Throughout the summer, we’ve seen continued coverage of one of healthcare’s top priorities and continued challenges: lowering costs while maintaining a high level of quality patient care. Data analytics can play an important role in achieving those industry imperatives. Here, we’re taking a look back at some of the trending topics around hospitals and health systems to gear up for what the end of the year will bring.
Operating margins are on the decline.
According to a Navigant study, average operating margins declined 39% overall between 2015 and 2017, an ongoing challenge for healthcare leaders.. The good news, however, is that there are solutions available. It simply means it’s time for healthcare organizations to look more seriously at tools that can help them run more efficiently and more cost-effectively.
Source: Health Leaders Media
Analyzing your data can be the first step to improving the bottom line.
A panel from the Becker’s Hospital Review 4th Annual Health IT + Revenue Cycle Conference focused a discussion on financial issues in healthcare, and there was consensus that all roads lead to leveraging the data. Taking advantage of data can help organizations improve revenue cycle performance, payer contracts, and ultimately improve the bottom line..
Source: Becker’s Hospital Review
Predictive analytics continues to be on the rise
As healthcare organizations develop more sophisticated big data analytics capabilities, they are beginning to move from basic descriptive analytics towards predictive insights. Predictive analytics can support population health management, financial success, and help drive better outcomes. Instead of simply presenting information about past events to a user, predictive analytics estimate the likelihood of a future outcome based on patterns in the historical data. The result? Clinicians, financial experts, and administrative staff can receive alerts about potential events before they happen — and make informed decisions more quickly about how to take action.
Source: Health IT Analytics
In the next couple of months, we’ll begin to see stories laying out predictions for the role data and analytics will continue to play in healthcare in 2019. Our industry is only scratching the surface of how we can better apply data to decision-making and it will be fascinating to see some of these look-forward views as we at Hospital IQ continue to focus our own efforts on helping hospitals and health systems run more efficiently.
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