‘This will improve their revenue cycle and identify weaknesses in determining how to use data analytics to grow your business’
Often overlooked by chiropractors as too technical, reviewing your patient data and data trends can have a tremendous effect on your bottom line in terms of bringing in new clients, keeping existing ones, and keeping a handle on your successful marketing and communications efforts. How to use data analytics to grow your business is a topic that requires revisiting over and over throughout the year.
We interviewed Kevin Marasco, CMO at Tebra, the parent company of Kareo (a leading provider of cloud-based clinical and practice management software solutions for independent healthcare practices and billing companies) about how chiropractors can best gather, review and implement data-driven decisions.
What follows is our interview, edited for length and clarity.
What kind of data should chiropractors be utilizing?
Practices should always have a pulse on data that relates to financial performance, patient care, and impending tasks. The right technology, such as an integrated EHR and analytics, will provide insights that transform data into revenue-generating opportunities.
A robust analytics tool can take your revenue cycle management to the next level. Track trends, uncover opportunities, and address inefficiencies with ease. Quickly identify unrealized revenue opportunities across multiple practices or providers, then prioritize your team’s activity based on the most significant revenue impact.
One of the most important metrics to track is “revenue per patient encounter,” helping chiropractors weigh costs versus benefits and focus on the appointments that generate the most profitability. Once you identify the most profitable services, focus your marketing efforts on promoting this service to attract the right patients.
Below are additional examples of how to use data analytics to grow your business:
Financial data — Chiropractors should assess their payer mix, billing trends like charges, payments, and adjustments, and examine key revenue indicators, like claim rejection/denial rate and net. This will improve their revenue cycle and identify weaknesses in determining how to use data analytics to grow your business.
Population health data — Practices should maintain their own patient population health data. This will help them identify patients who are due for a visit. With this data, chiropractors can reach out to their existing patients, which is an easy marketing method and boosts revenue.
Performance data – This is important to measure and monitor the health of your practice when determining how to use data analytics to grow your business. This could include referrals, reviews, and return on investment (ROI).
Once they do this, how should chiropractors proceed with how to use data analytics to grow your business?
As mentioned, practices can use this data to nurture patient retention. This will support patient satisfaction and loyalty. Chiropractors should utilize performance data to monitor their practice and support patient satisfaction. This entails examining which services offer the highest return and drive the newest patient referrals.
After assessing the services your practice offers, determine which services are most valuable and which types of patients are most likely to need them. This will help you decide if you need to attract a different patient demographic.
What kind of marketing should they do in order to attract similar patient demographics?
Assess how your practice is acquiring that specific type of patient or specific patient service. This data should help you determine the best strategies to continue targeting a particular consumer/patient. For example, does your website and digital content speak to that specific service or type of patient you want to attract? That is a great place to start and review your digital footprint.
For example, 84% of patients use online reviews to evaluate physicians. Ensuring you have reviews for that specific service or that represent that specific patient demographic you want to attract can help you appeal to new patients within that same demographic.
Could this data also point them to the type of patients they don’t want to continue attracting?
If you conclude your practice needs to attract a different patient type, you must pivot your marketing efforts. Begin marketing the services that you wish to increase.
Updating your online presence is a great start, as 77% of patients search online before making an appointment. This will make it easier for patients to find your practice in search engine results.
What are the biggest mistakes chiropractors can make when it comes to looking into their loyal patient data?
Data is a potent tool to identify the types of patients and services that are most beneficial.
However, consumer trends and health care trends are equally critical. Today, we are in a new era of health care, and consumers demand a convenient and accessible patient experience from doctor discovery to treatment and payment. Therefore, you need to meet consumers where they are and provide the services and experiences they want to attract, convert and retain patients.
Chiropractors should know that keeping their data up to date is imperative. Data analytics can be an insightful resource, but only if used in a reasonable timeframe. Depending on reports from last quarter or last year could result in your practice missing information that could help your practice improve operations, revenue, or patient care. Having access to real-time data is vital to monitoring and driving practice growth.
For additional info on data analytics go to chiroeco.com/?s=data+analytics.