ADP® AdvancedMD has announced the general availability of AdvancedInsight™, a reporting suite to help physicians and their employees gain enhanced visibility into the financial health of their practices. At a time when the percentage of doctors operating in independent practices has dropped from 57% in 2000 to 39% today, AdvancedInsight can help practices make sound financial decisions while they also contend with ACOs, meaningful use, ICD-10 and ongoing reimbursement reductions.
As private practices shift to preventive medicine, business intelligence and big data will become an indispensable part of running a profitable practice and, at the same time, providing the highest quality of care to patients. With new technology like AdvancedInsight, doctors will be able to identify their at-risk patients, track and manage patients more closely, monitor the spread of diseases and take preventive measures to keep patients from graduating to chronic diseases.
Through the AdvancedMD multi-tenant cloud, smaller independent practices will be able to access big data and business intelligence, previously reserved for hospitals and other enterprise-level systems. Private practitioners will be able to make informed financial decisions based on accurate, real-time data, and with a 360-degree view of their practice’s financial health and key performance indicators.
“AdvancedInsight allows practices to perform analysis to reveal important information, such as underperforming plans, where there are revenue issues, or where changes to staff count would make strong financial sense,” said Raul Villar, president, ADP AdvancedMD. “These capabilities are even more important given the continuing trend of decreased reimbursement, and shifting healthcare regulations like meaningful use Stage 2 and ICD-10.”
With AdvancedInsight, practice administrators, billing staff and physicians can monitor claims outcomes by procedure, provider, practice or payer performance. A simple and easy interface lets users build custom reports and perform detailed drill-down analysis in a few clicks. This enables practice administrators and billing staff to take the necessary action to continually improve financial performance.
AdvancedInsight is available today and includes such key features as:
• Full view into financial health of a practice
• Trend revenue-driving key performance indicators
• Ability to view information by practice, provider, carrier or location
• Quickly and easily build reports in a couple of clicks, save, search and print
• Watch an executive discussion on AdvancedInsight
• Tour the AdvancedInsight reporting suite
• Learn about complete cloud medical management software
• AdvancedMD on Facebook, Twitter and LinkedIn