The surgeons of this Texas orthopedic practice aren't phased by the Affordable Care Act; instead of panicking with the new regulations, they used business analytics to grow their practice and prepare for the future.
Forbes featured Arlington (Texas) Orthopedic Associates as an example of a physician practice that has taken advantage of their circumstances to grow over the past six years. Here are five key notes from the report:
1. The practice complied with data reporting mandates through their EHR.
2. To reduce costs, the practice restructured its physician, patient and financial data silos into a more integrated system.
3. The practice employed Oracle Business Intelligence Cloud Services, moving all of its analytics to the Cloud. They created customizable dashboards for data analysis.
4. Physician owners and practice operators look at physician productivity data daily, including patient volume and accounts receivable as well as patient recovery rates. They also track treatment efficiency, time spent with patients and number of patients treated per day.
5. The next project for the practice is ranking physicians on population health management and patient recidivism, according to the report.