Empower your practice with Automated Real-Time Reporting
Most businesses today understand that trustworthy information is an essential asset in their daily operations. In years past, many industries found it challenging to access and leverage relevant datasets that empower their organizations’ leadership to develop calculated strategies. Fortunately, the pursuit for accurate and up-to-date data analytics has made impressive strides over the last several years. Through the evolution of real-time reporting capabilities, new ways of fostering data-driven decision-making
across a variety of industries are being utilized. This technology is facilitating increased revenue, higher productivity, and faster growth more than any other time in the modern era. Despite this trend, many healthcare organizations at all levels feel left-behind as they continue to struggle with formulating efforts to utilize large volumes of unorganized data. As recently as 2017, over half of hospitals were lacking comprehensive data analytics that would offer them a wider lens into their current costs of care. Since then, many large healthcare entities have invested heavily in information technology tools and teams to develop their own automated real-time reporting platforms. However, for private practice physicians and dentists, this capability has been nearly non-existent due to the substantial expense and resources involved.There are several core reasons for this vast technological disconnect. Even the smallest healthcare practice is extremely complicated to run efficiently. There have been many digital platforms developed to help streamline separate functions, such as electronic health records, practice management systems, accounting software, and other ancillary software such as inventory management and payroll systems. Since each system typically works independently from the others and saves information in different formats, it is difficult to combine reports from the various datasets to create a big picture view of business operations. The outcome is an extremely time-consuming manual process to produce even the simplest comparative analysis. What that means for the independent doctor is a lack of access to their own real-time data preventing them from building a business plan for future success that doesn’t involve guesswork. DataDx has revolutionized this process with software that bridges the long-established divide between your practice’s individual technology platforms and source systems. This enables you to view complex and interactive reports based on your own organization’s data almost immediately which is a game changer for healthcare providers nationwide.
Introducing Automated Real-Time Reporting
Our collective experience demonstrates that technological ingenuity has been at the forefront of modern business and industry advancement. Traditionally, each step forward in one area has revealed a lingering need in another which helps propel subsequent innovations. Real-time reporting software has emerged as the culmination of several innovative solutions and is still evolving. Further application of artificial intelligence and big data techniques continues to push the boundaries of what real-time reporting can accomplish. In healthcare these efforts have been largely focused on improving patient care in medical settings. This has enabled clinicians to:
- Provide a more personalized treatment plan for better patient satisfaction.
- Plan medical care for individuals and population groups to minimize disease progression.
- Decrease the number of repeated hospitalizations by identifying the most effective measures.
- Limit the risk of renal failure and blood poisoning.
- Define new methodologies to improve patient care.
- Prescribe wearable medical devices to track their patients’ health statistics.
While these benefits of real-time reporting are impressive and most assuredly a preview of other data-driven advancements of the future bringing new sources of competitive advantage, there are broader applications healthcare organizations can utilize right away.
The DataDx Approach
DataDx software brings together the different platforms you’re already using, meaning nothing changes about your current workflow processes. Our team establishes connections to your source systems and applies business rules and logic which allows you to visualize new insights in how your data and business areas interact with one another. Put simply, you will have the clearest picture of your current cost of care, procedural breakdowns, and countless other relevant metric combinations that are happening right now. There are many ways our DataDx approach to automated real-time reporting will positively impact your practice, here are just a few examples:
- Tracking Patient Data – Not only can you keep tabs on individual patient demographics and trends, but you will be able to see a broad overview of every patient who sought care during any timeframe you want to review. Help your providers understand their patient mix across locations or procedure type to improve their performance. Our real-time reporting tool will enable you to measure any increase or decrease in visits and investigate major shifts before they have an impact on revenue.
- Cost Saving Insight –As one of the only tools linking your production and financial platforms, DataDx allows you to approach your budget in a much more data-driven way. For the first time, comprehensive real-time financial reporting of your operational costs is available so you can make adjustments and respond in real-time based on how your practice is spending now, not months earlier. Should you discover one of your providers has been treating fewer patients than their performance goals dictate, you can address this reduction in revenue and any related resource or supply spend with the provider before it becomes a serious issue.
- Effective Practice Management – Real-time reporting for practice management helps your administrators in many efficiency-driven ways. This can assist them with everything from lowering patient wait times to managing inventory. Should your overall patient visits increase at a higher-than-average rate in a short period of time, you can make sure you are prepared to handle the influx with scheduling adjustments and moving up your PPE delivery. Balancing your operations in this way adds layers of competency you’ve likely never experienced before.
- Marketing Input – Many independent doctors have no idea where to focus their marketing strategies to grow their practice performance. DataDx’s real-time reporting allows you to break down where your current patients reside and build a marketing plan appropriately. If you find within a group of zip codes, one or two stand-out as lower performers, you can target those neighborhoods with a marketing plan attracting new patients. You can even narrow this data down further to include popular procedures by demographic where you might draw in more visitors.
DataDx believes every independent doctor should have access to the same level of real-time reporting tools that any other entity or industry has. Over time, this technology will empower physicians and dentists with more data-driven choices that not only fosters continued growth but ongoing independence.
Real-Time Benchmark Reporting for the Future
There is a lot of focus in business on ensuring an organization is operating within the scope of “best practices” or certain industry standards. How those are determined requires a huge amount of comparative data and analysis from a quorum of similar organizations and specialties. Currently in healthcare, outside benchmarking data is either vastly dated, inaccurate or difficult to incorporate which means this too is a datapoint that doctors cannot access in their decision-making. DataDx is changing the face of real-time reporting software for medical and dental organizations resulting in benchmarks which are more scientific and reliable without adding to administrative burden. With benchmarking built into the fabric of DataDx, as the number of providers and specialties grow the value of benchmarking becomes more imperative. We’re excited to share just a few of the perks you should expect to see on the horizon.
Based on your specialty you’ll be able to:
- Compare how your patient traffic compares with other practices with similar demographics.
- Measure your operational performance metrics with your peers.
- Detect fraud or embezzlement more efficiently by evaluating collection and expense ratios.
- Minimize staffing and payroll irregularities with comparative analysis.
- Determine if you are investing in the right equipment for your practice and if you’re over-paying.
- Ensure you are compensating your staff appropriately for your specialty and geography.
As DataDx grows, we will leverage more and more dependable data through our proprietary data process in order to create internal real-time benchmarks you can trust. This will give doctors unprecedented insight into healthcare best practices to draw from as they make critical decisions internally. As our own benchmarks grow, we will continue to draw upon outside and public datasets to train our models and expand our variables. For example, salary data from the Bureau of Labor Statistics can assist practices during the hiring and annual review process so you know your staff are fairly compensated. There is no limit to the value of our upcoming real-time benchmarking component and we look forward to sharing it with you.
Just as financial institutions are able to assess a loan applicant’s credit instantly, healthcare organizations should have access to dependable real-time reporting to help them make informed decisions. Further, no institution today should have to wait weeks, if not months or more, to review their own data with the abundance of innovative solutions that are available. DataDx is determined to make sure every independent doctor is empowered to retain their autonomy at a time when large healthcare entities continue to narrow the market and make it more difficult. We believe providing physicians and dentists with more real-time reporting tools doesn’t just benefit their practice, but their patients as well.
Contact our team to learn more about how your practice can benefit from the unique innovations only DataDx has to offer.
DataDx is a company born from a team of professionals with decades of experience in various functional roles within the healthcare industry. Over our many years of advising medical organizations, we saw significant gaps in their ability to access real-time reporting for practice management . Our Founder, Kate Othus, had a vision of better software combined with targeted consulting services filling in those missing pieces to help independent physicians, dentists, and their patients thrive. As a company, DataDx has created an invaluable resource for healthcare leaders to plan for tomorrow based on accurate data today. We offer the most cutting-edge cloud-based software in the medical and dental environment to enable data-driven practice decisions rather than educated guessing.
DataDx exists to provide real-time analytics that empower you to manage your practice with information you can believe in.
What is automated real-time reporting?
Automated real-time reporting is the “discipline that applies logic and mathematics to data to provide insights for making better decisions quickly” according to Gartner.
Who benefits from automated real-time reporting software ?
Every industry can benefit from real-time reporting software but it has been particularly popular in finance and marketing in years past. Business owners who use real-time analytics to make organizational decisions typically experience faster growth and increased revenue.
What can I use automated real-time reporting for?
Real-time reporting is useful for accessing comparative data while the input is still fresh. This can be helpful for staffing, tracking expenses, ordering supplies, detecting fraud, etc.