That the financial challenge of running a hospital ranked as the top concern in an annual study by the American College of Healthcare Executives should come as little surprise to anyone in the industry. Overwhelmed by the fact that revenues are growing at a considerably slower pace than ever before, providers are left scrambling for ways to bring down expenses without sacrificing quality.
Opportunities to reduce costs appear when hospitals have a grasp on what’s standing in their way. Higher complication rates, longer lengths of stay, use of kidney-safe contrast when it’s not necessary, choosing femoral over radial access—all of these are things that can send costs soaring. Coincidentally, they are also all things that result in less desirable outcomes and lower patient satisfaction.
For example, understanding variability in hospital-specific costs of coronary artery bypass grafting (CABG) represents an opportunity for standardizing care and improving resource use, according to this research from Science Direct. And this study from the Washington University School of Medicine reveals that hospitals can improve patient care and reduce costs associated with coronary angioplasty if cardiologists perform more of these procedures through an artery in the wrist and if they take steps to discharge such patients on the same day, according to a new study led by Washington University School of Medicine in St. Louis.
But if you can’t track care variability, artery vs. femoral access, or same-day releases in your patients, how will you know whether these are in fact areas your cardiovascular service line can improve performance—and save money?
Luckily, business intelligence in the form of analytics to measure these kinds of things now exist and you don’t have to be a data scientist to use them. Drawing from the data you are already collecting for registry compliance, advanced software will enable you to create reports on a number of different metrics. Analytics pinpoint where your physicians can do better and provide an incentive and action plan for quality improvement that will also cut costs.
Get a demo of LUMEDX's advanced business intelligence platform HealthView Analytics by emailing email@example.com.