Informing Strategic Decisions at a Fraction of the Traditional Cost

By | 2019-01-15T20:51:39+00:00 January 15th, 2019|

Hospitals today are operating in an uncertain environment. This includes a shift to value-based care (and with that, the associated questions regarding reimbursements), to increased M&A activity, new and non-traditional industry competitors like Amazon and CVS, and a move to care beyond the acute setting. This puts new pressures on hospitals to streamline operations and recapture revenues to support decreasing margins.

This environment is where operational management and efficiency solutions like the ones we offer at Hospital IQ hold enormous promise for hospitals to leverage the vast amount of data at their disposal to drive operational improvements. To that end, we offer a highly flexible software platform combined with expert consultative services that enables us to help a wide range of client types become more data-driven and predictive in their decision making. This empowers them to make improvements to key performance indicators including the bottom line, efficiency in resource allocation and utilization, and patient and staff satisfaction.

One advantage of our platform is that many strategic/ consulting projects can quickly be enabled at very low cost once standard data integration and setup has been completed. A few projects that Hospital IQ often supports include:

  • Inpatient capacity planning: Our team can quickly conduct what-if analyses to guide strategic decision making around inpatient bed allocations, construction plans, unit closures, etc. Traditionally, this exercise is only done through costly consulting engagements.
  • Staffing grid optimization: We often find staffing grids don’t necessarily align to the patient demand in the ED, OR, or inpatient departments. Hospital IQ can quickly analyze current staffing patterns and demand to recommend ways to optimize and align staff to expected patient demand.
  • Length of Stay (LOS) opportunity analysis: LOS is a complex topic and many organizations don’t have the ability to dynamically analyze their performance against CMS standards. This includes identifying variability in physician performance, as well as opportunities to standardize care pathways. Our team can quickly support hospitals in finding opportunities and moving the organization on a path to LOS improvement.

The ability to leverage data from Hospital IQ’s platform for consultative projects, like the ones above, gives our clients insights that were previously much less accessible and affordable. Until recently, most healthcare organizations did not have easy access to reliable data to inform operational and business decisions, or the internal resources to leverage the data they did have for these decisions. Our customers have realized there is no longer a need for costly external consultants to conduct analyses and make recommendations. The days of ending up with point-in-time insights that would become stale after the engagements were complete are in the past.

At Hospital IQ, we continue to give our healthcare customers easy and timely access to their own data, putting the power of answering business and operational questions in their own hands — at a fraction of what they would have cost in the past.

With data comes power. Hospital IQ is focused on taking advantage of the vast quantities of data at our disposal to improve operational efficiency, reduce waste and cost, improve staff morale and help organizations provide better patient care. In today’s healthcare environment, technology-enabled efficiency solutions like ours are more relevant and needed than ever to help hospitals remain competitive.

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