Identify Critical Cost-Savings in Your Small Data Establish Your Hospital as a Digital Innovator
Hospital Spend Data
Though analytics can improve healthcare organization budgeting and lead to better outcomes for patients and providers, the healthcare industry is slow to adopt this new technology. In addition, due to the stressors of the recent year, many health systems cannot divert the operating budget during the fiscal year, especially without hope of reimbursement, which creates some difficulties.
In response, data science shows how U.S. healthcare systems can leverage hospital spend data analysis to adhere to best practices, offset healthcare costs, and develop a more refined budget process. Particularly amid COVID-19, more U.S. hospital care brands, private insurers, and health care companies need to review their operating budgets to find critical areas for improvement.
High-performance hospitals embrace the power of technology to transform their clinical and business processes and deliver high-quality, value-based care that fits an adequate payer budget. Unfortunately, only 12% of healthcare organizations effectively use data analytics to manage their costs and enhance patient care. Without these practical budget process tools, it’s harder to spot workflow improvements, establish quality health plans, or please stakeholders. That’s why it’s essential to use spend analytics tools on improving healthcare and hospital care budgeting.
Spend analytics tools enable healthcare organizations to achieve their goal of providing care at an optimum price while maintaining quality clinical outcomes. As frontline innovators in the area of budgeting and spend data analytics, 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. This can help you develop a modern, flexible budget that can accommodate shifting operating expenses and labor costs. By taking account of your budget and increasing financial visibility, you can improve cost-savings utility.
- Gather and analyze disparate data hiding in silos and multiple sources to reimagine and transform your supply chain. 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. In recent years, this also means that you can find ways to offset certain labor costs throughout your healthcare system.
- Harness the power of Invoice ROI™ to identify hidden cost-savings in your purchased services spend every month and in real-time. This helps you distill a complex expenditures projection into an easy-to-understand health spending portrait that enables you to understand your variable costs against brand income. Then, when you can offset hospital costs, you can reapply your capital budget to human services, healthcare innovations, and your hospital systems policymakers.
- Eliminate reliance on manual systems which are prone to error. This helps remove inefficiency, lower hospital costs, and reroute resources previously devoted to manual processes. Using this to create a strategic plan for the coming year affects how health care providers, policymakers, and United States hospital leaders spot hospital systems inefficiencies, address health spending, and reduce variable costs while working for the benefit of the larger patient population. Moreover, it’s often the best way for any hospital service, medical service, or telemedicine brand to help maintain patient satisfaction and capacity.
- Leverage the power of spend data analytics to design new pathways of care and improve patient outcomes and the total quality of care. From U.S. hospitals with inpatient care facilities and outpatient services to nursing unit clinicians, each healthcare system can spend data analytics to address its capital budget and capital expenditures. This can lower costs on key vendor and distributor line items which helps business owners make critical financial adjustments throughout the revenue cycle. In addition, through information technology, health insurers, providers, and other healthcare systems can identify cost drivers, reduce health care costs, and find deductions that help decision-making for various types of budgets.
Reimagine and transform your hospital’s supply chain with spend data analytics expertise from VIE Healthcare.
If you’re ready to take a different approach to how you provide high-quality care or you want to explore different ways to navigate risk management, benefit costs, and day-to-day expenses, assessing your operating budget in healthcare can help you improve your bottom line. Effective healthcare spends management plays a critical role in how healthcare systems, supply chain managers, sponsors, and other industry professionals navigate unexpected increases in labor expenses or day-to-day operations. With the correct format, you can navigate financial emergencies, find opportunities to reduce spend waste, increase income, and improve patient health outcomes.
To learn more about how healthcare systems can best leverage their income, set adequate operating budgets, and empower more excellent spend management, contact VIE Healthcare consulting today. Whether you need help understanding variances on a financial projection or you want to know how the proper payer services can impact your budget process, we can help.