As technology continues to advance and provide greater offerings, the role of data analytics has also risen. There is more and more data being created today than ever before. The sheer volume of data increasingly calls for greater methods to analyze this data to provide meaningful insights into many fields. One field that will benefit from data analytics is hospitals.
Hospital analytics paves the way for healthcare facilities to run more efficiently and ultimately save more lives. In this article, we will unpack hospital analytics and how care facilities could benefit from it.
What is Hospital Analytics?
Hospital analytics are a subset of data analytics in the business intelligence field of healthcare. Some of the areas that hospital analytics focuses on include:
- Cost and Claims data
- Any data that focuses on research and development or pharmaceuticals
- Clinical data
- Patient behavior and sentiment data
Hospital analytics can help these important healthcare facilities run more efficiently and predictively. Let's look at some of the most important uses of hospital analytics.
1. Trimming Administrative Costs
One of the toughest challenges for a hospital is to cut administrative costs. There are many working parts within a hospital, so the administrative costs can run high. Some hospitals have up to one-quarter of their budgets allocated to administrative costs. Hospital analytics can help you explore the daily spending from laundry through stock choices in the pharmacy. This data can then help you identify waste areas where you can trim costs.
2. Remove Fraud
Tracking your payments can have big payoffs. When you track them, you can pick up on fraudulent payments and thus not waste time and money that would have been spent needlessly. Using the right analytics tools with the proper training can make all the difference with kicking fraudulent accounts.
3. Improve Your Care Coordination
Teams work better when they work together. With all the moving parts within a hospital, the entire organization works more efficiently when it works in sync. Integrating the hospital and IT systems can cut inefficiencies, lower the risk of delays, and speed up procedures. Improved coordination can also help speed up the availability of patient data and medical records needed to move forward.
4. Improve Patient Experience and Healthcare Delivery
Hospital analytics and data management can help hospitals collect and maintain records for patient data. Tailoring treatment to an individual's history, biometric stats, and current symptoms, a doctor can make more informed decisions to support the patient's wellness outcome. This data collection and analysis can help improve patient recovery and lower the chance for continued health complications.
Partner with Data Experts to Get the Most Beneficial Hospital Analytics
Collecting data then performing hospital analytics is good for your facility and for your budget. Discovering redundancies and turning them into efficiencies will help your hospital run much more smoothly and provide better healthcare for your patients. Progressive Data Services can help you with the data analytics so you can focus on running your hospital. Contact us today to explore ways that we can meet your hospital's needs.