Data Analytics: Lowering the Skyrocketing Healthcare Cost

Healthcare firms are investing a vast amount of money building armies of data analystics and data warehouses to arrive at better decisions with data and improve patient care. Healthcare data management helps to treat patients holistically, provide personalized treatments and enhance health outcomes. It is also a way to lower the skyrocketing healthcare costs. Some practical ways providers can apply health care analytics to help save money and work more efficiently are

Optimize Block Scheduling: Healthcare analytics tools leverages business intelligence tools to identify inefficiencies and revenue losses with the patterns of room usage and staff availability. For instance, the inability of the operation room can be rectified through analytics. Consolidating the operating room scheduling information and then providing the hospital with automated access to usage patterns can make a huge difference. Waste is eliminated, and revenue is boosted by using BI tools in this way.

Scrutinizing the Supply Chain: Care providers can analyze procurement and invoicing billing data with analytics tools to identify off-contract spending and supplier performance, and thereby keeping costs as low as possible.