Technology continues to forever change the world of medicine. In this fast paced field, it’s a daunting task to manage a service line, let alone an entire hospital or health system. Hospital management systems help bring calm and order to the world of medicine. These systems often transform a paper driven system into the age of digital, making the enterprise paperless and more efficient. These systems aggregate information, creating streamlined and automated processes.
Nowadays, hospital management systems make life a bit easier. Smart and efficient systems take care of operational aspects so that providers can focus on enhancing patient care. But, medical care is costly and raising fees is not conducive to a competitive market. Hospitals compete for patients and the only way to remain competitive is by offering premium care while controlling the bottom line. Providing high quality care at competitive rates is the ultimate goal. However, hospital management systems are not analytic tools. They are not designed to provide actionable insights into managing clinical and financial variation.
Data, Data and more Data
Managing data is just one part of the complexity of ensuring high quality care while optimizing financial performance. By leveraging data to quantify care, organizations can identify variation in the clinical process, create best practices to improve outcomes and in doing so, learn how to better control costs. But hospitals create oceans of data from a broad range of sources in a wide variety of formats. Thus, making sense of literally millions of data bytes to understand where you are now and to determine where you want to be is like searching for buried treasure without a map. But, with the right tools, it is possible to improve financial performance while enhancing patient outcomes.
Finding Buried Treasure in Your Data
Healthcare analytics tools are posed to grow into a $34.27 billion industry by the end of 2022. The crux of data analytics tools is the extrapolation of actionable insights from patient data often collected from electronic health records (EHRs). As the regulatory environment leans more and more to value-based reimbursements, more and more healthcare organizations are looking to data analytics to identify variation and better manage outcomes and financial performance.
Real-time access to clinical analytics helps to drive provider behavior through a set of best practices in clinical care. Having greater access to information that is often unseen due to limitations of current EHR technologies greatly enhances a provider’s ability to pinpoint appropriate treatment. With the changes in healthcare toward outcome and value-based payments, analyzing available data to discover which practices are most effective helps improve the health of the patients serviced and in parallel, helps cut costs.
Transparency of the Cost of Care
Speaking of costs, as consumers become more aware of healthcare costs and increasingly bear more of the financial responsibility, care providers, in turn are being pressed to optimize care while better managing costs. This pressure is creating a new paradigm where care providers are leveraging data analytics to not only make better decisions about the care provided, but also identifying variations in the delivery. These variations provide an opportunity for care providers to develop best practices and utilize comparable lower cost alternatives to more costly treatments.
The Bottom Line
With the changes in healthcare toward outcome and value-based payments, analyzing available data to discover which practices are most effective helps improve the health of the patients serviced and in parallel, helps cut costs. Dynafios has recently launched 4CAST healthcare data analytics, an easy to use and affordable analytics tool. 4CAST presents data in a powerful visual, simple to understand interactive format. Users can quickly identify variations, trends, behaviors and other performance metrics against best practices and benchmarking indicators for a complete 360o view. 4CAST removes the complexity of data analytics and offers transparency into patient outcomes with productivity and profitability analytics to enhance the continuum of care while improving financial performance.
We’re excited to share 4CAST within the healthcare community and demonstrate how easy data analytics can be. For the front line employees to the CEO, we’ve made it easy to identify opportunities for clinical and financial improvement. No more teeth gnashing while organizing data. No more headaches trying to carve meaning from numbers with curious origins. We made it easy to eliminate tension headaches from analytics software.
Let us prove it. Call 877.858.3282 or email info(at)dynafios.com to learn more about 4CAST and perhaps, take a few minutes for a demo.