Transform Your Patient Care & Profitability with Data Analytics
Our Healthcare Analytics Solutions Identify Key Areas for Cost Reduction
Here are 2 things that help us go beyond the benchmarking for our clients:
- Data and Expertise:
We’ve done benchmarking 10s of thousands of times over the past 22 years at @VIE Healthcare Consulting.
We have benchmarking details from different places across GPOs, across the country and even regionalized benchmarking to provide a real innovative and effective way to benchmark.
We don’t believe in ratio benchmarking or benchmarking based on bed size, net patient revenue, volume, etc.
The dollars are in the details.
That’s why we only depend on line item details to perform out benchmarking.
- What is healthcare big data analytics?
- How does healthcare analytics impact healthcare professionals?
- What is healthcare benchmarking?
- How do healthcare analytics solutions work?
- Solve new challenges with effective healthcare big data analytics
- Comprehensive Data Analytics in hospitals is also the key to maximizing cost savings, reducing purchased services spend
What is Healthcare Big Data Analytics?
The United States healthcare market is more active than ever. From emergency room illness diagnoses to the ongoing COVID-19 public health crisis, the field of medicine faces tumultuous times. With practices facing staffing shortages and limited resources, it’s essential to know which best practices can help health care businesses continue toward growth and scalability. To that end, many health care brands turn to data science. Data scientists and brands like IBM have used large data sets to spot patterns, review functions, and address outliers. Now, the healthcare industry realizes how essential data sets and data analysis can be for brand success.
Before you learn about applying specialized big data solutions and analytics to your healthcare organization, it’s essential to understand what big data is, particularly as it applies to healthcare analytics. Within the healthcare industry, there are numerous big data sources that healthcare organizations interact with daily. These data sources include electronic health records, internal benchmarking metrics, medical results, ePub documents, and much more.
When you conduct a systematic review of your average healthcare provider, you’ll likely see that many don’t know how to facilitate data collection, let alone apply healthcare analytics effectively. However, since analytics is a core component for modern medicine and health systems, it’s essential to understand what big data is, how systematic reviews work, and how your analyses can impact clinician quality of care.
Let’s start by defining big data. On its own, big data seems like a somewhat nebulous concept. But, ultimately, big data refers to a large amount of data or metrics information. Since healthcare data is practically synonymous with a large amount of data, big data applications make sense. From electronic medical records to patient-reported outcomes, the United States healthcare sector handles vast swaths of data daily.
This creates a bit of a problem. Since many healthcare sector businesses need to run leaner crews, how are practices supposed to devote the resources to big data analytics? That’s where big data analytics tools and technology factor in. Machine learning and artificial intelligence, in particular, can leverage algorithms to parse large packets of unstructured data from multiple sources. When you focus on the application of big data analytics, it’s easier to develop prediction model forecasts, structure clinical decision support, and leverage clinical data to find financial inconsistencies or cost-saving opportunities. Beyond all of that, a systematic review of your big data analytics can highlight ways to reshape patient outcomes, facilitate competitive benchmarking, and even make smarter payer decisions.
How Does Healthcare Analytics Impact Healthcare Professionals?
Big data analytics holds many implications for healthcare providers. As the healthcare sector turns to new technologies such as artificial intelligence, machine learning, and Internet of Things device connectivity, big data may be the key to maintaining and improving your hospital or clinic’s patient experience. In addition, as patient outcomes standards continue to evolve, healthcare professionals must be able to utilize internal benchmarking, predictive analytics, and other big data indicators in a way that highlights a clear focus on patient satisfaction best practices. It’s best for your stakeholders and your patient experience alike.
Data analytics in healthcare is disrupting and transforming how organizations operate. The most successful hospitals gather, analyze, and act on their data to guarantee high-quality patient care and profitability. Analytic techniques can help healthcare facilities identify weaknesses, establish a more robust benchmarking process, spot opportunities for lower costs, and invest in scalability at the national level.
Between patient records, medical records, demographics information, and electronic health record data, eCollection is a vast process. Mainly when that process includes ePub documents, medical images, omics data, and vendor data, it’s essential to turn to algorithms to adapt to the increasing velocity of your healthcare data.
As leaders in the field of hospital analytics at VIE Healthcare, we work on the principle of ‘what can be measured can be improved.’ With data analytics and competitive benchmarking, healthcare systems can make organizational improvements that lead to adequate cost savings throughout the practice.
What is Healthcare Benchmarking?
Outside of data management, software platforms, and strategic plan development, U.S. health professionals also need to understand how healthcare benchmarking works in a clinical setting. For example, one of many analytic methods is reviewing a given accountable care organization, emergency department, or critical care clinic and reviewing key quality measures. You can then compare these performance measures or clinical outcomes against a standard compiled from various sources and similar organizations.
Entrepreneurs use such analytic methods to see where a health system excels and falls short of other similar health systems. These outcome measures help spot how a hospital performs concerning public health and population health. They also empower brands to compare workflows, healthcare costs, point of care methods, and available patient data. You can compare significant challenges, outcome measures, readmission rates, illness data, vital signs, and other performance indicators with relative ease, even if data science isn’t your specialty.
While it may seem like a challenging task to tackle a large volume of biomedical data or omics data, smartphones and computers make it much easier, especially if you go beyond traditional software. This can help with data warehouse segmentation and also enable you to review multiple datasets. So whether you practice precision medicine at the national level or you’re a healthcare vendor, there are ways to apply big data indicators throughout your business to promote growth velocity positively.
Plus, many digital innovations and software applications promise more excellent reliability due to avoiding human error. Since these vast amounts of data play a vital role in healthcare benchmarking, it’s essential to know how to leverage your data to improve your quality of care.
How do Healthcare Analytics Solutions Work?
Say you’re working with genomic data, conducting an individual patient case study that will help you understand chronic diseases, or you’re trying to review nodes and datasets on your computer to do further work on the correlation of key data points. It’s essential to understand how different types of analytics solutions can impact organizational performance. Even if you’re not collecting genome data or vendor invoice data, there are ways that data algorithms help you maintain brand veracity and lead to better outcomes.
Industry leaders, insurers, and other brands need to empower their healthcare teams to master different systems, focus on continuous quality improvement, and track key performance indicators to address security issues and provide a competitive advantage. Beyond this, it’s important to use solutions that enable you to analyze financial data better. Outside the potential benefit of enhanced decision-making, this can also impact which medical applications private and public healthcare brands invest in, whether they’re cloud computing platforms, healthcare delivery services, or typical utility applications like a CMS. When you can free up financial resources and invest in digital innovation, it can help you improve profit margins and mitigate high-risk situations.
Working in partnership with your team, our data analytics experts do the following:
Gather large sets of complex data from multiple areas into one accessible source. When you’re working with administrative data, medical data, and other clinical data, it’s essential to use analytics tools to view quick performance snapshots. Advanced analytics regularly depends on analytic techniques like data mining to quickly collect and parse such data faster than a human worker. With a faster eCollection process, you’re able to apply your data more readily.
Derive actionable insights from that data, drawing accurate conclusions for business improvements based on those insights. For example, your analytics solution can help you focus on quality improvement, patient safety, and care delivery when you’re able to spot long-term similarities and create an action plan.
Achieve the rapid implementation of key data insights, ensuring maximum business impact within a minimal timescale. Advanced analytics help you leverage such data in real time. Rapid implementation means that your analytics solution enables you to interact with your healthcare system’s medical data at any time. For caregivers, this means that you’re able to instate solutions that can impact health outcomes, clinical outcomes, and other quality indicators.
When you need to promote a culture of continuous improvement throughout your healthcare institution, you must use the correct methodology. Health professionals that rely on the concurrence of big data analytics are better able to spot real-time process improvements, invest more in innovative healthcare research, and leverage the use of big data from the operating room to the facility’s waiting area. The amount of data your brand leverages can impact how much money you save on purchased services, the number of patients you acquire, and how you hit key performance improvement benchmarks.
Solve new Challenges With Effective Healthcare big Data Analytics.
Between collecting blood pressure and heart rate information, clinical trial data from MRI machines, nodes, or wearables, or omics data, it’s essential to be able to spot performance indicators, review data clusters, and hold domain over your facility’s sensitive information. When you work in a clinical setting, these indicators can offer competitive advantages and help ensure brand veracity.
Whether you manage an intensive care unit, a hospital admission department, or a mental health branch, it’s essential to understand the pivotal role of big data in recent years. Analysts can help you review the measured outcomes of a current practice against your own performance and take the next step to realizing adequate cost savings. Such savings can help you decide on the future directions of your hospital and help define your health plans moving forward.
Life science companies, insurance companies, federal agencies, Medicare/Medicaid services, and academics understand the value of big data. That’s why healthcare providers need to ensure big data interoperability to promote growth. To learn more about applying big data throughout your business and how to address your clinical setting’s outcome measures and knowledge gaps, contact VIE Healthcare Consulting. We’re here to help with your health care organization’s big data analysis needs.
Comprehensive Data Analytics in Hospitals is also Key to Maximizing Cost Savings and Reducing Your Purchased Services Spend.
Data analytics in healthcare is disrupting and transforming the way in which organizations operate. The most successful hospitals gather, analyze and act on their data to guarantee high-quality patient care and profitability.
As leaders in the field of hospital analytics, at VIE Healthcare we work on the principle of ‘what can be measured can be improved.’
Working in Partnership With Your Team, our Data Analytics Experts:
- Gather large sets of complex data from multiple areas into one accessible source.
- Derive actionable insights from that data, drawing accurate conclusions for business improvements based on those insights.
- Achieve rapid implementation of key data insights, ensuring maximum business impact within a minimal timescale.