Data Analytics: Lowering the Skyrocketing Healthcare Cost

By CIOReview | Tuesday, May 21, 2019

Healthcare firms are investing a vast amount of money building armies of data analysts and data warehouses to arrive at better decisions with data and improve patient care. Healthcare data management helps to treat patients holistically, provide personalized treatments and enhance health outcomes. It is also a way to lower the skyrocketing healthcare costs. Some practical ways providers can apply health care analytics to help save money and work more efficiently are

Optimize Block Scheduling: Healthcare analytics tools leverages business intelligence tools to identify inefficiencies and revenue losses with the patterns of room usage and staff availability. For instance, the inability of the operation room can be rectified through analytics. Consolidating the operating room scheduling information and then providing the hospital with automated access to usage patterns can make a huge difference. Waste is eliminated, and revenue is boosted by using BI tools in this way.

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Scrutinizing the Supply Chain: Care providers can analyze procurement and invoicing billing data with analytics tools to identify off-contract spending and supplier performance, and thereby keeping costs as low as possible. This process optimizes services, patient care and safety with a magnified patient and employee satisfaction.

Maximize the Machines: Essential hardware can be monitored with analytics tools to predict and prevent breakdowns. Optimizing service and operations ensure work to be performed at the right time Patient care and safety largely relies on the availability and actual performance of medical equipment and for that proper maintenance of the equipment should be done. Being able to predict equipment failures in advance, based on maintenance standards as well as past performance and support, ensure that equipment will be available when needed and perform reliably.

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As healthcare continues to embrace analytics the goal of reducing patient care costs are sure to be reduced. With that analytics could usher a new era of healthcare by promising patients the information and tools they can use to be more proactive in monitoring and managing their health and well being.