Financial Impacts on Healthcare
Q: What are some of the key financial challenges facing healthcare providers today?
A: One of the big challenges is the rapid technology change from health tracking, diagnosis, and risk modelling. That, combined with growing care quality and population management solutions, will change the way we look at health.
Q: What are the financial benefits of using data analytics for healthcare providers?
A: The key financial benefits for providers are the ability to manage patient risk and tailor care plans more efficiently to improve patient health. Healthier patients will likely get better jobs and be able to afford more healthcare. (Who isn’t willing to spend on their family’s health?)
Remember, value equals cost / quality, so lower cost increases value and higher quality increases value. The U.S. healthcare industry is spending a lot of time looking at value in recent years. Patients, too, are slowly shifting to an awareness that they need to measure the cost of care against the quality of care.
Better targeting of care pathways and therapies will reduce variations in care and make the whole industry more efficient. By reducing costs and improving quality, providers and payers who embrace the new technologies will attract patients and payers looking for value.
Q: How does healthcare analytics tie into the trend toward evidence-based care?
A: Evidence from labs, meds, genomics and related biometrics will lead to more personalized medical care.
Q: How can hospital management use healthcare analytics to make financial improvements?
A: The keys to financial improvements in healthcare come from making efficient use of resources--from supplies to provider time, and from reducing variations in care due to identifiable variations in health status. The keys to success are understanding labor dynamics, making sure that the major care pathways are well defined and efficient, and managing outlier cases effectively.
Stay tuned for Part 4 of Spotlight on Analytics, where we'll discuss CV service line analytics.