This is particularly true for specialty care providers, who routinely incur significant costs as part of their day-to-day management of patient care. As expectations around value-based care grow, specialty practice leaders will need to clearly demonstrate the quality of care they deliver to those responsible for purchasing—patients, payers and employers—to ensure fair reimbursement.
Of equal importance, as margins become smaller, specialty practices will require the ability to assess and quantify the real costs associated with each aspect of patient treatment—from sites of care, to procedures, to devices and drug therapies—so they can minimize waste and inefficiencies that are a drain on their balance sheet.
To create a clear picture of value, practices must be able to quickly and efficiently harness the data they manage on a daily basis—clinical, financial and operational—and organize it in an understandable and actionable way. Increasingly, specialty practices are recognizing the benefit of data analytics software that can translate raw data into powerful business insights and help practice leaders to make more effective decisions.