Out with the old, in with the new analytics for hospital cost cutting, report says

In the interest of cost containment, hospital executives need to eschew tradition and get creative with things such as cutting-edge performance analytics, according to a new report.

Kaufman Hall’s “2018 State of Cost Transformation in U.S. Hospitals and Health Systems: Time for Big Steps” says that hospitals miss valuable opportunities for cost cutting when they stick to the way things have always been done.

Because the rising cost of health care makes this an urgent need, the report outlines a number of strategies for cost containment. One such strategy is to use high-quality data, analytics, tools, and processes to drive improved decision making in clinical and business domains, and the tracking of improvement progress across transformation areas.

This means focusing on initiatives that can contribute to transformative cost improvement, such as reduction of unwarranted clinical variation and service line rationalization.

Other strategies include putting in place the structures and processes required for cost transformation accountability and hold leaders accountable for setting and achieving transformative cost-reduction goals. To read the full report, click here.

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Posted by Jana Ballinger 10/19/2018 Categories: Analytics HealthView Hospital Management