Orthotown December 2022 - 38

in exams and 4% growth in the average contract fee.3
Within the Gaidge platform, practices have access to
up to five years of historical data across more than 80
metrics where they can compare their own as well as
regional and national performances. The broader view
helps show that while we are stomaching a lot of declines
when we compare 2022 to 2021, we need to uncover
a more informed perspective by looking deeper and
broader to prioritize goals, spending and resources for
our practices.
Review and compare the data
Performance review against our well-thought-out
plans is the only way to know if we are on course or
if correction is required. Data analysis and performance
measurement can feel like daunting tasks but the insights
are essential in revealing whether our actions are yielding
results or not.
Does your practice lag behind when it comes to
understanding your data? It's time to reassess how practice
data can empower you to make informed decisions
and give you the ability to connect the dots so you can
clearly see the full picture of your practice's potential, as
well as potential pitfalls. Robust data analysis and dataled
decisions are not simply trends.
IMPROVE PRODUCTIVITY WITH DATA INSIGHTS.
Common sense tells us-and studies show-that practices
that adopt data-driven decision-making enjoy a
38 DECEMBER 2022 // orthotown.com
higher level of output and productivity. For more than a
decade, access to data has been at our fingertips. It's not
the access to data that's the problem; it's the ability to
gain insights and react quickly. By drastically reducing
the amount of time you spend looking at data and figuring
out what to do, you can use your expertise to act
quickly and take advantage of opportunities or reverse
setbacks as soon as they appear. And the best way to
accelerate data analysis is through visualization.
Visualizations make information more meaningful
and digestible. The best data-analysis tools leverage
automation and provide intuitive visual representations
of a practice's performance. By seeing your practice performance
data through graphs and charts, you waste
less time trying to figure out which data to look at-
let alone understand what the data is telling you-and
more time responding to the important findings. Furthermore,
visuals can steer you away from bad assumptions
or incorrect " gut feelings " about your data. This
not only helps you understand the facts about where you
are, it helps you see leading and lagging indicators, that
when acted upon, provide a competitive advantage. n
References
1. Shalal, A. " IMF Sees Further Global Economic Slowdown in Third Quarter. "
reuters.com, Sept. 15, 2022. Accessed Nov. 3, 2022.
2.
Bachman, D. " United States Economic Forecast. " deloitte.com, Sept. 15, 2022.
Accessed Nov. 3, 2022.
3. Gaidge aggregated USA data.
http://www.reuters.com http://www.deloitte.com http://www.orthotown.com
Orthotown December 2022

Table of Contents for the Digital Edition of Orthotown December 2022
