REPORTING AND BENCHMARKING PERFORMANCE
You can’t see where you’re going until you know where you are…
Practice Development is a simple term for a significant number of small data points that if not pulled together in a meaningful way can lead to disparate and inefficient decision making for the practice. Our approach includes a comprehensive evaluation of where things are and where they can go. When we encounter physician practices in need of process change or that have a desire to expand or bring on a new provider for example, one of the first questions we ask is: what is your profitability and performance right now? Most answer the question based on feel, or how they think the practice is performing, without much real analytical or data-driven “proof” this is the case. It’s tough to make business decisions without the analytics that support them. And while we understand that doctors are already busy, well, being doctors, we’re also here to tell you that the most successful practice development strategies aren’t borne from guessing or hunches.
No matter which market the practice is located in, physicians and office managers require access to timely information in order to make effective and accurate decisions regarding the practice operations and future success. Zymeda provides these necessary reports, whether through the practice’s existing EHR or billing system or through our extensive and meticulous analysis of your practice data. Additionally, we have access to a wide variety of industry benchmarks crucial for effective planning, decision-making and forecasting in the practice development process.
Our analytical tools and processes can show our clients how their practice performs in a variety of ways including:
- Basic financial information to help providers understand the impact it has on the overall practice performance
- Charges/productivity analysis to determine whether the practice is appropriately charging for the services it provides
- Drill-down financial comparative analysis of where practice performs by physician/by group/ by payor
- Complexity of work analysis – to ensure practice is appropriately coding for complexity of care/services performed
- Peer-review benchmarking comparisons within group, region and nation
- Financial comparison of practice to national standards for similar practices
- Identification of revenue and compliance opportunities
- Future practice development metrics and forecasting of growth opportunities for practice:
- Expansion/increase access
- Growth strategies
- Understanding patient origin
- Distribution for new locations
- Marketing opportunities
- P4P reporting metrics to meet requirements for HMOs/Managed Care
- Analysis/reporting/benchmarking of new provider to monitor value and set future practice development and performance targets
Of course, no matter what a report reveals to a provider or practice, the report itself is only as good as what can be done with it. This is where Zymeda excels. We won’t leave you hanging with a bunch of reports you don’t have the time to do anything about. Not only will we deliver high-quality and easy-to-understand reports that providers need for practice development discussions, we can also provide the insight, expertise, tools and systematic approach necessary to help providers implement changes to their practice functions. Whether it’s the implementation of EMR reporting templates that are efficient and time-saving or a more comprehensive approach to implementing long-term changes, we’re here to help.