partner, Allscripts, recently hosted an incredible webinar on the topic of how using analytics is the solution to solving today’s healthcare problems. Below is a short piece of their recent blog. Great insights from Ed Wrzesinski, Director of Revenue Cycle Management for Allscripts.
In an increasingly complex healthcare environment, physicians must base financial strategies on more than assumptions and anecdotes. They need analytics.
Frank Cohen presents a solid case for analytics in a recent Physicians Practice webinar, entitled Analytics Do Nothing for Your Practice’s Health – True or False?.
People often use limited information – what they think is true – to make management decisions. This approach can lead to three pitfalls:
Failure to observe – assuming you know what the problem is without seeing what is really happening
Failure to plan – assuming you know how to fix a problem without first finding out what is causing it
Failure to validate – assuming the action you have taken to fix the problem has worked without measuring it
Diagnosing financial issues with evidence
When physicians first assess patients, they may have some intuitive ideas about what’s wrong. To be sure, they will likely conduct tests, review lab results and consult other resources before diagnosing and prescribing treatment. In other words, physicians provideevidence-based care.
Physicians should apply the same principles to their business practices. With a complex revenue cycle – involving patients, payers and an ever-changing array of code sets – it is critical to build processes that optimize profitability. In other words, physicians must useevidence-based management.