Organizations around the globe have been using Business Intelligence technology, data and support systems to guide their operational strategies and improve business efficiencies for years. With business intelligence, organizations can access historic, current and predictive data to enhance workflows, improve policies and procedures, and optimize finances.  

Business intelligence systems create data-based tools and analytics to facilitate informed operational decision making, while tracking progress against short- and long-term goals to effectively manage and anticipate change. Through interactive software programs and systems, an organization’s leaders can access this data through program-specific analyses, visualizations and statistics. Programs help decision-makers decide what metrics are most relevant to their business goals and objectives, and what information will be most helpful in informing broader operational approaches and strategies.   

While the healthcare industry has been slow to adopt these strategies and technologies, more and more medical practices are adapting existing business intelligence and data analytics tools to optimize their practice’s finances and operations. Appropriately leveraging relevant business intelligence allows practices to operationally manage at a peak performance level to increase operating margins and income.  

An effective approach to harnessing the power of business intelligence ensures crucial business metrics are tied to existing operational processes. Connecting the two and leveraging that relationship can help medical practices establish Key Performance Indicators (KPIs) around profit levers including: 

  • Access 
  • Revenue 
  • Billing 
  • Accounts Receivable 
  • Overhead 

Implementing easy-to-access dashboards and scorecards removes the ambiguity from planning and status reporting. With high-level, at-a-glance KPIs and status updates available to the broader operational team, administrators can quickly and effectively understand where they stand in relation to broader short- and long-term goals, and adjust their strategies accordingly. Leveraging business intelligence on a broader scale allows for the creation of action plans to address poor performance without losing time trying to establish where inefficiencies exist. The inefficiencies are identified and can be quickly mitigated thanks to the relevant data provided through the business intelligence systems. 

Practice managers and administrators who implement business intelligence systems and strategies will have the data readily available to develop and execute on actionable metrics and goals, while also accessing the flexibility needed to ensure those metrics and goals remain relevant. Managers and administrators can easily measure changes within their goals, and plan accordingly based on projected financial, operational and growth needs. Through reliable forecasting and predictions, operational teams can act proactively rather than reactively, empowering them to make the informed decisions needed to achieve their desired outcomes.