Curi’s acquisition this spring of the healthcare data analytics and advisory company Arrowlytics gave us an opportunity to expand the breadth of our offerings for practices, helping them grow their businesses and enhance operations through data-driven decisions. The Arrowlytics platform, coupled with consultative support from a team of seasoned healthcare industry experts, pulls key data from a wide range of sources into one system, allowing practices to monitor their data in real time and improve overall practice performance.How It Works
Through online reputation management, key performance indicator (KPI) features, and consultative insights and support, Arrowlytics is structured to help practices in three key ways:
More than 90% of patient journeys today begin with a mobile Google search. Boosting practices’ online presence beyond their own website is paramount to driving new patient volume. The team of consultants behind the Arrowlytics platform manages the necessary logistics to improve and maintain online presence.
With new patient demand resulting from an enhanced online presence, Arrowlytics’ KPI tools can help practices assess service levels and enhance revenue by monitoring and optimizing utilization of assets such as staff, physicians, and physical space. In addition, the platform can help identify opportunities for new service lines and ensure adequate and accurate payments for rendered services—among other findings and comparisons that can improve practice margins.
Arrowlytics provides practices with real-time data that allows practice leaders to actively monitor and respond to important trends as they happen. This reduces the burden of manually pulling and analyzing practice reports and data; eliminates the need to invest in additional infrastructure and talent; provides access to benchmarking and key market data; and connects practice leaders with experts who can help plan and execute solutions based on data trends.
Arrowlytics recently helped a large specialty practice discover and capitalize on opportunities to increase revenue and compensation. Our team was able to do this by addressing only a few of the 250 KPIs that the platform assesses, specifically by reducing no-show/cancelled appointments for physicians, physical therapists, and MRI scans based on billing information within the practice’s existing systems. By adopting a data-driven management methodology and acting on the analytics with help from the Arrowlytics team, this practice was able to achieve a 14% increase in average revenue per office encounter, a 35% increase in average revenue per outpatient surgery encounter, which in turn resulted in an overall $229,000 increase in financial contribution margin per physician.
These results are just one example of how real-time data and analytics can help practices thrive in an increasingly competitive marketplace. To learn more about how Curi’s Arrowlytics platform can help your practice optimize your operations and to request a consultation, click here.