by Tim Rowan, Editor
MatrixCare, a wholly owned subsidiary of ResMed (NYSE: RMD, ASX: RMD), announced last month the release of a new data analysis tool for personal care providers. In a news release, the company stated that MyAnalytics will help private duty home care leaders identify and monitor business metrics key to understanding and growing their business.
We spoke with Navin Gupta, MatrixCare's VP of Home Health, Hospice and Private Duty, to learn more about the new software. He started with a rationale for the need and proposed the term "data democracy."
"The Private Duty Market is at $35 billion and growing at 6 percent per year. There is consolidation happening. Agencies are feeling economic pressures, both from competition and from their number one challenge, recruiting and retaining staff and managing labor costs. If I'm a Private Duty agency, I want to be able to have deep insights into my business, understand my profit margin trends, my cost mix, my payer mix, and my referral mix so I can optimize how I'm running the business. MyAnalytics presents an easy-to-use visualization that gives you these answers to be able to run your business effectively.
"The new system is built on Microsoft Azure and Microsoft Power BI, a cloud services platform for developers and a data visualization tool, respectively. This allows users to monitor and modify pre-built reports using a modern BI toolset. All functions are available on a mobile app for either iOS or Android, which allows access to analytics from any device, anywhere. It is accessed through any browser, in the office or in the field. Data is automatically uploaded to MyAnalytics from the patient record and agency management databases within MatrixCare Private Duty, the former Soneto agency management software system included in the company's 2015 acquisition of AOD. No additional data entry is required."
VP Gupta also told us the new tool will be useful to single-office agencies as well as enterprise organizations with multiple locations. "Large organization management will be able to customize their dashboards to segment data so it answers fundamental business questions, such as which referral sources drive the most revenue; which offices drive the best profit margins; which have the most overtime; and which invoice the most hours. It is easy to engage with the data and answer all those questions, then visualize the answers."
"One-office organizations can segment their data in other ways," he continued. "They will find it easy to look at client type, payer type, referral sources, and overtime, by caregiver and by service code. Each time a user returns to the tool, it restores the view from the most recent session. They have the ability to visualize across various dimensions, drill upward and downward, and segment their own data in a way meaningful to them."
MyAnalytics is now available to customers using MatrixCare's Private Duty Solution for a small additional fee. Gupta explained that they wanted data analytics to be available to as many customers as possible, without making cost a barrier. "One of our agencies worked closely with us to build a feedback loop when we were building use cases around referral trends, conversions, profit margin trends, payer mixes, etc. When we got to a point where we got validation of those use cases and it was serving their needs, they began to see the value it brings. Having those insights available to them, not having to manually enter data and crunch it with Excel, fills an immense need. It provides easy-to-use visualization with which they can make decisions."
Beta customer Casey Lindsay, Director of Administration at ACCfamily in Alexandria, Va., agrees. "MatrixCare’s MyAnalytics pulls information quickly and accurately, and provides me with a broad analysis of my business," he said.
Gupta finished by telling us MatrixCare expects to see the private duty healthcare segment grow at 10 percent. More importantly, he has seen research that indicates combining home health nursing with private duty personal care services for patients discharged from hospital admissions actually reduces readmission rates. Extending data analytics to private duty will, he hopes, encourage that overlap of services.
MatrixCare enables long-term, post-acute care (LTPAC) organizations to provide better health outcomes for seniors while successfully managing risk in out-of-hospital care delivery. Multiyear winner of the Best in KLAS Award for Long-Term Care Software, MatrixCare is trusted by thousands of senior living, skilled nursing, and accountable care organizations; life plan communities; and private-duty, home health, and hospice agencies. MatrixCare’s active care management platform helps providers connect and collaborate to keep America’s seniors healthy and optimize outcomes for the populations under their care.
©2020 by Rowan Consulting Associates, Inc., Colorado Springs, CO. All rights reserved. This article originally appeared in Tim Rowan's Home Care Technology Report. homecaretechreport.com One copy may be printed for personal use; further reproduction by permission only. firstname.lastname@example.org