The Bottom Line: How Data Analytics Technology is Driving ROI for Healthcare Practices

The Bottom Line: How Data Analytics Technology is driving ROI for Healthcare Practices

As healthcare practices focus on reducing costs to support long-term independence and sustainability, they may wonder about the return on investment (ROI) of data analytics technology. At Quinsite, we understand the importance of maintaining a tight budget and carefully selecting vendors or solutions with proven ROI. Our customer base is generating a growing list of real-world examples that illustrate how integrated data analytics provide healthcare practices with valuable and actionable insights that deliver ROI in three key areas:

• Quality
• Performance
• Finance

Quality

Quinsite customer Radiology Associates (RASLO) leverages integrated data analytics to improve quality of service and patient care, ultimately improving patient outcomes while maintaining compliance and building strong service partnerships.

In an effort to prevent patients from slipping through the cracks as well as facilitate hospital partner mammography accreditation, RASLO and Quinsite worked together to create a mammography screening audit dashboard that helps identify potential breakdowns in patient follow-up and provider compliance. This ultimately helps RASLO secure $380,000+ in annual revenue by ensuring their hospital partners meet federal compliance standards and deliver the best possible patient care. Read more here.

Performance

Data analytics play a key role in optimizing practice performance. Actionable insights help practice leaders quickly identify inefficiencies and proactively make adjustments that help increase physician productivity, optimize resource allocation, improve workflows, and save valuable administrative time.

Northwest Radiology uses integrated data analytics to gain a holistic view of overall practice performance, track individual physician productivity, establish realistic productivity benchmarks, and capture both RVU and non-RVU productivity; including provider administrative time, evaluation and management (E&M) time, tumor-board meetings, and more. As a result, Northwest Radiology has experienced an estimated 10% productivity increase per physician. Learn more.

With easy access to up-to-date turnaround time (TAT) data analysis, Casper Medical Imaging & Outpatient Radiology now has visibility into read time metrics. These insights empower practice leaders to negotiate realistic service level agreements, make strategic staffing decisions, set expectations with existing providers, establish TAT thresholds, identify training opportunities, predict recruitment needs, and ultimately help prevent physician burnout. Read more.

Provider scheduling optimization and proactive capacity planning are another benefit of integrated data analytics, helping practices precisely schedule resources (physicians) to accurately meet demands (patient volumes). As a result, one urban practice bypassed hiring one additional FTE, instead supplementing with locum and volunteer overtime resources, saving more than $250,000. Learn more here.

Finance

Robust revenue cycle analytics help improve organizational financial health. Opportunities for increased revenue arise often with real-time billing process audits, payment tracking, and trend monitoring.

ARA Health Specialists audit their billing process with integrated clinical, operational, and billing data, for a continuous comparison of charges created to charges actually billed. In a single dashboard, they monitor billing trends, project upcoming reimbursements, and identify payment gaps. As a result, the practice uncovered more than $200,000 in incorrectly billed charges due to several coding discrepancies. Read more.

Radiology Associates of North Texas (RANT) maximizes revenue for pre/post interventional radiology procedures by streamlining the capture and transfer of E&M details to their billing vendor to ensure proper reimbursement. With this improved data workflow, RANT now realizes more than $100,000 in additional revenue annually and expects that number to grow as provider adoption improves. Learn more here.

With access to timely revenue cycle analytics, South Hub Radiology identified multiple issues with charges, leading to the recovery of more than $200,000 in un-billed revenue and helping the practice develop revenue cycle management process improvements. Read more.

Building a Business Case

Data analytics empower healthcare practice leaders to make data-driven decisions that ultimately improve the health of their patients and their practice. While all new technologies come with associated cost, evidence shows that robust data analytics generate ROI many times over. Healthcare practices that invest in data analytics should expect to experience significant benefits in the form of improved quality, enhanced performance, and financial optimization.

Check out our client success stories here or contact us today to discover how Quinsite drives ROI for healthcare practices nationwide.

Discover how to unleash the power of your data.