Large healthcare systems offer their services to hundreds of thousands of patients inside hospital walls and medical clinics. Performance analytics tools help such organizations to increase revenues and improve healthcare outcomes, such as timely addressing life-threatening conditions and better results in preventive procedures and operations among certain population groups. In this post, experts from the custom healthcare software development company, Belitsoft, give their views about the features and benefits of implementing health analytics.
When healthcare systems implement strategies that enhance care pathways, they benefit from improved contribution margins, achieve their market share goals sooner than expected, and generate tens of millions of dollars in additional revenue. However, providers often face a lack of relevant tools to identify and address targeted areas. It becomes even more challenging to engage physicians in workflow alterations to track costs. Data analytics software and some additional measures help organizations achieve their goals faster and sustain the results.
What Challenges Can Performance Analytics Deal with
Healthcare organizations have to constantly improve treatment results for their patients and engage providers in following adequate financial strategies. There are some challenges that medical enterprises deal with on the way to attaining their goals:
- Using irrelevant budgeting strategies that calculate labor costs and supplies that exclude physicians’ contribution to more efficient workflow for enhanced cost management
- Lack of efficient care coordination in some areas which impacts overall results
- Absence of data and analytics tools, that would help to find opportunities for increasing revenue and developing a more precise strategy.
Healthcare Performance Analytics Functionality
Medical systems use data platforms and analytics applications, such as performance analytics, to perform margin analysis and management of operations and processes. The software assists them in solving the following tasks:
- Monitoring operational performance indicators, such as clinic accessibility and wait times for upcoming appointments, outpatient volume, and labor-management expenses
- Easily visualizing comprehensive financial, operational, and clinical performance information
- Assessing the type of structural margin for each encounter that holds the most potential for enhancement
- Showing the percentage of time when the facility is utilized at and after business hours and occupied by hours
- Determining the areas for improvement, such as reconfiguring operating rooms and laboratory block schedules
- Reorganizing timetables for specific surgical procedures, such as structural heart interventions
- Eliminating care gaps by pinpointing patients who have specific health issues and have not yet been appointed nor received clinical treatment
- Modifying workflows to reduce the cost of care in inpatient departments
- Standardizing supplies within departments and expenditures.
Additional Measures to Guarantee Smooth Implementation of the Analytics
Healthcare organizations should stick to the following recommendations to receive the best results:
- The aims of both leaders and doctors should align to ensure that they follow the same route map
- It is recommended that doctors be trained on how to utilize the software. It will enable them to examine the data and make well-grounded decisions independently
- Healthcare organizations should involve physicians in governance and leadership
- They can offer better financial strategies and resource allocation
- It is important to develop and agree to the general organization’s commitment
- Physicians should contribute to achieving top clinical results, foster robust professional relationships, and enhance the workplace culture
- It is beneficial for each department of a healthcare organization to pass the objectives to doctors and experts, therefore working on joint achievement of the general aims
- It is advised that centers of excellence be developed that offer patients the best resources and care coordination across multiple care units and environments
- Centers of excellence should design new healthcare programs and perform research
- It would be reasonable for centers of excellence to comply with an integrated approach and be responsible for operational strategies, performance benchmarks, and profit and loss statements
- Executive leaders should train and instruct doctors and other stakeholders on business issues that are unfamiliar to them
- Clinicians and medical experts, in their turn, should consult business and administrative leaders on workload, routine clinical decision-making, and patients’ requirements
- It is good for achieving improved performance, to allow doctors to share their expertise and take part in peer mentoring.
Benefits of Applying Healthcare Performance Analytics
Enforcing organizational changes with data analytics allows healthcare providers to receive better clinical results, procedures, and financial indicators. Healthcare organizations that have already utilized analytics applications report the following enhancements:
- Receiving tens of millions in revenue dollars and demonstrating the market share target before the planned timeline
- Expanding the overall market share in targeted submarkets
- Establishing leadership in the designated care area within a specific region, such as vascular services in California
- Substantial growth in the number of completed medical procedures, including catheterization lab cases
- Notable relative increase in the volumes of operating facilities across particular surgical specialties, such as cardiothoracic and vascular procedures
- Managing increased numbers of medical emergencies, providing the same care quality while reducing door-to-balloon time significantly
- Marked increase in the number of patients who are being treated for severe illnesses that necessitate the use of advanced medical devices
- A multiple-fold increase in the number of active suppliers
- Enhancing staff engagement ratings in both inpatient departments and procedural areas.
The Role of a Reliable Healthcare Software Development Company
Healthtech providers that focus on outsourcing the services of healthcare software development, such as Belitsoft, assist healthcare data analytics companies in developing powerful data operating systems and integrating analytics applications.
Healthcare software development companies build integrated data platforms that allow for collecting, storing, processing, and analyzing large volumes of data from such sources as electronic medical records, clinic management systems, laboratory systems, financial systems, etc. Those platforms offer the following possibilities:
- Automate data processing workflows (cleansing, standardization, and normalization)
- Configure scalable data warehouses
- Set up and implement analytical tools for creating dashboards, reports, and data visualizations
- Ensure a high level of data security and compliance with healthcare regulations such as HIPAA
- Integrate machine learning and AI into analytics.
Healthtech companies also help build special analytical applications like Healthcare Performance Analytics with the following features:
- Gather insights from multiple data sources on a single platform
- Sort the data by location, date, service type, and facility
- Show room capacity during and after operational hours
- Demonstrate room utilization by hour of the day
If you are looking for expertise in data analytics, data infrastructure, data platforms, HL7 interfaces, workflow engineering, and development within the cloud (AWS, Azure, Google Cloud), hybrid, or on-premises environments, a healthcare software development company like Belitsoft can also serve these needs.
