Prior to launching DataDx® and joining Health Professionals Alliance as President, Kate Othus worked side-by-side with physicians as a practicing CEO and Administrator for various medical specialty groups. Kate has witnessed first-hand, as both a Practice Administrator and a Healthcare Consultant, the struggles clinics are up against when it comes to data management. We sat down with Kate to discuss her efforts to equip private practices with the data they need to achieve long-term business growth and ultimately better patient care.
Q: Could you provide our readers with a brief introduction to your company?
A: Running a healthcare practice is more challenging than ever, with shifting business trends, environmental changes, and a slew of industry regulations. Physicians and dentists want to spend their time caring for patients. Practice leaders often lack the time or resources to produce financial reporting to efficiently manage their businesses. They often either do not have the correct data, or they have the correct data but lack the strategy to utilize the data. That is where we come in.
DataDx® is an advanced analytics platform that helps practitioners arrive at the true cost per unit of care. We equip private medical and dental practices to efficiently look at and analyze all expenses against revenue regardless of the data source. The data can then be acted on strategically to lower costs and ultimately achieve long-term and sustainable business results while continuing to offer top healthcare services. This is possible through a set of consolidated and meaningful financial reports. Other industry solutions fall short in that they do not provide a comprehensive view of costs.
Through an affordable SaaS subscription, physicians and dentists can now leverage the same tools and insights used by large health systems and insurance companies.
Q: Any highlights on your recent announcement?
A: The most recent version of DataDx (DataDx 2.0) is now available in the Microsoft Azure Marketplace, an online market for buying and selling cloud solutions certified to run on Azure. Through DataDx on Azure, we are helping private practitioners make critical data-driven business decisions with the most up-to-date financials.
Every business needs this type of meaningful information at their fingertips – especially as they transition, evolve, and recover from the economic impacts of the COVID-19 pandemic, which has especially hit the healthcare sector.
Q: Can you give us more insights into your offering?
A: DataDx consolidates practice data that floods in from the hundreds of vendors. It is a hodgepodge of everything from financial data, patient demographics, production measures to claims processing with particular focus placed on the accounting systems to make sure we are capturing all the expense data to derive the cost of care. Especially important to the process is making sure we capture all the cost and expense information from the various accounting systems.
We provide instant access to key performance indicators. The solution is so powerful that it can replace private practice owners’ monthly financial reporting duties, therefore, saving the administrator or key financial executive hours every month. Some practice owners have reported a monthly savings of 20 hours.
Q: What can we expect from your company in next the 6 months? What are your plans?
A: Our strategy for growth over the next year is to align with adjacent partners serving independent providers. By working with other providers serving independent physicians and dentists we can extend our reach through organizations with similar missions.
For example, in addition to the Microsoft partnership, we have partnered with Health Professionals Alliance (HPA), a doctor-owned alliance of independent physicians and dentists that exists to support and enhance independent medical and dental practices. Its membership model offers a practice equity program that allows doctors to unlock the equity in their practice without having to sell. It also provides access to services designed to support practice growth, as well as a la carte services, such as Payor Contracting and Credentialling, and Healthcare Recruiting. Every member of HPA receives a subscription to DataDx.
Other partners include services contracts with wealth management firms, law firms, CPA firms, American Express, Kleer (for dental) and many more.
Q: What is the best thing about your company that people might not know about?
A: DataDx is woman-founded and woman-owned. In 2018, I built a team of highly skilled leaders that all share my passion to help private practices stay fiercely independent. I grew up learning about healthcare and was greatly influenced by my mom, a lifelong nurse, and my dad, an entrepreneur. After completing a bachelor’s degree in exercise science, I obtained a master’s degree in healthcare administration. Having seen the patient care side of healthcare through my mom’s vocation, I knew I wanted to go into administration and become a leader who would impact change.
As a company, we work with doctor-owned clinics (private medical and dental practices) in the United States and are currently focused on specialty areas including dentistry, orthopedics, plastics, dermatology, and gastroenterology.
The mission of this startup is as clear now as from the beginning. We are here to extend business analytics and data intelligence, commonly used by multi-billion-dollar hospitals, to physician- and dentist-owned private practices.
In the end, it is all about better patient care.