Healthcare Analytics Solutions For Hospitals
- Realize the cost-savings potential in your healthcare data.
- Reduce expenditure on high expense supply items.
- Leverage healthcare data analytics to transform hospital processes and enhance patient care.
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What Is Healthcare Data Analytics?
Data is a critical component in hospital decision-making. Raw data must be converted into a meaningful format using analytics. Without healthcare data analytics it is impossible to analyze hospital spend or improve patient care.
Healthcare data originates from multiple sources, such as electronic health records (EHRs), medical imaging, pharmaceuticals, wearables, and medical devices. Healthcare analytics uses current and historical data to gain insights, and improve decision making (1).
The use of healthcare analytics solutions enables enhanced patient care, rapid and accurate diagnoses, preventive measures, and personalized treatment. At the business level, it reduces hospital costs and simplifies internal systems and processes.
Challenges arise when hospitals cannot gain clarity around pricing and utilization in their data to identify a healthcare analytics solution.
Learn More: Healthcare Analytics Definition
Health systems can leverage hospital spend data analysis to:
- Adhere to best practices.
- Offset healthcare costs.
- Develop a more refined budget process.
- Use algorithms to parse electronic health records (EHRs) and other clinical data.
High-performance hospitals are aware of market trends, embrace the power of technology and may partner with healthcare analytics companies in the USA to transform their clinical and business processes and deliver high-quality, value-based care.
Spend analytics tools enable healthcare organizations to achieve their goal of providing care at an optimum price while maintaining quality clinical outcomes.
What Healthcare Data Analytics Means For Hospitals
Healthcare data analytics means:
Taking back control of your purchased services spend: Purchased services spend can account for between 40-50% of your hospital’s non-labor costs. Spend data analytics enables your hospital to identify major cost savings opportunities, including items with incorrect pricing, or those that are on or off contract.
Data is available in real-time: Real-time insight helps hospitals rapidly identify invoicing errors. Without spend data analytics, cost analysis may be based on outdated information, overlooking significant cost savings.
Understanding “small data” Small data is defined as “data in a volume and format that makes it accessible, informative and actionable.’’ Data analytics helps to access that data.
Transforming your supply chain: Supply chain accounts for up to 45% of your hospital’s total costs. Actionable data can help save money within your supply chain by accounting costs to patient outcomes.
An end to data silos: Many hospitals have disparate systems and operate in data silos. This makes it challenging to gather all the available data into a single source. Issues such as legacy systems, new technology, reporting requirements, system upgrades, and interface problems make it more difficult to employ best practices in data analytics.
Top Healthcare analytics firms can help hospitals improve financial performance, efficiency and the patient experience.
At VIE, our spend data analysis is vital to help hospitals achieve the massive potential cost savings we are renowned for in this area.
Discover The VIE Healthcare Spend Data Analytics Advantage
11 Ways To Profit From Healthcare Data Analytics
Protect and improve your hospital’s profit margins with data analytics:
- Measure: At VIE, we work on the principle of “what can be measured can be improved.”
- Ask for and capture the right data: Eliminate unnecessary data and focus on what is important to make informed decisions.
- Ensure data accuracy: Validate your sources by “measuring small” and expanding your focus.
- Invest in training: Educational workshops enhance your team’s performance, strengthen morale and boost employee retention and engagement.
- Coach: Technology is evolving at an increasingly rapid pace. Ensure your employees understand what the data means, how it affects your organization and how to draw actionable insights from that data.
- Evaluate your systems: How many independent systems operate in your organization? Are they integrated effectively? Answering these questions is critical to your profitability.
- Eliminate manual data entry: Over-reliance on a manual process increases the chance of human error or inaccurate data.
- Hold the systems accountable: When was the last time your supply chain team was trained by their materials management system representatives or the clinical team on their OR system?
- Push for real-time data: Monthly healthcare data reporting is essential to optimize cost savings, rather than relying on historical data which can be 12 months old.
- Evaluate zero-based budgeting: Zero-based budgeting is a method of budgeting where expenses must be justified for each new period.
- Conduct a gap assessment: Perform an independent assessment on analytic skills, accuracy of data captured and measurements used.
Utilizing data as a core asset helps your organization to achieve its goals in finance, reimbursement, recruiting, and improving patient care
Three Ways to Work with VIE Healthcare
- Benchmark a vendor contract – either an existing contract or a new agreement.
- We can support your team with their cost savings initiatives to add resources and expertise. We set a bold cost savings goal and work together to achieve it.
- VIE can perform a cost savings opportunity assessment. We dig deep into all of your spend and uncover unique areas of cost savings.
How VIE Collaborates With Your Healthcare Team
VIE Healthcare collaborates with healthcare providers and hospital care clinicians to:
- Realize the cost-savings utility potential in your “small data” to achieve sustainable savings across your hospital and develop a flexible budget.
- Gather and analyze disparate data hiding in silos and multiple sources. Clinicians, Medicare/Medicaid services, and other healthcare leaders depend on data analysis to benchmark health spending, address variable costs, and mitigate other variances and margin data.
- Reduce your hospital’s expenditure on Physician Preference Items (PPIs) and other high-cost supplies.
- Harness the power of Invoice ROI™ to identify hidden cost-savings in your purchased services spend every month and in real-time.
- Eliminate reliance on error-prone manual systems. This removes inefficiencies, reduces costs, and reroutes resources.
- Leverage the power of healthcare data analytics to design new pathways of care and improve patient outcomes and the total quality of care.
Reimagine and transform your hospital with healthcare data analytics expertise from VIE Healthcare.
Key Takeaways: Healthcare Data Analytics Strategies
- Building competency in analytics helps your organization to create actionable insights, deliver better patient care, improve efficiency and save money.
- Without an effective data analytics program hospitals cannot accurately analyze spend or improve patient care.
- Healthcare analytics uses current and historical data to inform decision-making and identify cost savings.
- High-performance hospitals leverage healthcare analytics solutions to transform their clinical and business processes.
- Take back control of your purchased spend and optimize supply chain cost management with data analytics.
- What can be measured can be improved.
Contact Our Team of Healthcare Data Analytics Experts
Additional Resources
- Hospital Spend Data Research Report – Drawing on our frontline expertise, this report explores the cost savings potential that can be realized with hospital spend data analytics.
- Zero-Based Budgeting For Your Purchased Services Strategy