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IR24

The Best Health Metrics to Use for Performance Measurement in the Healthcare Industry

The explosion of data science in the modern world has increased the importance of business intelligence, or BI, in the healthcare industry. The healthcare industry generates a lot of data from patients, process, tests, research, and operations. It is almost impossible to make sense of such unstructured data without using any relevant business intelligence tools. Furthermore, the healthcare industry can make use of predictive models and data visualization tools to gain insights regarding patient care, labor distribution, clinical operations, and general administration. The overall goal of the healthcare industry is to improve patient care and operational efficiency. Advanced BI softwareFree demo can help companies to achieve such goals by assessing their performance using various health metrics. Using such health metrics for evaluating performance can help single out improvement areas.

Average hospital stay

Average hospital stay is often an indicator of efficiency in the healthcare industry. This health metrics measures the average amount of time spent by patients admitted into healthcare facilities. Average length of stay (LOS) is often used as a quality metric by medical reimbursement companies to build a prospective payment system.

Hospital readmission rates

Such health metrics measure the number of patients who are readmitted to the healthcare facility shortly after their initial release. The metrics provide critical insight to the quality of care received by the patient at hospitals. Hospitals have to be alarmed when readmission rates rise as it can usually mean a shortage of staff, lack of materials, or point out areas with special needs.

Patient wait times

Patient wait time is widely used in the healthcare industry to measure the amount of time needed to receive treatment from the time they entered the healthcare facility. Patient wait time as a health metrics is useful in measuring patient contentment as well as hospital efficiency. Higher patient wait time is usually the result of understaffing or poor operational design. Measuring this metric over time enables hospitals to identify trends and redistribute labor to deliver more efficient patient management.

Bed or room turnover

In simple terms, health metrics such as bed or room turnover demonstrate how quickly patients are moving in and out of the facility. From a patient satisfaction perspective, it measures how efficient a hospital is, as a patient do not want to spend more time in the hospital. A high turnover rate depicts that hospitals are very efficient at treating patients. However, when coupling with hospital readmission rates, it can paint a complete picture whether they are really efficient or patient usually come back with the same problem.

Average treatment charge

Average treatment charge is of the major financial health metrics, which measures the average amount charged by a hospital to provide treatment to a patient. The metrics can be used by the healthcare industry to calculate the overall average or show an average of each treatment category.

Patient to staff ratio

There is no hard and fast rule that states that a healthcare facility should achieve a certain number to be effective. The ratio should be ideal since a higher patient to staff ratio will result in higher wait times and low care quality. On the hindsight, lower patient to staff ratio adds a financial burden to the hospitals and consequently increases the cost of care. It also exhibits administrative inefficiency and calls for hospitals to reconsider labor distribution.

Medication errors

The healthcare industry is striving hard to lower this health metrics, which measures the number of mistakes made in prescriptions. It also includes mistakes made in dosage and patient and applies both to inpatient and outpatient services.

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IR2

How to Win Big in Healthcare by Giving Patients a Better Retail Experience: Tips and Tricks

Healthcare is no more all about providing good patient care; it is much more than that.  There are extensive changes in the technology employed in patient care, patient preferences, payment models, etc. that calls for swift action on the part of healthcare players to cope up with the changing demands. The big question is how players in this industry can survive in the mounting cut-throat competition in the market, and simultaneously ensure that their customers are delighted. The million-dollar answer to this is innovation and differentiation in the offerings and service provided. The players in the healthcare industry can take inspiration from other sectors like retail and incorporate their strategies to provide a better retail experience to their patients.

So, what exactly do we mean by retail experience in healthcare? It basically refers to giving the patients a feeling of personal attention and personalization of services. This will help them establish a more intimate connection with the medical providers, in turn, promoting their loyalty and morale trust towards the company. But doctors are no retailers, so how can they incorporate retail practices into the medical services? Here are a few tips and tricks:Free demo

Go Digital

People are slowly becoming more digitally inclined, and almost every industry has identified this trend and are consequently hopping on to the digital bandwagon. In retail, businesses are aware that they need to be where their customers are – social media and other digital platforms. You will find many retail businesses that are digitally active in creating awareness and staying connected with their customers.  As far as health services are concerned, providers can adopt various digital strategies online as well as offline in the clinics, such as digital payment methods, collect patient data, provide consultation, etc. to provide a retail experience to their patients.

Giving a Personal Touch in Services

Who doesn’t like to be made feel special right? ‘Personalization/customization of service’ is a retailer’s bible to providing top-notch service to customers and customer retention. Retailers are analyzing valuable customer information to offer useful services at the pre-sales, sales, and after-sales stages. The same applies to healthcare. Also, they can adapt this technique to give a taste of retail experience to medical patients. Useful patient information and records can be used by clinics to prescribe customized medical routines and medications to the patients.

Keep Brand Engagement in Mind

Various leading retailers are resorting to customer-centric approaches in business to draw more customer attention to their business and keep them engaged with the brand. Medical organizations need to draw inspiration from this and understand the patient pain points better which will, in turn, help them to align operations, tools, and partnerships to meet the patient expectations and give them a retail experience in medical services.

 


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IR3

How Can You Improve Patient Care and Enhance Health Services?

At present, the healthcare industry is highly competitive, with players aiming at providing top-notch health services at reasonable rates to patients. Furthermore, the customers of health services are looking for more than just prescriptions and medicines as a part of their treatment. With many healthcare companies battling against each other to be more technologically advanced and gain majority market shares, the companies in healthcare industry are facing the need to identify strategies that they can implement to survive the cut-throat competition.  Do you want to know the secret of successful patient care in modern healthcare? Well, it is none other than ‘Patient engagement.’ So, what exactly is patient engagement?

Patient engagement is nothing but prompting patients to take an active role in their healthcare and well-being. It includes everything from social media to patient portals to wearables used as health tracking devices that allow health services providers to influence users to maintain a healthy lifestyle. Wonder how improving patient care through patient engagement can benefit players in the health services industry?Free demo

Patients Become Active Learning Healthcare Consumers

Once patients are encouraged to be in charge of their health, they tend to become well-versed with their conditions and can make better decisions on their health conditions. In this case, patients not only have an in-depth knowledge about their current health condition, but they are also aware of the health services available for them. Patients can help doctors in formulating their treatment plans by simultaneously understanding and accepting the health goals that are achievable to them.

Patients Tend to Take Ownership of Their Health

When healthcare providers and patients work together, it helps give the patients a better evidence to conversations and gain a better understanding of the pros and cons of the treatment that they are supposed to undergo. By focusing on patient engagement, healthcare providers can ensure that the patients are more proactive during the therapy, also helping them to avoid or decrease events such as patients filing lawsuits for unsuccessful or errors in treatment.

Better Teamwork Calls for Better Patient Care

In case of patient engagement, providers collaborate and discuss with the patients regarding the treatment plan and arrive at a consensus.  This helps the providers of healthcare services arrive at better decisions regarding the patient’s health. When the patient is aware of the treatment plan, it becomes easier to implement and see visible results and better outcomes in the expected time.


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3

Top 5 Ways in which Patient Analytics Can Revolutionize the Healthcare Sector

Patient analytics – the next big idea in the healthcare sector, provides sharp and to the point views of clinical, demographic, and financial data. Tailored to meet the specific requirements of an organization, this decision-support tool enhances the entire patient care process. Rather than being a one-time solution, patient analytics thus delivers ongoing intelligence through data visualization and reporting.

These days it is quite common for healthcare solutions companies to adopt electronic health records (EHR) so as to speed up their processes and optimize their spend expenses. Through patient analytics, these organizations gain faster, more appropriate choice of treatments leading to better results for the patients.

Here are five critical ways in which patient analytics can change the face of the healthcare sector

  1. Understanding the market: This is perhaps one of the most important ways in which patient analytics is changing the healthcare sector. Right from analyzing the number of facilities a market can support, to giving a brief on opportunities in the existing markets – this tool improves the overall focus of your market plan.
  2. Targeted marketing: It is not healthcare sector alone, apparently, many other business verticals spend a good amount of their resources in marketing their products and services. The real problem arises when a lot of these resources are wasted on the wrong group. Patient Analytics filters the data in such a way that you end up pursuing your best patients, through mediums of their choice. This way, not only do you save on resources, but can also stay assured that you are reaching out to the right audience.
  3. Enhanced service lines: Service lines are usually one of the major pain points for players in the healthcare industry. Patient analytics provide exceptional healthcare solutions which helps you improve the overall quality of your service lines.
  4. Better operations: The whole idea behind a tool like patient analytics is that the underperforming facilities can be easily identified. Often stakeholders find it rather difficult to keep a close track on the quality of operations at their facilities. By digging out prospects of relocation, patient analytics identifies the underperforming facilities.
  5. Improving the overall healthcare service: Many in the healthcare sector have accepted the important role of data in better patient diagnosis and improving overall health services. This data can be gathered only if the organization uses tools like predictive analytics, patient analytics, and big data.

 

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