How Can Hospitals Grow and Prosper Using Hospital Analytics?

by Hospital Analytics
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Data has become one of the most important, yet seemingly out of reach tools for any business. In the hospital and healthcare industry, data can answer questions and guide any organization to better decision making. Yet, harnessing data isn’t always easy. Because of the sheer benefit that data can offer, though, it is worth the investment for nearly any organization, even small, community hospitals with very tight margins.

What Is the Value of Analytics in the Healthcare Industry?

 

When breaking down the incredible changes in the healthcare industry today, it’s easy to see how much change has occurred. Data management, in the way of data collection, sharing, and analytics, has enhanced the way organizations can achieve their goals. Data collection, such as the management of electronic healthcare records and information exchanges, has thus far offered limited benefit. And, big data has had a moderate level of impact as well. But, the true benefit to the hospital and healthcare industry comes from the analytics component.

It’s not an easy topic to understand and that complexity has led many organizations, especially smaller community hospitals to not see the full potential of hospital analytics. The best way to transform an organization into a data-driven, efficient model is to utilize a seamless framework that can help to define and guide organizations towards their specific goals.

Why do this?

  • Analytics can help to reduce costs. Trimming the budget without trimming staff is always a good opportunity for organizations.
  • It improves the quality of care provided. With more insight and information, in a usable format, hospitals can comprehensively provide a higher level of care to patients.
  • Analytics can guide an organization’s ability to grow and expand. It provides the resources, but also the information, necessary to pull the organization in the right direction to continue to thrive.

What Does an Analytics Framework Truly Offer Healthcare Organizations?

With the right framework in place, it becomes possible to achieve incredible benefits for the organization. There are various ways to see the benefits of healthcare analytics, and this is truly the reason why so many organizations simply must consider the investment.

For example, the use of Electronic Medical records has become the first step into the modern era of technology. Today, more than 82% of physician offices now utilize this tool. But, what if this data from these records could go further? For some, it is working to be a type of predictive indicator of accuracy in diagnosing illness. Physicians can use this data to make a more accurate diagnosis, minimizing costs and improving results for patients. In an ER situation, this can be life-saving time and time again.

Another example has to do with identifying at-risk patients. What if that same doctor’s office using the data from their records could identify a patient’s highest risk factor for health events and even death based on what’s in their file? Predictive analytics could help prevent, in this case, medical events. In a hospital setting, doctors can formulate information and answers to key questions about the most likely health concern for a patient based on his or her habits.

There are plenty of other benefits. Analytics can help to improve the way a hospital works. It can work as a better model for managing and predicting healthcare costs. It can also be an incredibly valuable tool within research hospitals by gathering information from thousands of patients to formulate answers to key questions.

In these ways, hospital analytics has become a very important component not just to the service provided, but also to the business model they use. In every example here, it is clear that these factors can reduce costs and provide the higher level of care patients need.