Healthcare organizations grapple with significant challenges in managing their revenue cycle analytics. Transforming raw data into actionable insights is a complex process, requiring confidence in data integrity for meaningful results. Experity BI was created to address the challenges faced by healthcare organizations in managing their revenue cycle analytics. This comprehensive healthcare business intelligence solution is tailored to medical practices using Experity EHR software. In this article, we navigate the pivotal decision of “Build or Buy,” comparing Experity BI against the option of developing an in-house business intelligence solution.
Building In-House:
Building an in-house business intelligence solution can be motivated by the desire to integrate diverse data sources with Experity data. The allure of owning the entire process end-to-end is undeniable. However, planning, developing, and deploying a BI solution presents many challenges. Here are a few of the issues facing teams when building an in-house solution:
- Difficulty in acquiring personnel with both an analytical and revenue cycle operations skill set. This combination ensures a comprehensive understanding of translating raw data into meaningful revenue cycle insights.
- Potential loss of institutional knowledge with employee turnover.
- Ensuring compliance with data protection regulations and safeguarding against potential breaches is a continuous responsibility.
- The complexity of calculating intricate metrics that are dependent on multiple platforms
The prospect of calculating metrics like margin on cash flow, which involves integrating payroll and financial data outside of the Experity platform, can make an in-house solution seem appealing. While there are pros, it’s crucial to recognize the talent, time, and resources needed to implement it successfully.
Experity BI Features:
Experity BI stands as a comprehensive solution offering a rich array of reports. With it, many of the typical hang-ups faced by those who are building an in-house solution are sidestepped entirely. This allows you to bypass the discovery, development, customization, troubleshooting, and deployment phases typically associated with BI projects.
Here are some of the benefits of deploying Experity BI in your practice:
- Out-of-the-box and a reduced the need for user licenses.
- Elimination of the complexity of hosting servers or IT infrastructure.
- Templated data model for effortless creation of custom reports.
- Seamless integration with Experity EHR software, enhancing operational efficiency.
With Experity BI, you gain access to these benefits and ensure a streamlined and efficient integration of advanced business intelligence tools tailored to the unique demands of healthcare revenue cycle analytics.
Customization, Scalability, & Time Considerations:
Experity BI provides a moderate level of flexibility, allowing customization within the parameters of the data model. Certain tweaks are supported, but it’s essential to acknowledge that the tool’s structure may limit modifications to specific dimensions.
Concerning scalability, Experity BI alleviates common worries with no user licenses, computer storage fees, or hosting costs. However, it’s crucial to recognize that for larger organizations, the per-clinic cost model may require careful consideration of scale.
From a time and resource perspective, Experity BI excels with a quick two-week onboarding process, granting immediate access to numerous reports. The tool empowers business users, eliminating the need for a dedicated BI developer or analyst.
Parable Expertise & Support:
Whether you choose to build an in-house healthcare business intelligence solution or opt for Experity BI, you can count on Parable Associates to deliver cutting-edge support. With expertise in deploying and customizing Experity BI, as well as crafting bespoke solutions, we offer a variety of ways to ensure your BI deployment is a success:
- Customization services within Experity BI
- Cost-effective services for building custom BI
- Ongoing revenue cycle analyst support
- Performance coaching
- Practice-specific video training
- Monthly coaching calls & KPI reviews
- Quarterly business reviews
- Swift implementation of changes
Healthcare Business Intelligence with Experity:
Healthcare organizations must carefully weigh key considerations when building an in-house BI solution and adopting Experity BI. The nature of data requirements, growth plans, deployment speed, and scalability needs should guide this critical decision.
Experity BI emerges as a compelling choice for those seeking a swift, cost-efficient, and scalable solution tailored to the unique demands of healthcare revenue cycle analytics. Meanwhile, building an in-house solution offers complete control but demands careful examination of resource allocation and expertise. Schedule a consultation today with Parable Associates and find out how Experity Bi can benefit your healthcare practice.