By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Health Works CollectiveHealth Works CollectiveHealth Works Collective
  • Health
    • Mental Health
    Health
    Healthcare organizations are operating on slimmer profit margins than ever. One report in August showed that they are even lower than the beginning of the…
    Show More
    Top News
    improving patient experience
    6 Ways to Improve Patient Satisfaction Within Hospitals
    December 1, 2021
    degree for healthcare job
    What Are The Health Benefits Of Having A Degree?
    March 9, 2022
    custom software development is changing healthcare
    Digital Customer Journey Mapping and its Importance for Healthcare
    July 21, 2022
    Latest News
    Grounded Healing: A Natural Ally for Sustainable Healthcare Systems
    May 16, 2025
    Learn how to Renew your Medical Card in West Virginia
    May 16, 2025
    Choosing the Right Supplement Manufacturer for Your Brand
    May 1, 2025
    Engineering Temporary Hospitals for Extreme Weather
    April 24, 2025
  • Policy and Law
    • Global Healthcare
    • Medical Ethics
    Policy and Law
    Get the latest updates about Insurance policies and Laws in the Healthcare industry for different geographical locations.
    Show More
    Top News
    Can Thinking Younger Make You Live Longer?
    April 20, 2011
    Image
    Obesity’s Outlook Unchanged
    June 13, 2011
    When It’s An Emergency Elderly Not Treated As Well in Hospitals
    July 16, 2011
    Latest News
    Building Smarter Care Teams: Aligning Roles, Structure, and Clinical Expertise
    May 18, 2025
    The Critical Role of Healthcare in Personal Injury Recovery: A Comprehensive Guide for Victims
    May 14, 2025
    The Backbone of Successful Trials: Clinical Data Management
    April 28, 2025
    Advancing Your Healthcare Career through Education and Specialization
    April 16, 2025
  • Medical Innovations
  • News
  • Wellness
  • Tech
Search
© 2023 HealthWorks Collective. All Rights Reserved.
Reading: Using Business Intelligence and Analytics for Orthopedic Billing
Share
Notification Show More
Font ResizerAa
Health Works CollectiveHealth Works Collective
Font ResizerAa
Search
Follow US
  • About
  • Contact
  • Privacy
© 2023 HealthWorks Collective. All Rights Reserved.
Health Works Collective > Business > Finance > Using Business Intelligence and Analytics for Orthopedic Billing
BusinessFinanceHospital AdministrationMedical RecordsOrthopaedics

Using Business Intelligence and Analytics for Orthopedic Billing

Andy Salmen
Last updated: June 27, 2013 8:07 am
Andy Salmen
Share
4 Min Read
business intelligence and medical billing
SHARE

business intelligence and medical billingTechnology has changed the way business in general is transacted. It has also changed the way a medical practice is managed.

business intelligence and medical billingTechnology has changed the way business in general is transacted. It has also changed the way a medical practice is managed. You can take advantage of business intelligence and analytics to understand how your practice is functioning, where there are gaps that need to be filled and how to improve your orthopedic billing practices.

A business intelligence and analytics system allows you to instantly see the status of your accounts receivable, any areas of weakness in your orthopedic billing practices as well as where there may be unnecessary spending.

What is business intelligence and analytics?

More Read

Generation Alzheimer’s – New Report New Facts – Funding Needed
5 Best Practices for Switching to an EMR System
Fine-Tune Your Facebook Following Through Smart Contact
As We Mature (age), Things Change…
Keeping Up With a Picture Perfect World for Healthcare Marketing

A business intelligence system is a computer software program that collects data about your practice including demographics of your patients, patient diagnoses, charges for services and other relevant information.  The program then organizes the data and provides you reports that allow you to easily identify problems as well as areas in which you are achieving success.

Physicians often overlook the many business aspects of their medical practice.  Even sole practitioners have departments they may not even think about as being departments.  The business intelligence system will also analyze these departments and show you areas of success as well as identify deficiencies.  For example, some areas of your practice that can be identified as departments are:

  • The front desk receptionist.
  • The billing clerk.
  • Human resources, which deals with employment issues including hiring, firing, payroll and benefits.
  • Ordering supplies.
  • Purchasing equipment, including investments in new technology.

Even an excellent human practice manager can benefit from the assistance of a business intelligence and analytics program.  The system constantly collects and monitors data in order to track performance, including where there is wasted spending, inefficiency in administrative practices and even provider errors.

Pin-pointing the inefficiency allows you to increase your productivity and gives you the tools and knowledge you need to make better business choices.

A good system should provide reports in the form of graphs and charts that allow you to review past performance of your medical systems as well as predict the future of your practice systems.  The investment in this type of program gives you an ongoing report in real time of the weaknesses as well as the strengths of your orthopedic billing practices.

The reports identify insurance claims that have been denied and the reasons for the denial. Once you are aware of the common reasons for denial, you can implement changes in your orthopedic billing practices that avoid denials, which in turn makes your practice more profitable.  No more time will be wasted by having to repeat billing.

The generated reports also allow you to identify gaps in performance of ancillary personnel. You can see at a glance where there has been a waste of resources or where poor performance has resulted in collection gaps.

Enhance your orthopedic billing as well as your overall practice performance.

Consistent use of analytics helps you define your business goals and objectives.  You will be able to easily determine, from the business intelligence reports, what you need to do to meet your objectives.  Do you need to decrease the number of patients who are no-shows?  Do you need to increase collection activities and follow-up?  The system identifies fluctuations in your key performance indicators (KPI) and highlights any areas that need improvement.

Image: imagerymajestic/ Freedigitalphotos.net

 

TAGGED:billing
Share This Article
Facebook Copy Link Print
Share

Stay Connected

1.5kFollowersLike
4.5kFollowersFollow
2.8kFollowersPin
136kSubscribersSubscribe

Latest News

Clinical Expertise
Building Smarter Care Teams: Aligning Roles, Structure, and Clinical Expertise
Health care
May 18, 2025
Grounded Healing: A Natural Ally for Sustainable Healthcare Systems
Grounded Healing: A Natural Ally for Sustainable Healthcare Systems
Health
May 15, 2025
Learn how to Renew your Medical Card in West Virginia
Learn how to Renew your Medical Card in West Virginia
Health
May 15, 2025
Dr. Klaus Rentrop Shares Acute Myocardial Infarction heart treatment
Dr. Klaus Rentrop Shares Acute Myocardial Infarction
Cardiology
May 13, 2025

You Might also Like

Crowdfunding Cancer Research: Martin (Marty) Smith

September 2, 2014

The Value of Healthcare Portals for Patient Engagement

February 10, 2015
BioPharma Beat logo
DiagnosticseHealthHome HealthMedical DevicesMedical InnovationsMedical RecordsMobile HealthNewsPolicy & LawPublic HealthRemote DiagnosticsTechnologyWellness

BioPharma Beat: mHealth Apps – to Regulate or Not to Regulate

May 12, 2015
healthcare video marketing
BusinessMarketing

The Most Effective Instagram Features and Apps for Your Successful Healthcare Video Marketing

January 6, 2021
Subscribe
Subscribe to our newsletter to get our newest articles instantly!
Follow US
© 2008-2025 HealthWorks Collective. All Rights Reserved.
  • About
  • Contact
  • Privacy
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?