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/ April 13, 2020

4 steps to getting the most out of your analytics

Today’s healthcare landscape faces truly unprecedented challenges, which means it’s more important than ever to use analytics to develop more informed, strategic decisions.
 
There’s a deep well of data that each revenue cycle feeds into, which if properly analyzed, can help organizations operate at their most efficient and effective. Here are the four stages of data analytics workflows that are key to developing those actionable insights:
  1. A Trigger, or the point in your revenue cycle that sets up the call for deeper analysis
  2. Interpretation of data to determine root causes and identify appropriate next steps
  3. Intervention to improve specific metrics
  4. Tracking of said metrics to chart success in achieving desired outcomes

Let’s examine what a successful version of each stage looks like.

1. Trigger

The trigger occurs when you notice something that needs further investigation. With the right analytics tool you can easily access all of your key performance indicators, financial goals and more, providing the visibility you need into your rev cycle. When something looks amiss or needs improving, you can drill down to the level that shows what’s really going on.

2. Interpretation

Even a wealth of data amounts to nothing without an efficient way to process and communicate key takeaways. You’ll need to equip your team with access to concise reports, smart visualizations and relevant historical data in order to get them to the insights that drive action.

3. Intervention

Now is the time to take action. Intervention is ultimately tied directly to your ability to drill down into the data underlying problematic areas of your revenue cycle and clearly communicate takeaways with your team. Success at this stage depends on designing  a plan based on your best understanding of underlying issues and the most effective way to address them.

4. Tracking

Your intervention plan is built on KPIs that naturally intertwine with the way you measure success across your revenue cycle. With proper implementation and tracking, running with the analytics cycle can become a simple addition to your everyday workflow. More than delivering on your initial goals, the true power of analytics is the ability to deliver repeat value on your initial investment.

The wrap up

A strong analytics solution does more than deliver a more fully developed picture of your rev cycle performance. It provides actionable business intelligence, cuts down on time between analysis and action and lessens the strain on your IT department. Learn how Waystar can help you harness the power of your data.

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