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How to Measure the Performance of Your Practice

Use in-depth analytics to reveal the health of your office

As we begin the broad-based transition to value-based care in the form of MACRA, MIPS and APMs, understanding how well your orthopedic practice is performing, especially against national benchmarks, is more important than ever to your bottom line.

When measurement begins in 2017, for you to earn a positive payment adjustment and avoid penalties in 2019, you will have to be prepared to outperform your peers. Using an electronic health records (EHR) system with built-in advanced analytics is a great place to start.

Why Use Analytics?
Simply put, to provide better care and lower your costs—two very important factors that determine how you’ll get paid in the future.

Using an analytics tool that leverages structured data on quality and cost in real time allows you to easily measure and compare your practice’s performance against local, regional or national levels. By identifying your strengths and weaknesses, you can make the necessary adjustments to ensure that you are tracking to your clinical, financial and operational goals.

What can Analytics Reveal?
From patient check-in to discharge, there are a number of key performance indicators (KPIs) that affect the overall health of your practice. The right analytics tool will measure those KPIs to reveal key trends in your:

  • Procedural quality
  • Efficiency
  • Compliance
  • Referring MD population
  • Staff
  • Providers

Benefits of Analytics
Innovative analytics software takes these trends and combines it with the structured data of a quality EHR system to generate reports that:

  • Provide access to clinical data and billing and financial reports
  • Spot trends in payment patterns
  • Compare your practice’s outcomes and performance with others
  • View charges, payments and adjustments by payer group

Analytics — What Success in the Future Looks Like
Total awareness of the clinical, financial and operational aspects of your orthopedic practice is often difficult to achieve. However, it will be imperative as we move into value-based care. That’s why having the right analytics tool in place now is crucial to ensuring positive results. Your future revenue may just depend on it.

For more information on an innovative EHR system with a comprehensive analytics tool built to address value-based care, visit Modernizing Medicine®.

Source: AAOE eNews
By: Modernizing Medicine on in News