How Analytics Provide Cost-Effective, High Quality Healthcare

Paulie Anthony
October 18, 2017

The healthcare environment is shifting as hospitals make use of IoT and big-data to capture, store and manage medical records. With healthcare costs on the rise, we need analytics more than ever to interpret the medical data and provide high-quality healthcare.

We all know that we need analytics to evaluate metrics and make important business decisions to ensure long-term success, but what else can analytics be used for?

As more hospitals and medical practices integrate higher use of Electronic Health Records (EHR), proper use of analytics is crucial in providing meaningful treatment and medical care. EHR is comprised of patient data relevant to the provider, including demographics, medications, medical history, and progress notes.

Why Are Analytics Crucial Improving Standards and Technology in Healthcare?

Preventative and High-Quality Medical Care

Analytics can help provide high quality digitized healthcare by reducing treatment costs, preventing diseases, and identifying issues earlier. Providers can also choose a large population size to increase the accuracy of comparison reports.

Support Informed Clinical Decision Making

Make more informed and evidence-based decisions by having all medical tests, lab reports and prescribed medications for patients on one electronic dashboard. Centralized medical records can significantly cut costs and improve the way clinicians make decisions about their patients.

They can then make clinical decisions right on the spot. In addition, clinicians will not be double-prescribing patients certain medications due to the lack of information they have on the patient.

Reduce Costs

Hospitals are under greater and greater pressure to drive down costs while increasing patient satisfaction by leveraging technology hospitals can finally use real business intelligence to successfully achieve their goals.

Analytics will reduce administrative costs and also help hospitals utilize and exchange information. In addition, medical providers will benefit from seamless interactions with insurance providers by having proper medical codes and tracking, which will reduce any errors in reimbursements.

Better Business Opportunities

Analytics promote better business practices and efficient business operations by reducing costs, insurance coverage errors, and billing errors

Effectively Track Patient Treatment

Healthcare providers will be able to view analytics to understand treatment and patient handoff within the same hospital systems, as well as between other healthcare organizations. As a result, many organizations with different specialties will have access to patient records to ensure accurate diagnosis and treatment.Get access to data so that it is not scattered all over the place. Otherwise, mistreatment, misdiagnosis, skip important information.

Fraud Prevention

Analytics are a useful tool to stop fraud in its tracks. A midyear report published by Protenus counted 233 breach incidents reported to the Department of Health and Human Services, and the number of patient records affected in 2017 has already surpassed 3.1 million. Analytics can track fraudulent and incorrect payments, as well as the patient’s history.

What Other Ways Can The Healthcare Industry Use Analytics?

Organizations need insight into patient information, and it is especially useful for medical professionals to see what physicians are doing for their patients, and where they left off. Different types of analysis will improve the quality of patient treatment and identify risk factors early on. 

  1. Descriptive Analysis: Historical data is examined to find out what went wrong in the past, and how to approach the condition in the future.
  2. Prescriptive Analysis: The data is used to examine patients and their chronic conditions based on their risk profile.
  3. Comparative Analysis: Healthcare organizations can measure the success rate of doctors, hospitals, and ACOs for the most economical treatments for patients. This metric will help curb waste and maximize efficiency. 

The Bottom Line: Better Care Coordination Promotes Wellness And Cuts Healthcare Costs

Analytics help engage patients and their families so that they can be informed through the entire process. It also identifies high-risk patients so that they can be attended to the earliest.

Properly using the data with the right analytical approach can help produce better outcomes for the patients, higher performance for medical providers, and reduced costs.