DSaaS for Enhanced Patient Acquisition and Retention in Healthcare

According to a recent MGMA Stat poll, a significant percentage of medical groups fall short in effectively tracking their patient acquisition sources. Given the transformative capabilities of Payer Data DSaaS (Data Science as a Service), it’s crucial that practices integrate this resource to ensure comprehensive patient journey analytics and improved practice profitability.

Understanding New Patient Acquisition

While more than half of the medical groups do track how they obtain new patients, 42% still lag. Methods such as registering the source in the electronic health record (EHR) or practice management (PM) system are commonplace. Here’s where payer data DSaaS can bridge the gap:

• Automated Patient Source Tracking: DSaaS can automate the process of capturing the patient’s referral source, reducing manual input errors and enhancing the integrity of the data.
• Data Integration: Integrating various data points from EHR, PM systems, and other sources can offer a unified view of the patient acquisition journey, helping practices identify the most productive referral sources.

It’s not just about tracking a patient’s entry point into the practice; the real value lies in understanding their entire journey. A simple example considers contrasting referrals, which requires sophisticated data analysis to identify and replicate the most valuable insight.

Data for Better Decision Making

During challenging periods like the COVID-19 pandemic, practices with access to robust historical data can make informed decisions. Payer data DSaaS can help practices scrutinize past performance metrics to make crucial decisions, such as allocating appointment slots to providers generating the most revenue.

Certain medical specialties benefit from long-term patient relationships. DSaaS can assist practices in analyzing the longevity of such relationships, allowing them to determine the true value of each referral source. For instance, patients acquired via certain platforms might exhibit different retention rates, significantly affecting the long-term revenue of a practice.

 Drawing Parallels with Competitive Industries

Just as streaming giants like Netflix rigorously analyze their subscriber data to maximize retention and profitability, medical practices should consider doing the same. Payer data DSaaS provides insights that can answer essential questions:

• What’s the revenue potential of each new patient referral?
• How long will they stay?
• Are they likely to refer others?
• What markets are currently underserved?
• Are there competitive advantages in one market vs another?

The importance of understanding where and how patients come into a practice is undeniable. But with the capabilities of Payer Data DSaaS, practices can delve deeper, deciphering patient journeys, analyzing their long-term value, and making strategic decisions that drive growth and profitability. In an era where data is the cornerstone of decision-making, integrating DSaaS into the healthcare space is the next logical step.