Uncovering lost revenue in your practice

Practice staff typically don’t have time to aggregate and analyze the data to find those missed opportunities. That’s where InfoDive® can help. Our practice business analytics tool brings in disparate data from multiple sources – the past two years from your practice management system, Medicare claims data, inventory management solutions, your drug acquisition cost (from Besse Medical, Oncology Supply, and other distributors, if needed), RVU and fee schedules from CMS, and even U.S. census data.

Those data sources are used to create reports on benchmarking on internal and external providers within your specialty, or Buy and Bill and GapFinder® reports which review your costs or missed billing opportunities for your practice. InfoDive can also help with Episode of Care reports when considering moving to an Alternative Payment Model, as well as referral reports to help you with marketing for patients.

As an example, you can see how your providers are coding within your practice, against other InfoDive users in the same specialty and other providers using current CMS data. By reviewing how new or established patients are coded, you can see how a provider stacks up against the community or CMS. If your practice providers are staying closer to the CMS data benchmarks, you may be able to avoid an audit. By diving deeper, you will need to ensure the provider’s documentation is appropriate, but it may also highlight an opportunity for additional revenue, available if the provider is undercoding, or failing to capture all the work performed.

In addition, you can run a Buy and Bill report for your practice. This will give you metrics by number of patients, numbers of administrations, the net recovery cost (with rebate) and the percent of Medicare fee paid. For that deeper dive, you can take the report and look at the Payer Primary category to see how each of your payers are reimbursing and how consistently they are paying that fee, illustrating potential opportunities for a contract negotiation or updating your fee schedules.

New this year, our single sign-on portal Practice Health Insights gives you insight and easy access to the different provider analytics solutions you are using in your practice. It offers graphical dashboards that easily illustrate where your practice is tracking in several metrics, and with the help of InfoDive staff the dashboards can be customized to your needs. As an InfoDive user, you will also have access to monthly webinars, online tutorials and web-based one-on-one training.

If you are interested to see how InfoDive reports can identify opportunities within your practice for increased revenue, contact us at info@intrinsiq.com.