Owning and managing a medical practice is no easy feat, let alone managing multiple practices. Expanding your portfolio of medical practices is great for growth. However, without the proper tools and technologies, you can run the risk of a lack of oversight across all your practices. This can lead to potentially underperforming practices, increased time spent gathering and analysing data and lack of insight for decision making. Overall, are you capitalising on the opportunities to increase billings and deliver outstanding patient care across your group?
We recognise this is a challenge that many multisite groups face. At Cubiko, we have been hard at work over the last few months to bring you, Cubiko Multisite. This is a new product for aggregated reporting across your practices in one easy-to-understand dashboard.
Cubiko Multisite helps you gain insight into what is happening across your practice group. The intelligent business reporting lets you identify your top-performing practices and discover areas for improvement. It allows you to gain an understanding of your practice groups billings and where they are coming from. Additionally, it allows you to identify opportunities to increase revenue and efficiencies across your practice group and making data-driven decisions.
Comparing practices within your practice group
Cubiko Multisite contains all the insightful metrics you’re used to seeing in Cubiko for individual practices. Each of the metrics included in Cubiko Multisite provides you with a breakdown by practice. This allows you to easily compare practices and get a high-level overview of the health of your business. All pages within Cubiko Multisite are responsive, allowing you to focus on particular practices and regions.
- Cubiko Multisite has collected metrics from Cubiko for individual practices
- Aggregated so you can compare practices and manage your entire practice group
- Provides a breakdown of all relevant metrics for your practice group
- A suite of responsive filters that allows you to hone in on specific aspects of your business
A snapshot look at your billings across your practice group
General practices operate as businesses and are financed via two main sources: bulk billing and private billing. Total billings play a large part in how financially sustainable your practices are and ultimately allows you to continue providing quality care to your community.
Therefore, it’s important to understand where your billings are coming from across all your practices. Cubiko Multisite allows you to get a snapshot look of what your practices are billing. It allows you to:
- Breakdown billings by item number
- Percentage of billings that are telehealth/telephone billings
- Your Chronic Disease Management (CDM) billings
- Pinpoint billings down to individual practices, to individual practitioners quickly
Increase profitability and attract investors
In any business, we have two levers to increase profitability:
- Decrease costs
- Increase revenue
Increasing profitability can help you achieve your business goals. Whether that be to grow to a size that can maximise the patient care to your local community. Or to provide the opportunity to land new investors and expand your portfolio by acquiring new practices.
But without the proper technologies, it can be a tedious task gathering and analysing all the data in a bulky spreadsheet to determine which areas you should tap into to optimise billings. With Cubiko Multisite you can save time and increase billings. Cubiko Multisite draws information from your accounting, practice management and HR systems and helps you identify sources of untapped billings, potential cost-savings and reduce business risk (including potential fraud). All data is displayed in an easy-to-understand visual format. You can share the aggregated Cubiko Multisite dashboard with your team, key stakeholders, investors and advisors. They gain insight into your business and feel empowered by the data available.
Benchmarking your practices
With multiple practices and data spread across multiple servers, it is time-consuming to gather all data in one place. If you’re doing this manually, you could potentially then benchmark your practices across your group. Which practices are underperforming, and which are your top performers? Take the guesswork and admin time out of benchmarking practices with Cubiko Multisite.
Identifying areas of improvement is essential for the continued growth and success of your practice group. Cubiko Multisite generates data that helps you identify which of your practices are performing well and which are underperforming. Use the data generated to highlight the areas underperforming practices can improve upon by comparing it to the areas your well-performing practices succeed at. Take a deep dive into your practice’s billings, billings vs budget, CDM billings, clinic utilisation, patient cohort growth, patient wait time, CDM opportunity in terms of dollar value and more.
It used to take my team four hours to extract data from multiple sources. Now, this takes moments. Cubiko tells me what questions I should be asking and the directions I should be looking to gain greater outcomes and efficiency.
Be a data-empowered decision maker
Making data-driven decisions is important for the continued growth and success of your business. Companies that are the most data-driven tend to be the most competitive and productive. Having good quality information at your fingertips speeds up the decision-making process and identifies strong points within your business and areas where you can improve upon. Data-driven decision making enables your practice group to:
- Welcome new business opportunities
- Generate revenue
- Analyse past and predict future trends
- Optimise your current operational efforts
- Create actionable goals
You can use the data Cubiko Multisite provides to achieve your business goals and more.