3 Reasons to Use Data Analytics in Healthcare
Healthcare companies need to be organized in order to provide consistent patient satisfaction and maintain overall trust. If your patients’ information is missing or incorrect, you could spend more time working on claims rejections and back-and-forth passing of documents. This can lead to loss of revenue and low patient satisfaction.
It’s time to use data analytics to provide more accurate claims processing. One company is one step ahead in providing medical data to their clients so that they can improve how they work with their patients, keep them satisfied, and increase their respective businesses’ revenue.
How a Healthcare Company Uses Data
A healthcare company based in Connecticut offers advanced data analytics to its customers within the industry so that they can get to know their patients or consumers better with the medical and fitness devices they wear. As their client base continued to expand, they needed additional support in processing and analyzing data from these gadgets.
Because of the highly-specialized tasks required from healthcare specialists, they sought to partner with Infinit-O. They built a team made of patient engagement specialists with experience in data mining in order to evaluate devices and their associated clinical trials, as well as deliver mobile app and content reviews. Throughout the partnership, the team consistently evaluates 20 mobile app reviews per specialist per day, with no less than 350 mobile app reviews per week.
This has led the healthcare company to continue delighting their own clients with data given quickly and accurately.
Data analytics, paired with a highly-trained outsourced team, can help your healthcare business meet and exceed the expectations of your patients. But are you still thinking twice?
If you’re still on the fence, here are 3 reasons to use data analytics.
1. Improve Efficiency and Accuracy
If you’re experiencing a slowdown in your healthcare processes, you can use data analytics. In general, analytics platforms are easy to use. They are cost-effective as compared to hiring an in-house staff which you need to train and pay a salary and benefits.
Most analytics software may be paid annually and provide accurate results as they examine historical patient rates and analyze staff efficiency. These kinds of software automate reports and have the ability to identify fraudulent invoices that may lead to legal charges, and thus, more unwanted expenses.
What you get is streamlined processes and results delivered to you quickly.
2. Reduce Human Error
Do you regularly face large amounts of claims processing errors because of human oversight? Then you need to use data analytics to help you organize all information and make sure that they are all correct. Around 80% of medical bills have errors and may lead to more rejections and lowers overall patient satisfaction.
But these are preventable. Data analytics can be used for denial mapping review and categorization, and in this manner, healthcare companies can effectively analyze patient data, provide the right information, and lessen or fully eliminate the errors that could cause more problems for both your business and your patient.
3. Provide Better Patient Care
Your ultimate goal is to provide patient satisfaction. When you improve your processes with the right data analytics software and reduce human error, you can reduce patient wait times by simplifying setting appointments, processing insurance claims, and issuing medical bills. Through data analysis, you can also offer more personalized treatment and reduce readmissions for medical errors or misdiagnoses.
Combine Data Analytics & Human Intelligence Through Outsourcing
When trying to make sense of data is taking you away from your core competencies, you can count on a healthcare solutions partner that builds a great team of revenue cycle management experts that can help you gather, process, and analyze the data and give you better insight for decision-making.
Data analytics might effectively ease up your processes, but outsourced human intelligence can provide more authentic patient engagement, medical billing, claims processing, and administrative functions.
Infinit-O is a trusted healthcare solutions partner that can help you build and operate a dedicated team of well-trained healthcare & RCM professionals specifically designed for your unique needs, with cost savings of up to 70%. We can help you meet your goals, whether they be growth, better productivity or simply bottom line cost savings. With access to excellent healthcare talent who use cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified, HIPAA- and GDPR-compliant, so your company and patient data are safe with us.
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