Over the past decade, business intelligence has greatly evolved. Data analytics has exploded and today is known as “big data.” While healthcare professionals have slowly started adopting BI and data analytics tools, Excel spreadsheets are beginning to take a backseat to actionable, insightful data visualizations and interactive business dashboards. Advanced analytics is no longer just for the analysts.
Data analytics was a hot topic among ASAPS members and practice staff at this year’s meeting. Doctors expressed concerns over conversion rates, lead generation sources, and medspa profitability metrics. Managers noted the need for secondary lead sources and missing patient information. Even though we heard many of these needs and pain-points in 2018, today’s BI landscape has evolved and there are trends to keep an eye on
Let’s discuss the top 5 questions doctors most frequently asked about data analytics and business intelligence at ASAPS:
1) How can I ensure the quality of the data captured?
The analytics trends in data quality continue to grow year after year. The development of business intelligence to analyze and extract value from countless data sources can only be as helpful as the errors and low-quality reports that specialty healthcare practices use. It is not only important to gather as much information possible, but the quality and the context in which data is being used and interpreted serves as the main focus for the future of business intelligence.
Data management is becoming a key priority in the business intelligence strategy of a company. Practices understand the need to improved data quality management (DQM) policies and techniques. DQM is the key to having an efficient data analysis process, and the consequences of bad data quality are numerous, from the accuracy of understanding customers to construct the right business decisions.
Data Quality Management was not only a hot topic at ASAPS, but has also become a crucial need for the owners of clinics and medspas. Atlas works with clients to implement company-wide data quality processes, improving the ability to leverage business intelligence and gain a competitive advantage.
2) I’m currently using Excel, is there something better out there?
Excel will always have its place for data entry, but using data visualization tools like AtlasKPI’s Dashboard is becoming an invaluable resource to produce relevant insights and create a sustainable decision-making process. That being said, business users require software that is:
- Easy to use
- Agile and flexible
- Reduces time to insight
- Allows easy handling of a high volume and variety of data
BI tools must be user-friendly, require minimal IT support, and provide answers to both the “what?” and “why?” Because humans process visual data more effectively, the need for simple data entry and analysis tools will become one of the most important BI trends in our industry this year.
3) How do I decide which new device to invest in?
Predictive analytics was one of the most discussed analytics trends among conference attendees, especially since big data is becoming the main focus of analytics processes that are being leveraged by healthcare practices of all sizes. When making business decisions, like adding new services/products to your patients, it’s best to review various metrics and KPIs that will paint a picture of potential outcomes. This data can then be transformed into information that can be a guiding hand in decisions to hire/fire, expand, and in choosing the next medical device to purchase. And it’s important to note that trends can’t be viewed in a vacuum; metrics like staff capacity, patient mix, and the number of appointments can all be taken into account when creating plans and strategies.
Business analytics is focused on the future and tries to use past/current data to answer the questions:
- What happened?
- What will happen
- How can we make it happen?
Predictive analytics indicates what might happen in the future (with an acceptable level of reliability), based on what current data is telling you and future activity that may already be planned. When applied to healthcare practices, predictive analytics can be used to analyze current data and historical facts in order to make better decisions around patient preferences, market trends, and potential investments. This predictive analysis is what helps us identify opportunities – like focusing efforts and resources on the most profitable services, as well as potential risks – like continuing to waste money on lead channels that are no longer producing opportunity.
4) Will my staff and I really understand our data?
While basic business analysis (what’s worked for you all these years so far) doesn’t require MBA nor a data science degree, today’s competitive environment calls for a deeper dive into what metrics are telling you (reading between the lines). In addition to not necessarily having the right people with the right skill sets, practices share that they also don’t have the time to analyze the data and to make a decision based on the data insights. This concern is well founded, and owners of specialty healthcare clinics and medspas have begun taking action by incorporating new tools and professional services into their businesses.
Doctors and managers who have historically been too busy to manage both patients and day-to-day operations can now review and manage data from multiple sources in minutes through the use of tools like an integrated dashboard! Instead of waiting until the end of the month staff meeting to tell Sarah at the front desk that she needs to capture more information when speaking to patients, her manager can monitor and review her work for accuracy in real-time. Instead of creating incorrect forecasts, doctors can extract real value from reports.
Along with these tools, AtlasKPI services are also available that can provide practices with gap analysis resources. Instead of relying solely on the doctor or practice manager to manage all of the information assets a practice has, and/or to improve efficiency, practices can rely on professional business analysts to work with them to review data. With these services, healthcare professionals can focus on providing service, knowing there’s a data pro working for them to give them a competitive advantage.
5) How do I get my staff to care more about their performance?
Today, doctors and staff need to interact differently as they face an increasingly competitive environment. While at the ASAPS, the AtlasKPI team noticed a rising trend of a new kind of business intelligence: the collaborative BI. There is a need for various collaboration tools, including alerts, targets, communication channels, and shared reporting.
These BI tools make the sharing of data easier by generating automated notifications that can be scheduled at specific times and events and to specific people. For instance, use business intelligence alerts to let staff, managers, and doctors know what’s going on in the practice at any given time. Shared dashboards with flexible levels of interactivity that are accessible on all devices can also enhance the decision-making and problem-solving processes.
Collaborative information and decision-making are the key focus of cutting-edge BI tools like AtlasKPI. Gone are the staff meetings where the doctor/manager explains the ‘state-of-affairs.’ Now, each staff member can present their own data updates, be accountable for their performance, and feel empowered by their individual contribution. The team’s performance will be greatly improved, and the decision-making process will thrive.
Now, business intelligence strategies are more customizable than ever. Practices of all sizes are no longer asking if they need increased access to business intelligence analytics, but instead focusing on what the best BI solution is for their specific needs. Coming out of ASAPS, it is clear that 2019 is the year of data quality management and data discovery. The AtlasKPI solution is robust, yet user-friendly, assisting with data clean-up and analysis with simple and powerful data visualizations.
Find out if AtlasKPI is the right fit for your practice, read what our clients are saying: https://atlaskpi.com/our-clients/