This video was brought to you by Rich Dormer and Bryan Covert. There are three major challenges that hospitals are facing in achieving cost savings: 1. Obtaining, Analyzing and Interpreting Data The issue behind this challenge for hospitals isn’t necessarily that they don’t know how to obtain, analyze and interpret data, but rather that they
The storage, processing, and analysis of big data plays a significant role in the decision-making process in many of today’s industries. The healthcare sector, notably hospitals, must effectively capture and process big data with analytics to achieve higher quality patient care through new technologies. As a result, data analysis plays an integral role in improving
Big Data in Healthcare Isn’t Enough – Small Data Is The Answer Big data in healthcare is a term used to describe giant data sets that provide useful information when analyzed. For hospitals to maximize available cost savings opportunities the answers may be in the small data. “Small data is data in a volume and
This article was written by Lisa Miller. Enterprises across every sector are continually involved in the collection, processing, and analysis of massive flows of big data to improve efficiency and profitability. The healthcare industry, notably hospitals, is no exception as they attempt to balance quality health care delivery with revenue growth while functioning on historically thin
This article was written by Lisa Miller. Table of Contents The following topics are thoroughly covered in this article: What is healthcare analytics? Examples of analytics in healthcare How analytics benefits providers, patients and payers How data analytics can support your hospital or healthcare systems’ cost savings and financial improvement goals What is Healthcare Analytics? Analytics
This article was written by Lisa Miller. Data analytics initiatives have the potential to transform healthcare in multiple areas, but the sector has been slow to tap into its potential. Understanding what spend data analytics in healthcare really means can encourage more hospitals to embrace its benefits. Data analytics in healthcare In 2017, a study
This article was written by Lisa Miller. Profiting from analytics is only achievable if there are systems in place to ensure your analytics and data will lead you closer to your goals. In this blog, I outline 11 ways to profit from analytics in your organization. Building competency in analytics can help your organization to
This article was written by Bryan Covert. The first step to achieve meaningful costs savings is to identify the initial opportunity, often helped by understanding data sources in healthcare. All healthcare organizations work with an overwhelming number of purchased services vendors, each one with their own unique nuances and contracting history. Identifying cost saving opportunities can
This article was written by Rich Dormer. For more than a decade, I have been working successfully with senior executives and key stakeholders at hospitals and healthcare systems within the United States in identifying areas to extract unnecessary costs within their organizations and then delivering upon these opportunities. During this period, the team and I
Profiting from analytics is only doable if you have systems in place to ensure your analytics and data will lead you closer to your goals. When we asked respondents to the our Healthcare Leadership Survey what the number one area was in which they need to improve to increase profitability, their top choice was “effective
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