What is Analytics and Why Does Data Matter?

At Cross Current, one of our mottos is “data matters” — but what does that really mean?

What is analytics to the CEOs, executives, and decision makers of modern medical practices? The short answer is that medical data analytics reveal much more than simply who your patients are and why they choose your practice. Practice-centric analytics offer indispensable insight into the operational integrity of your business.

As the healthcare industry becomes increasingly more competitive, it’s essential to discover data such as surgical conversion rates, exam room utilization, and visit volume. It’s these operation-focused metrics that tell the story of the overall efficiency of your practice’s productivity, profitability, and effectiveness in meeting provider KPIs and business management protocols.

What Is Analytics on a Higher Level and Why Should It Matter to You?

What-Is-AnalyticsAccording to a 2016 United States Census report, 953,695 actively licensed allopathic and osteopathic physicians served a national population of 323 million people. This reflects a substantial competitive pool that has only increased:

“From 2010 to 2016, the actively licensed U.S. physician-to-population ratio increased from 277 physicians per 100,000-population to 295 physicians per 100,000-population.”

Medical data matters, because to remain aggressive in a saturated market, you need access to analytical information such as:

  • Surgical Volume: View surgeons who are underperforming and over-performing and compare them with practice benchmarks.
  • Practice Operations: Find out how exam room utilization measures with practice KPIs, view appointment statistics and a 13-week comparison, and evaluate FTE equivalents.
  • Market Equivalents: Don’t simply identify who your patients are; find out where they’re coming from, who is referring them, and which marketing outlets are yielding the best return in new patient visits.
  • Visit Volume: Gain insight into what type of visits your patients are coming in for the most and those that may be lacking. Drill down into root causes with access to year-over-year comparisons by procedure codes, locations, and provider.

How Cross Current Analytics Can Help Your Practice

We’ve determined what analytics is to a competitive medical practice. Now we can address how Cross Current Analytics differs from other data solutions.

In addition to providing off-the-shelf analytics with a variety of search capabilities and views, Cross Current provides critical data for decision makers. All the previously mentioned analytics come in ready-made workbooks, eliminating the need for additional resources or personnel to construct lengthy, complicated spreadsheets.

We can extract data from multiple access points, making predictive analytics a seamless, pain-free process for you.

If you’d like to learn more about how to make your data matter in high-level decision making for your practice, call us today at 267-454-2715 or get started by clicking here.

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