How Analytics benefit hospital practice?

Hospitals and healthcare systems most benefit from the analytical information collected from different hospital activities and patient data. Input of data in a hospital will have no meaning without proper usage.  In this post, we will discuss the benefits of analytics and what can analytics be used for?

Analytics involves studying historical data to research potential trends, to analyze the effects of certain decisions or events. The goal of analytics is to improve performance by gaining relevant knowledge.

Following are the benefits of analytics:

Reducing administrative costs:

Significant amounts of hospital revenues are spent on administrative costs. Most of the administrative cost is invested in data sharing. Using analytics, the administration can understand these costs with more details and reduce it. By increasing the efficiency of the overall system, hospital can reimburse for the technology cost.

Clinical decision support: 

Analytics provide detailed comprehensive reports about patients and their treatment. It helps a doctor in making decisions about his patients and improves his practice over time. ALOS, Recovery period etc. are examples of reports that can help a doctor manage patient stay at the hospital.

Reducing financial errors and fraud:

With analytics, you have detailed information of financials. It can help reducing fraudulent and pending payments. Illegitimate discounts cannot be provided by your staff and cash flow is clear. You can also see the revenue and compare it over time.

Transparency in pricing:

With analytics, it is easy to understand average treatment cost of a specific disease. Patients often complain about large differences between charges indicated during financial counseling and the final bill. This can be avoided by using analytics.

Inventory management:

Analytics can show the amount of stock consumed in hospital during a specific period. Acknowledging this, you can choose to buy an optimum amount of stock and cut the costs by a significant amount. This way there is also a decreased chance of stock deficiency.

Marketing strategies:         

Like every other business, a hospital also requires marketing for capturing more and more patient attention. Analytics can help the organization find the right factors for effective marketing. For example, finding the location from where your patients reach you the least can help you identify the need to increase marketing in that specific area.

Proper use of analytics can lead to improvement in quality of services and significant gain in revenue of the hospital. HIS with integrated analytics can help you achieve it easier. DocEzzy provides simple yet effective analytics to fulfill your data needs.

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