New data analytics product, DataDx, launched this spring
A new resource aimed at providing real-time feedback and intelligence to medical practices launched this spring. The program, DataDx, collects a broad range of financial and operational data and analyzes the information to produce reports and business intelligence.
With DataDx, information from a medical practice’s practice management system and their accounts payable software are funneled directly into the program’s dashboard. This includes information related to collections, physician production information, patient referrals, days worked, and expense data incurred by the practice.
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DataDx then uses the aggregated data to create reports on performance indicators and benchmarks, and provides dashboards to better understand the data.
“[DataDx] transforms health care practice financial and operational data into meaningful and powerful decision-making tools. DataDx connects the cost centers of the business to the revenue lines to create a dialogue between company shareholders, patients, providers, and insurance payers,” said Kate Othus, President of DataDx.
One example of a report created through DataDx is a breakdown of patient visits by date, age category, and geographic location:
Another example includes detailed information on net collections:
This information can then be used by medical practices to inform their decision-making.
“Practices that are able to make strategic, data-driven decisions are better equipped to identify shifting business trends and respond to environmental changes and industry regulations,” said Othus.
Othus says current reporting techniques are often cumbersome and involve hours of labor related to manually gathering and compiling data, back-and-forth communication, and the utilization of multiple reporting tools.
“DataDx streamlines and scales this process by integrating data from a wide variety of source systems, allowing the practice to access information in the same consistent way, every day. Integrating the data into a single platform enables a business to access its business insights as close to real-time as possible. Equipped with DataDx and its tools, more time can be spent analyzing and interpreting the insights and implementing best practices to achieve quality and cost goals,” added Othus.
DataDx’s initial sale territory is in the West Coast market. Looking forward, Othus says the intent is to sell nationally and to explore other business niches outside of health care.