Brightree Unveils Advanced Analytics
Software gives providers a turnkey method for tracking business performance and offers tools such as a customizable dashboard.
- By David Kopf
- Apr 04, 2019
HME software maker Brightree has released Advanced Analytics, a platform to help HMEs gain workflow insights, track key performance indicators (KPIs), and measure their performance against peer benchmarks, without having to aggregate the necessary data.
The system leverages billions of data points, according to the company, to guide providers’ decision-making on revenue cycle management, business operations, and resupply programs.
“Traditionally, HMEs have had to devote significant time, resources, and money to conducting baseline analytics and tracking business performance and trends,” Brightree CEO Matt Mellott said. “Now our customers can easily evaluate performance across their entire organization in one secure location, make faster, more informed decisions, and devote more time to serving their patients.”
To ease the process, Advanced Analytics draws from multiple data sources, including providers’ data stored in Brightree, Brightree’s pooled data, and third-party data sources. Then it gives providers the tools to let providers drill down on various KPIs, such as net revenue collection, accounts receivable, sales outstanding, and invoices.
The system lets them highlight trends, identify opportunities, and discover parts of their businesses where they can improve outcomes. Moreover, because the data comes from various sources, including Brightree’s deep pool of data, HMEs can use Advanced Analytics to benchmark their performance against anonymized industry peers and averages.
“We chose Advanced Analytics over our in-house analytics for our resupply business because it’s made by people who understand what drives our business, what we should be looking for, and what works from working with other HMEs,” said Jon Longo, re-supply manager for Reliable Respiratory (Norwood, Mass.). “Advanced Analytics hands us that report on a silver platter, allowing us to capture missed revenue and grow our patient base.”
To learn more, providers can visit Brightree’s Advanced Analytics web page, where they can download a whitepaper, and can visit Brightree at booth no. 317 at Medtrade Spring.
David Kopf is the Publisher and Executive Editor of HME Business and DME Pharmacy magazines. Follow him on Twitter at @postacutenews.