5 Insights to Increase Referral Volume
Organizations are burdened with the task of choosing a reliable source for their reporting and analytic solutions from the plethora of information and statistics available in the market. All the data that users are exposed to were without goals, context and direction. In addition, these data represent only a collection of numbers making them ponder about whether they are worth the findings. What organizations need is a clear infrastructure to connect these data to their goals, understand the workflow for obtaining these data, and more importantly, a cohesive structure to remove unwanted data.
1. Comparing Past Data With Present
Data when present on its own is nothing more than a book without a title. These data are of no use during any reform process. What users need is the understanding that a data becomes useful when it is compared with other sources of the same. This means comparing the present data with the past ones on record. The concept used here is more useful for companies and organizations especially in the healthcare sector. All the frustrations associated with these comparisons and findings are worth the effort if the data are used successfully in decision-making and increasing referral volume at the same time.
2. Hiring New Employees
Comparing past and present data is crucial in learning what went wrong when an organization fails. It is also an important element to make corrections to the existing infrastructure within the organization, change policies and induce strict rules and guidelines. Often understanding why the company failed to fulfill its goals will lead to repeating the business policies or making relevant changes. Past data views are helpful in discovering any unusual events happening in the business and factors that are driving customers away. As an instance, consider this scenario. You as a owner of a start-up company receive 20 referrals a month from another affiliated business.
In the past month, you only received 5. This is a wake-up call for your company to look into past data and see what changes can be made to attract more customers or retain the existing ones. This means changes that could be made in areas such as customer support, email notifications, or other forms of communication. In this case, you can replace the employee responsible for lead generation with a new one. The new staff, once familiar with the business system, can continue attracting more referrals and continue the existing business policy.
3. Identifying Drawbacks
Consider another scenario. You are a business that regularly receives 100 referrals from a single provider. Last period, your referrals dropped to 10. This pattern is surely a matter of concern for your business future. The reason for this sudden drop in business can be many. It could be due to another facility with a new marketing campaign offering incentives to referrals from your provider. Or it maybe because the provider now belongs to a different network than yours. The drop could also be attributed to a different grouping among facilities. Identifying these drawbacks is one of the important tasks to increase referral volume.
4. Reviewing Data And Analytics
Referencing old data and comparing them with new ones is the best way to establish baseline while reporting. A report with nothing to compare to is useless as mentioned earlier. In terms of analytics, these numbers are data from the industry standards or past. An analytic platform that is based on industry scaling is the best way to measure that your business is on the path towards goals. Without a starting point, you will be unaware of areas that need improvements and to what degree the improvements need to be made. As an example, consider that you own a business that is established and has access to industry averages. You can collect all data for a certain period (at least a month) and compare those data with averages.
5. Linking Data Within the Business
You can link data from one aspect of the business to another. This is done clearly by
– Defining various roles and correlations of critical data
– Analyzing comparative statistics with respect to a location that is experiencing increase in business
– Analyzing industry averages and general metrics when the business is experiencing loss in revenue or profit
– Comparing rises in averages with the performance of the business
– Setting expectations and valuing intra-business relationships
– Knowing the expected turnaround time for document requests
– Knowing the expected response rate for referrals
– Knowing the expected standard for communication
Once these data are obtained, your business can make better decisions regarding its dealings. Comparing the existing data with the industry averages can help you see what elements the core components are lacking and what steps are needed to introduce them.
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