The ABCs of Executive Analytics and Business Intelligence (BI) for Physicians

Are you ready to become a Best-in-Class Medical Practice?

As a physician executive of a medical “business” or “enterprise”, in many cases, you are not only the “doc” that treats patients, but you are also the executive leadership team of one.

How will you gather the required business intelligence (BI) to make fact-based decisions and business analyses to run the business and make it thrive?

In healthcare as in other sectors, executives need the ability to look deeper into their company’s operational activity and ask new questions.

The answers to this question comes from data transformed into information for decision support. Too often, small practices suffer from little or no IT assistance, and an inability (or time) to get data out of the billing computer and the electronic medical records system to identify and exploit tangible opportunities for top- and bottom-line enhancement. I know it because have practical experience as the practice administrator of a one-, two-, five-, seven-, and even a forty-physician multispecialty group over the past thirty-plus years to personally identify with these challenges.

The qualities that make up a successful physician executive of a small medical practice are as diverse as they are rare.

For most physicians, especially those fresh out of residency or fellowship, business experience and decision context are, and will always be, crucial elements of the physician executive skill set. They don’t teach these skills in most medical schools and there’s no time to learn it in residency. Then you are forced to go out and earn a living doing something that pays enough to be a sustainable business, and leaves enough left over at the end of the month to pay yourself, save a little and pay down those student loans.

In larger healthcare businesses, (hospitals surgery centers, pharmaceutical, device manufacturing, etc.) one would assume that those executives have a good grasp of the required maturity and domain expertise supplemented by BI tools and technology for factual decision support in plan good strategies. Maybe. And maybe not.

The explosion of business data is affecting enterprises of all sizes and configurations, but the ability to exploit the data and transform it into usable business insight, is what distinguishes Best-in-Class organizations from the rest. So, enough talk about all those other businesses. Let’s get granular:

How is a boutique medical practice with 600 patients or fewer going to access better business information and turn it into something useful to make the practice thrive?

Is that data need any different in a solo practice of a physician with 3500 patients? Not really.

What are your top barriers to accessing timely and useful business intelligence data?

In a recent survey on our website, where multiple responses were permitted, physicians answered almost equally that they faced the following challenges with business intelligence gathering, analysis and use:

  • Lack of IT resources (20%)
  • Software and services are too expensive (20%)
  • I don’t really feel confident that I know what I need (20%)
  • Technologies are too difficult to implement and maintain (20%)
  • I don’t have the time to pull it all together on a regular basis (20%)

While each of the challenges listed above contain their own classic story, perhaps the most interesting is what is missing. Very few physicians or their administrators or consultants need convincing when it comes to the value of BI and the ability to make timely, data-driven decisions. Building the business case is not the issue. The challenge is marshaling both the monetary and the human resources necessary to capitalize on the data flowing into their practice on a daily basis.

Perhaps the most important aspect of efficient business intelligence (BI) is the underlying data that feeds into the analytical systems. Cleanliness, relevance, and timeliness are all crucial aspects of data that dictate the quality of the business insight that can be generated from its analysis.

As medical practice business data continues to grow in both volume and complexity, the need for efficient data management becomes an even greater imperative. Best-in-Class medical practices recognize the importance of these factors and have aligned resources internally or externally to provide access to more key business data, metabolize new disparate data sources quicker, and deliver valuable insights within the window of opportunity to effect positive change.

Best-in-Class medical practices optimize their internal capabilities and skill sets to generate an environment that efficiently collects, assembles and delivers mission-critical insight in a meaningful and practicable way to the person or people who have the ability to affect substantial business performance improvements.

What have you done at your practice to prepare to become Best-in-Class?

Key Pressures Driving Physician Investment in BI:

  1.  Inability to identify revenue growth opportunities
  2.  Poor visibility into day-to-day operations
  3.  Slow access / lack of access to relevant information
  4.  Insufficient insight into competitive activity

In many ways most CEOs face the same issues

I’ve been the CEO of a company since 1979. I’ve been married to the CEO of another company for almost 15 years. Before that, he was the CEO of a company for 6 years. Like you, both of us find that even though we are in totally different sectors, we are both concerned with the growth strategy and long term health of our companies. We are also, in our late fifties, and as such, are concerned with exit strategies and planning for retirement in the next decade. His last venture sold for $15 million. What will we do with what we are building when it’s time to start thinking about that apartment in Spain or Bangkok?

Day-to-day fires are dealt with on an ad-hoc basis. We are both active on different community organization boards and committee chairs. Those boards and committees are made up of other CEOs, community leaders, and tradesmen and just good people, much like our employees. Lots of times, people preface questions to us about the longer term strategic issues facing the organization or committee by saying, “you’re in business, you know how to do these things better than us… how do we… “. It feels just as familiar: where’s the data to use as a guide or provide insight?

The ability to find and exploit opportunities for revenue growth, new markets, new products, new services, etc., is crucial for a medical practice company leader. An efficient analytical strategy can support this need. So how can a physician that owns a small concierge practice build one?

Here are some data that you need in order to start collecting BI about your practice:

1. Operating profit: Measured as an average of year over year change in operating profit/ EBIT

2. Organic revenue growth: Measured as an average year over year change in organic (non-acquisition related) revenue

3. Customer retention rate: Measured as an average percentage of customers retained over the previous 12-month period.

4. “Good” Employee retention rate: Measured as an average percentage of the good employees retained over the previous 12-month period – Poor performers and laggards detract if you retain them, and training cost money and productivity if you have to keep replacing the good ones because they were recruited away from you by your new market entrant or existing competitor.

In my company and my husband’s company, our most important job as a business leader is to define and communicate the corporate strategy that we came up with as CEOs, and transfer the plan to those who are charged with executing against it. In the case of a concierge physician, that includes the biller, the receptionist, the membership sales coordinator, the person assigned to marketing and social media coordination and networking and public relations, your nurse, your HIPAA privacy officer, and probably your spouse or significant other – who is wondering if your strategy includes being home at a reasonable hour for dinner.

Chances are those first four data points are already available to you and you don’t need to buy more technology, equipment, software, or tools. You probably aren’t maximizing that which you already possess.

How to best use the data you already have

With those four as a start, the next key priorities are to enable more data to pervade into more areas of the business, and ultimately allow more of the vital organizational data to be analyzed and visualized.

As consultants, we often bring these four questions and data points to every initial consultation. When we ask client physicians for the data among other data to do a practice assessment, you’d be surprised about how many have never seen these reports or used them to consider strategy. You don’t need a consultant to ask the questions; but you might want help initially, to do something with the answers.

When we work with clients, we also bring those next key priorities in the form of a list of things that should be known about a practice. From there, we ask the physician to choose those data inputs that he or she feels would be helpful to move towards that Best-in-Class category. We discuss how each one fits into the analytical process to build strategy. Again, you don’t need a consultant for this if you have the list of question, but you may want coaching from a knowledgeable practice management consultant to help you the first time. Any healthcare consultant with experience has heard more than once, “see one, do one, teach one” as has every physician.

Barriers to access

New clients often articulate that while they have the greatest need for analytical capability, they often have some of the greatest barriers to getting their hands on it. So often, they are the “Chief of Cooking and Bottle-washing”. It is quite possible that when the software selected to run the practice was purchased, no one evaluated the analytical tools for complex financial calculations required for financial leadership that may already be in the system but not currently being exploited to the max. Often when we go looking for it, we find a way to make the system generate the data into a nice periodic report and the doctor says “My billing system can do that?” Probably yes.

How to get added-value to the existing tools you already have at your disposal.

The key to value measurement when using a consultant is what they can do to help you maximize that which you already have at your disposal. Not sell you more “stuff”. We act as coach, mentor and guide. You have to give yourself permission to be a student again. Then, amidst the perfect storm, need, student and coach intersect, and the magic happens

The puzzle pieces that comprise an efficient analytical strategy are diverse and very often obfuscated. We start out simple. The macro-level vision for BI is achieved by starting with some well-thought out processes that we bring from our experience to help support the collection, transformation, and delivery of your business information in a way and with a frequency to help you make better strategic decisions.

Chief among those processes is the ability to self-assess when we aren’t there, and gain an understanding of where things stand today, and where they need to be in the future. That often involves coaching – and mentoring, rather than doing it for you.

Good consultants identify what data sources you have at your disposal today, and what you might need in the future. Then they determine if you already have those sitting inside the billing box and the EMR – just waiting to be asked to produce an output. Sometimes the data isn’t connected in such a way that the two sets of data can be “married” into one that helps you make better decisions. If that is the case, we discuss our observation with you, determine if you agree, and if so, help to identify a programmer that is able to dump the data sets into a “bucket” and then use that data to create a report that bridges the two pieces of data into something informative. Then we get them to automate the process henceforth so you program once and use it many times in many ways. That produces the value of efficiency. Knowing what to tie together, who needs to see it and how they can best use it.

Another analysis we perform is to assess how many analytical users you have and what levels of expertise they carry, and how we can tailor the solution to effectively meet everyone’s needs. In most client assessments, money is a big object. We have to be good stewards of what meager budget is available for this. This is tantamount to having a car in college: It has wheels, it runs, but it may not be the most elegant car in the parking lot. It needs to be functional, not fancy. Fancy comes later- if it ever comes. It’s just data, not a Porsche.

Best-in-Class medical practices have an iterative self-assessment method and regularity in place. They are also more often likely to have a seamless process from all the parts of the business (costs, revenues, overtime, RVU productivity, payer contract denials, appeals, late payments, refund requests, new patient grown, patient transfers to other practices, delays in appointment access, late appointments, patient satisfaction, clinical outcomes, growth, etc.) that flows to strategic decision makers. We prioritize all those data sets and turn them into one compiled periodic report that is easy to read and actionable. If it isn’t actionable, what good is it?

Best-in-class medical groups also have a way to ensure that the data is transferred to the front lines as a periodic report into their email on the corporate intranet. These reports should be paperless, and get the need-to-know sections that involve the receptionist should automatically be parsed out and emailed to the receptionist as quickly as the office manager with a message that says “see me”, “fix this” “needs improvement” or “great job!”. That way, the good employees “get it” and get busy on their own iterative self-assessments, instead of being cajoled for performance. If they don’t get it and don’t do something to fix what’s broken with a solution that is within the brand standard, then the training that is needed is the brand standard, or some options in the form of coaching. Still no improvement or consistency? It won’t be a surprise when you bid them adieu andbonne chance.

One of the other areas to which we bring objectivity as consultants is the task of coaching the physician executive on how to develop implement and manage analytical strategy as a part of organizational development. This is not something taught to physicians during their training. That’s unfortunate, but it gives a good consultant job security! We teach the executive physician how to assume ownership of the BI needs of the business, and teach a top-down analytical hierarchy. If there is a practice manager or administrator, we teach them to be a BI leader or champion as a back up to the physician executive.

One of my personal favorite activities as a consultant is “silo busting”. In healthcare organizations, so many practices, hospitals and other types of providers experience frustration when it comes to functional silos and the barriers that prevent a practice or a hospital or some other provider organization (I’m talking ACOs here, and similar supposedly “integrated” and “aligned” organizations) from enjoying business process efficiency from a cross-departmental perspective.

For example: membership sales data in a concierge medical practice drives financial forecasting. Financial forecasting drives planning and budgeting for new service line launches new technology purchases or leases, new hires of additional nurses, physicians or practitioners, etc. This never ending eco-system of data begs for a level of integration and sharing across business functions. If you don’t have this in place, you are missing out on some of the lowest hanging fruit to move your practice closer to that Best-in-Class category.

Making the data more available to multiple business functions, assuming of course the need-to-know and relevant protections are in place, is the first step in the process. But when a good consultant teaches how to maximize the data and what to do about what it indicates, magic happens. Without that knowledge and skill, the data is inert and much less useful. There also has to be a centralized place where all the data lives and where trends can be identified to act as red-, yellow- and green-flags. Data has to remain fresh and not be obfuscated by over-elongated periods of measurement. If you wait too long to take action, the data can become useless because it is too old. Best-in-Class practices use shorter time frames for Measurement & Evaluation (M&E), for at least their top strategic priority data, and decide on a regular frequency to get a fully-refreshed picture in an intuitive and visually appealing way.

Best-in-Class practices are also more likely to leverage automated data generation and delivery of key reports. There are consultants available to help clients from small practices to big integrated health systems and ACOs. The work on designing and organizing vital business intelligence infrastructures for data capture, assembly, reporting format, and delivery that enables faster and cleaner delivery of critical need-to-know information and insight. In some cases, this means calling in other collaborating firms to bring in Master Data Management (MDM) tools for data cleansing, and enrichment, modeling, and more. In other cases, where money and talent are tight, it means performing a tune-up for that jalopy to reliably get back and forth to class and to work each day.

If you think you’d like to explore what can be done with what you already have in place but may be underutilized, contact several consultants for a brief meet and greet comparison and choose to work with the one that seems like their are most closely aligned with your objectives and budget. Chances are, a consultant can do some of the consultative work remotely with proper logins and access to your system after all the non-disclosures (NDAs) and other permissions are in place. Other parts of the consultation must be done face-to-face. If you can’t get your system administrator to give the consultant remote access, all of it may have to be done on site (at a higher cost, of course).

Once a consultant is engaged and under contract, they should provide you with few tools and checklists to get started on the remote assessment of what’s available that you already have, and start digging into your system to see how to connect the parts to produce useful information from both the practice management system and the electronic medical records system. You may be surprised with what a consultant can get your existing systems to produce from what is already present and purchased without buying additional add-ons. Sometimes, all it takes is for someone to show you how to do the “cool stuff” and set it up for you.

Often, when we are on a project, we find that a software was chosen by a doctor who didn’t realize these reports would be helpful, and in the rush to get it up and running, the practice manager didn’t understand the importance of BI so he or she skipped over that training or module, and the reporting capability is lying dormant in the box. Other times, it was the sales rep that glossed over that part because they were there to get a signature and a check, and not to bother with explanations about “all these other system capabilities that few people ever ask about anyway.” Our corporate ethos is to only ask you to consider buying something new after we’ve exhausted or optimized every feature that your current system(s) already offer. We tend to be good stewards of OPM (other people’s money). Not all consultants work that way. Some take finder’s fees for introducing you to vendors.

Regardless of who you choose to help you, let them help you drive insights into day-to-day decisions at a relationship level to find new and innovative ways to grow revenues without raising prices, so you can be in that 20% that ranks Best-in-Class for your specialty or practice model.

Forex Education Tips – 5 Steps to Successful Forex Trading

Close to 95% of all Forex traders will lose money. We’re not just talking about novices, either. Whether you trade Forex for a living, as a hobby or just for fun, odds are against your success. That’s a simply astonishing fact. However, the remaining 5% of Forex traders somehow manage to break even and there are those lucky few that actually make money in the currency market – consistently!Like the TV show says … “How’d they do that, anyway?”That’s the million dollar questions, isn’t it? Countless books, seminars and expos have been hosted to answer this very question. That sad fact is that thousands of books have been written and countless seminars and interviews have been conducted in an attempt to answer the magic questions. The reality of the situation is that there is no magic formula; no one single Holy Grail of Forex trading.So what do the successful traders do that the rest of us have simple not comprehended. They have mastered a process of winning where they combine and customize several factor to produce consistent results. They have mastered the Process of Trading.The Process of Trading is:Strategy > Money Management > Self-MasteryHere are some simple Forex Education tips to help you master the process of forex trading:Success Tip #1 – You’ve Got To Have a PlanYou must have a written business plan that will detail all aspects of your trading. When are you going to trade, how much to risk, strategies for entries and exits are just o name a few. To become a consistent (profitable) Forex trader you have to plan your trade sand trade your plan.

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Simplicity rules! Don’t make this plan too complicated. One sheet of paper for you mission statement and another for your trading plan should suffice. Anything more is probably too complicated.Success Tip #2 – Focus on Your Personal PsychologyKnowing yourself will allow you to master the discipline necessary to execute high quality trades with solid money management techniques. Lack of discipline is fatal in Forex trading. Go on a personal journey to identify you attitudes towards risk and money. Get intimate with your strengths and weaknesses as a trader and build in to your trading plan strategies to minimize those weaknesses and maximize your strengths.Different personalities lend to different trading styles. Get familiar with all the different styles and over time you will begin to gravitate towards one particular style. Don’t fight the urge like I did. I insisted I was a day trader, but had only limited results. I found my winning percentages were much higher when I entered swing trades. Guess what’s my bread and butter strategy now!Success Tip #3 – Be Realistic About Your ExpectationsThis is a hard one, I know! I am on the internet every day and the amount of advertising is staggering. Brokers are offering free education (fox in the hen house if you ask me), forums of all different trading styles and points of view. Gurus pushing their system as “the one” that will make you the big bucks. How do you get through all that noise?Let me tell you loud and clear right now – everyone is right and everyone is wrong. You have to make a personal commitment to become a successful trader, find a trading style that works for you and expect a slow and steady approach to wealth building through Forex.What works for me may not work for you. Expect to go through an exploratory period where you are learning and at the same time exploring yourself as a trader. Keep an open mind and don’t pay attention to all the noise out there.Success Tip #4 – Exercise PatienceRome was not built in a day and neither will your trading account. In fact, I tell all of my students that while they are studying to become successful Forex traders they should not look solely at their account balance as an indication of success or failure.By tracking and increasing your percentage of high quality trades you execute is a far better barometer of your progress than your account balance. Cause and effect rule here. Over time when you increase your probabilities through the execution of high quality trades your account balance will respond accordingly.Keep the focus on the process and with time your results will blow your mind.Success Tip #5 – Money Management Is Top PriorityI would rather have a shaky strategy and excellent money management techniques than the other way around. This topic warrants its own blog post to do it justice. Limited your exposure (read “risk”) allows for you to stay in the game and allow the laws of probability to work.

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Let’s take a casino for example. They need gamblers to frequent their slot machines to make money. Why? They have a game that has a greater than 50% chance of making money for the house. The more people that play the slots, the greater the casino’s profits.The casino controls risk by payout tables (always favoring the house!) and increases their probabilities by keeping gamblers at the slot machines (read “free drinks”). As a trader you must limit your risk by committing only 1% – 3% of available capital to a single trade. When you execute enough trades with a high probability strategy you too can clean up like the casinos – but only by staying in the game long term.In conclusion, Forex trading is not easy. It’s hard work and will test the limits of your patience and perseverance. If anyone tells you otherwise .., buyers beware! It can be a very rewarding and profitable venture if done correctly. In the end it is a profession that requires a learning curve and practical experience, no different than an airline pilot or engineer. Understanding how to approach and learn this game will allow you to reap all the benefits advertised. It is your Forex Education that you will master the Process of Forex Trading.

The Energy Healing Power of Natural Medicine

Natural medicine is a system that uses a variety of therapeutic or preventive health care practices such as homeopathy, naturopathy, chiropractic, and herbal medicine. Alternative medicine is also known as traditional, naturopathic, natural or holistic medicine. Proponents of alternative medicine are not refuting the validity of discoveries in and the practical uses of conventional medicine, but are merely trying to put some things into perspective. Due to the widespread interest in natural medicine along with the disappointment and disenchantment with Western medicine, many people, especially in the United States and Europe, where conventional medicine has taken a dominant foothold, are seeking the advice and treatment from naturopathic physicians. These practitioners include herbalists, acupuncturists, naturopaths, chiropractors, and others, who advocate preventative health measures as well as recommend wholesome foods and nutritional supplements for their patients and clients. Considering the growing popularity and effectiveness of alternative health treatments and products, certified and licensed professional practitioners of such medical practices should be given their rightful and respectful place in medical society. Natural medicine has been proven not only to be safe, but more effective than Western medicine in treating many chronic illnesses such as diabetes, hypertension, asthma and many other diseases as well

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The history of Natural Medicine and its roots can be traced back thousands of years to ancient cultures such as India and China. Ayurvedic (E. Indian) and Chinese medicine, along with their diagnostic and herbal systems, are still used in these countries extensively, as well as in the United States, especially in Europe, where alternative medicine is well respected. Chinese herbal medicine has a documented history of over 2500 years in China, and is now widely used by practitioners all over the world. It has been legally practiced in the United States. since the mid seventies by licensed acupuncturists. Homeopathy is also a well-known form of alternative medicine discovered in the 18th century by German physician Samuel Hahnemann, but was practically stamped out in the U.S. in the late nineteenth century by the American Medical Association. In 1938, though, the U.S. Food, Drug, and Cosmetic Act finally recognized homeopathic pharmacopoeia as the legal equivalent of allopathic medicine.Another more contemporary and popular form of herbal medicine, called Western herbalism, can be traced back about two hundred years in America. Samuel Thomson, born in 1769, is considered the father of Western herbalism. He discovered over sixty different medically effective native plants by clinical testing, and on the basis of these findings, devised a theory of disease and botanical drug action. Randy Kidu, D.V.M., Ph.D., writes in his articled entitled A Brief History of Alternative Medicine: “The history of herbal medicine is interesting because herbs have been a part of our diet and pharmacy since man began roaming the earth. Coprophytic evidence (seeds and other plant part(found in preserved fecal pellets) points to herbal use by cavemen. Early herbalists practiced their trade since before recorded history in all parts of the world including China, Egypt, Greece, Rome, Africa, England, the Americas, and Europe. Many herbs are also mentioned in the Bible. Today, based on sheer numbers of folks who use one form of herbal medicine or another, it remains the most-used medicine worldwide.”Twenty-five hundred years after the advent of allopathic medicine, modern medicine is still grappling with the idea that herbal medicine could be an effective treatment, and not just quackery, although thousands of years of recorded history has proved its efficacy. A new model of understanding in medicine needs to be incorporated into the existing allopathic model. Because of the growing popularity and effectiveness of natural medicine, practitioners may eventually be given their deserved place in medical society. The incorporation of natural medical practices into the existing model of conventional Western medicine, including the training of new medical doctors, is now called Complimentary Medicine. In order to solve our health problems, this modern paradigm for treatment in medicine must be promoted. This can only truly emerge when bias, self-interest, greed and discrimination is discarded and diverse medical knowledge is promoted and shared, not only between university trained scientists and medical doctors, but among Alternative Medicine practitioners, philosophers, metaphysicians, and other intelligentsia of society as well.

Skip The Lines – Bring The Amusement Park Right To Your Own Back Yard

There’s no shortage of things to do in Atlanta. From professional sports to amusement parks, there’s something for everyone. In fact, Atlanta is proud to house some of the nations largest amusement attractions, including the ever popular Six Flags Over Georgia. Children (and adults) love the thrill and adrenaline rush of the large roller coasters. However, one thing most people don’t like about amusement parks is the long lines. By the time it’s all said and done, you can spend several hundred dollars for your family to have an afternoon of fun, and only get a few rides in. This year, instead of spending the day waiting in long lines for short rides, why not bring the fun right to your back yard? With today’s technology, you can literally do just that! One of the advantages of living in a large city like Atlanta is that we have large rental companies that can make your special event feel just like a trip to Six Flags… complete with a train and an ice cream cart!

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If you’re trying to replicate the amusement park feel, there are definitely specific items that you’ll want to be on the lookout for. As mentioned previously, ice cream carts and trackless trains help make the special event feel more like a day at Six Flags.In order to make your next special event more special, try some of the following tips:

Head online to do some research on the party rental company that has the selection your looking for. If you want an ice cream cart to complete your theme park adventure, look around until you find what you’re looking for.

Don’t settle for the first website you see. There are literally hundreds of inflatable party rental companies in Atlanta. Keep looking for a website that offers a wide variety of rental items that you’re looking for.

It’s better to rent everything from one company. Renting in bulk can help you save money. Larger companies will offer discounts for larger purchases of multiple units and rental items.

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Having a day of amusement park fun is cheaper and easier than ever before. By bringing the amusement park to your front door by using a party rental industry, you can include more people at a lower price. So next time you’re planning a special day, instead of spending tons of money for just a few people and braving the long lines of amusement parks, invite the whole neighborhood and bring the amusement park right to your own back yard!