The Bottom Line
By using the marginal benefit approach, we have delivered more than $1 million in benefits to date with an investment of $125,000 in hardware and software. We started with a purchased program that facilitated the recovery of nearly $500,000 in underpayments by insurance companies. Since then we've expanded it to secure $300,000 in refunds or compensation from underperforming vendors and identified workflow improvements that have saved us about $450,000 worth of staff time. Meanwhile, we've also found another $1.1 million in insurance underpayments that we should be able to collect.
By using our data to identify opportunities to automate more IT functions, we've also freed up staff time to dig even deeper inside the inner workings of our practice, where we have more opportunity to create value.
We have turned our BI challenge into a perpetual motion machine, adding value to itself with every turn.
J Marc Hopkins is a 15-year veteran of IT and IT leadership in small and midsize businesses. For the last seven years, Hopkins has served as manager of information technology at a large medical practice headquartered in Ohio. He recently received his master's in business administration from Indiana Wesleyan University.
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