The Information Your Medical Practice Needs for Effective Management
Helping you manage the performance of your business and leverage technology to improve your bottom line.
Understanding the performance metrics and the true value of your medical group requires knowledge across many performance areas. DataDX visualizes cross-functional data to align strategic business and operational objectives with the ability to identify problem areas and create improvements.
We collect information from physician practice billing, payroll and general ledger data to identify key physician practice productivity, cost and revenue drivers.
Through aggregating the information, DataDX allows your practice to improve productivity, minimize costs and improve patient care.
- Identify economic drivers of physician practices with accuracy
- Expose any areas for improvement
- Deliver reporting on-demand by physician, practice or service line
- Quantifying and manage physician practice loss
- Calculating work RVUs to manage physician compensation
- Adjust staffing mix to reduce cost
- Improve fixed asset utilization, such as available space
With data more accessible today through electronic medical records (EMRs) and improved integration between systems, benchmarking is now an effective tool to evaluate data-driven decision making for practice performance improvement.
DataDX allows you to benchmark your practice against established performance metrics and create a disciplined approach to performance management and measurement.
A well-defined approach, powered by clear metrics and meaningful targets, can significantly drive physician practice performance improvement. There are some key steps in the practice improvement and management process. We work through every stage with your organization to leverage the power of DataDX and drive the desired outcomes.
- Establish operational, financial and strategic goals
- Select key metrics for evaluating practice performance
- Assess current metrics for opportunities both growth or improvement
- Benchmark performance against peers
- Determine performance targets tied to goals
- Set and prioritize improvement initiatives
- Monitor performance measures ongoing for continuous improvement
The Value of Performance Measurement
Why benchmark current practice performance? It allows you to identify areas of opportunity improvement, establish practice targets, and create, track and manage strategic initiatives. Identifying and tracking key metrics helps practice leadership identify opportunities, set relevant targets, and evaluate if goals are being achieved after implementation.
Creating a meaningful scorecard that identifies the areas where the practice is underperforming will create the case for change. A dashboard that tracks consistent performance metrics will allow administrative and clinical leaders to recognize when an intervention is needed. While many practices regularly track basic metrics such as patient satisfaction, volume and revenue, comprehensive reporting of strategic clinical, operational and financial (particularly cost) metrics is not often easily accessible or time-consuming to prepare.
DataDX puts these metrics at your fingertips.