What is it?
Business Intelligence (BI) is the term given to the processes and tools that are used to analyze a business’s raw data. Then crucially, turning it into insights that can lead to better business organization choices, essential for small to medium-sized businesses. This is done through extensive data collection from the previous, and present, years of operation of a company. In healthcare, this data is made up of electronic health records, patient feedback, operational, and financial data.
How does it work?
Within the healthcare system, data tends to be decentralized, utilizing multiple separate technologies to store different data. This means organization and productivity suffer. A centralized system allows healthcare providers and administrators to track performance statistics and patient outcomes, leading to a more streamlined operation. A way in which healthcare providers can benefit from BI is by gaining more visibility into their financial operations, including identifying both highly profitable and underutilized services, monitoring cash flow, and increasing patient safety. In addition, healthcare providers can now visually track patient progress and compare it to existing data. This can all be visually presented through interactive graphs, charts, and tables.
A particular asset of HelioNext’s operations is its attention to Revenue Cycle Management (RCM). HelioNext provides end-to-end billing services from eligibility verification to claims processing and denial management, all essential to the US healthcare system. Critically, embedded in the process is presenting healthcare providers with data about billing, visually provided in a chart that track the most frequent reason for denials. This allows practitioners to understand where a part of their losses is coming from and how to rectify the problem with immediate effect.
Advantages of Business Intelligence
1. Boost Productivity
By recording medical practitioner data you can now see how productive they are in treating patients and handling billing.
2. Provides a Bird’s Eye View
Business Intelligence and HelioNext’s dashboard allow for easy-to-digest visual representations of the data of practice. Easy to view data can lead to more efficient practices.
3. Streamlines Billing Processes
Once you can view reasons for denials or other billing issues you can improve your billing processes to better handle the payment receiving side of billing.
4. Allows for Easy-to-Understand Analytics
BI software has democratized its usage, allowing even nontechnical or non-analysts users to collect and process data quickly. This also allows putting the power of analytics in the hand’s many people.