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
  • Policy and Law
    • Global Healthcare
    • Medical Ethics
  • 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
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

obamacare cash
Health Care’s Anti-Cash Bias
Interview/Podcast:HIT Interoperability with Cameron Deemer, President at DrFirst Pt. 1
3 Quick Ways to Boost Your Hospital’s Social Media Strategy
5 Ways Healthcare Organizations Can Reduce Security Breaches
Linking Meaningful Use and HIT Sector Consolidation

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

a woman walking on the hallway
6 Easy Healthcare Ways to Sit Less and Move More Every Day
Health
September 9, 2025
Clinical Expertise
Healthcare at a Crossroads: Why Leadership Matters More Than Ever
Global Healthcare
September 9, 2025
travel nurse in north carolina
Balancing Speed and Scope: Choosing the Nursing Degree That Fits Your Goals
Nursing
September 1, 2025
intimacy
How to Keep Intimacy Comfortable as You Age
Relationship and Lifestyle Senior Care
September 1, 2025

You Might also Like

Making The Decision To Outsource And Choosing The Right IRO Partner

October 19, 2015

Google Plus Telemedicine: Is The Patient Ready?

February 11, 2012
Orthopaedics

Four Ways to Banish Back Pain For Good

October 9, 2019
Medical Device Marketing FDA Regulations
BusinesseHealthMedical DevicesMobile HealthPolicy & LawSocial MediaTechnology

Social Media and FDA Regulation for Medical Devices

October 10, 2014
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?