Hospitals today are under pressure to improve patient care by adopting the latest technologies, which subsequently increases the cost of care. Hospitals have to fine-tune this trade-off to provide the best possible care by incurring reasonable costs. Advancements in the field of data analytics have enabled hospitals to achieve operational efficiency and improve their quality of care. Here are some of the ways in which hospitals are using data analytics to boost their performance:
#1 – Administrative Cost Optimization
All day-to-day tasks within a hospital generate a lot of data relating to patient admissions, patient service time, wait time, and drug inventory. Such data can be processed by data analytics tools to optimize workforce, patient management, and drug inventory to save on administrative costs.
#2 – Improve Patient Wellness and Outcomes
With the help of data analytics, hospitals can not only keep track of their patient records, but also remind patients to maintain a healthy lifestyle by taking cues from wearable health monitoring devices. Hospitals can also share necessary lifestyle modifications that need to be made by the patients to improve their health with the help of this data.
#3 – Identify Fraud and Abuse
Hospitals can identify insurance frauds and abuse cases by analyzing large unstructured data sets of claims and use machine learning algorithms to identify suspicious patterns and anomalies. Fraud cases can be easily identified through the identification of specific patterns, such as a patient visiting multiple hospitals for the same case, over utilizing services in a short time, or filing for the same prescription in multiple places.
#4 – Clinical Decision Support
Data analytics equips doctors with electronic health records of a patient’s case, be it x-ray, medical history, or any other reports. The use of data analytics tools provides doctors with a dashboard to access all information relating to a patient with ease which helps them in providing the best mode of treatment to the patient to improve outcomes.
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#5 – Obtain Actionable Insights
Data analytics tools can provide hospitals with key metrics such as patient admission rate, treatment errors, mortality rates, and readmission cases. A quick comparison of such metrics with industry standards can identify problem areas so that they can take corrective actions to ensure patient safety.