How EHR data mining can drive revenue for your eye care practice
How advanced analytics can bring more revenue to your eye care practice
Data is the new frontier in American business today. Data can be used by smart organizations to do a host of important things, such as:
- Learn more about their customers
- Turn what was learned into improved user experiences
- Personalize interactions with customers, particularly B2C customers
- Improve loyalty to your business
- Create better products and processes
- Improve the quality of the services you offer
- Reduce costs
- And more
The use of data in business, of course, has been around for years, but it was mostly the domain of large businesses that had the time, resources, and staff to collect large amounts of data and then analyze it and then actually use it to create new processes, improve relations, lower costs, and more.
But now, a new era of tools is making it easier than ever for businesses of literally any size to collect data that can be used to improve their operations and put money in their pockets. For eye care practices, this data generator can be found in the form of electronic health records.
Using electronic health records to generate data for your eye care solutions
An electronic health record, of course, is an electronic version of a patient’s medical history that providers maintain over time. It can include a wide variety of information about the patient and their condition, including test results, allergies, medication history, surgery results, preferences, and more, and though various interfaces can be used to make appointments and send and receive secure messages.
When used properly, an electronic health record (EHR) can be used to:
- Reduce medical errors by improving the accuracy and clarity of medical records
- Make health information available to all relevant parties, which reduces delays in treatment and makes both patients and health care providers able to make better- and better-informed decisions
Electronic health records can be used to gather a wide array of data about patients and your practice. These data can include:
- Demographics: Age, sex, gender, and race
- Diagnoses: Diagnosis, severity, and medical history
- Lists of problems: Active diagnoses and resolved diagnoses
- Medications: Prescriptions written, and OTC medications suggested or taken
- Vital signs: Body mass index, weight, height, and blood pressure
- Lab data: Radiology, pathology, and other important reports
- Lab orders: CBC results and HbA1C levels
- Immunizations: HPV, IPV, Hep B, COVID-19
- Allergies: Food allergies, medication allergies, and latex allergies
Advanced electronic health records are also being utilized to record and store a new generation of emerging data types. These emerging data types may include:
- Genetic information: Genome sequence data
- Bio sample data: Meta data about a biological sample
- Social data: More detailed demographic data such as income level, education, and employment status and career field
- Patient-generated data: Communications to and from the patient
- Surveys: Any surveys the patient has filled out
- Geo-spatial and community specifics: Community specifications and neighborhood-built environment
How can patient data impact patient engagement?
All these data points can be put to good use if you have the right consultant on your side, and when used correctly, can help you realize a return on investment for your electronic health record system investment. Clinical and financial data can, for example, be used to better drive revenue cycle metrics, which is a top priority for many clinics that are seeking to gain efficiencies and cut unnecessary costs. And the data can be used in other ways – for example, charity work, often an inexact science that takes a great deal of back-office time and resources, can be simplified using demographic data that reside in electronic health records.
How can optometry EHR data impact an eye care practice’s revenue cycle?
Electronic health records are where you will find the nuts and bolts of patient payment information, including registration, insurance eligibility, authorization, revenue capture, coding, claim scrubbing, denials, and more. With the right cloud based EHR system, the delivery of care is recorded instantly. This can lead to faster claim generation and cut out they need for a lot of review by back-office support staff. The automated processes bult into a good practice EHR system can cut down on input errors and claim denials.
Electronic health records can also be used to assist in revenue integrity. This can cut down on revenue leakage and even compliance risk through these of internal controls. Data and analytics in EHRs can quickly analyze accounts, for example, to see if a charge is missing or obviously incorrect based on the clinical procedure or a pre-set list of parameters.
Do you have trouble with claim denials? Smart electronic health record systems can address denial management by breaking down processes to find the root cause of a problem, whether it is with a specific insurer or a specific product or clinician practice.
Put EHR data to work in your eye care practice’s marketing
Data from EHRs can also be used to benefit your marketing operations. By digging into your data, you can:
- Automate compliance measures
- Facilitate agent marketing
- Put together enrollment kits
EHRs can help you mine data and increase revenue – but only if you choose carefully
Every electronic health record system is slightly different and will have slightly different features. To use it to the best of your abilities, who need a system that you and your staff can use effectively and with minimal training. Key to data mining to increase your eye care practice’s revenue is that you will need to have powerful search and query tools that supply support for the types of analyses you want to engage in.
A good EHR, like the system offered by Eye Care Leaders, will allow you to build your own queries on any data field to find patients, data, and other key points. Built-in data mining tools will give you a ton of flexibility, such as the ability to search by address, payment status, claims denial, and even medical condition.
EHRs can be the solution you are looking for if you want to earn more revenue for your eye care practice. To learn more about EHR tools from Eye Care Leaders, contact them today.
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