Turning Hospital Data into Dollars

How hospitals can leverage their data to provide better care and improve their bottom lines.

Although there are countless (ever-growing) ways to employ hospital data to increase operational efficiency and improve patient care, looking at things from both the consumer/patient and business/hospital viewpoints, I have compiled a list of some of (what I think are) the best ones: 

  • Diagnosing
  • Improved Treatment/Better Quality of Care 
  • Fewer Readmissions 
  • Optimized Scheduling 
  • Lessened Burnout
  • Reduced Costs 
  • Higher Patient Satisfaction    

Consumer/Patient Viewpoint

On the consumer/patients’ end of things, shared data across platforms and systems enables fast and accurate diagnoses, allowing hospitals to offer them the best possible outcomes. IoT sensors monitor patients and provide clinicians with real-time updates, allowing them to act fast when immediate care is needed. Physicians can also utilize predictive analytics to offer early intervention to patients who are at high-risk for chronic diseases. Machine learning algorithms can distinguish both positive and negative patterns in treatments for specific patients and recommend the best course of action, which enables health-care professionals to make optimal decisions regarding their care. Artificial intelligence also allows clinicians to spend more time interacting with patients, resulting in a much more personalized level of care. Providing patients with more accurate, personalized care not only betters their health overall, it can also potentially benefit them financially by reducing their treatment in the hospital, as well as their likelihood for readmission.

Business/Hospital Viewpoint

Real-time data offers quick intel on which resources are available in terms of both equipment and staff, enabling faster patient care and resulting in more efficient clinical workflow as well. In turn, this equates to less administrative work for clinicians and offers a healthier, more fulfilling work environment. Physicians can use the data to easily prioritize patients based on their individual needs and the level of severity of their condition. With early intervention helping to prevent long-term systemic costs, data can significantly reduce costs for both patients and hospitals alike. Consequently, lower costs equal higher profit and/or better allocation of resources. Additionally, from a marketing standpoint, appropriate care and exceptional service experiences lead to happy patients who become brand advocates with the power to lead other customers to those services. In the event a hospital visit is necessary, these satisfied consumers are also highly likely to entrust you with their loved ones over other hospitals they aren’t familiar with (or may have had prior negative experiences at, due to slow care, inaccurate diagnosis, a lack of personalized and/or face-to-face care, etc.). 

With all of that being said, having a successful data strategy in place is absolutely imperative! And this requires the right tools for the job 😉

DataLakeHouse serves as an end-to-end automated analytics tool with machine learning capabilities for advanced business decision making. To learn more about how your organization can make better business decisions with DataLakeHouse, get in touch with one of our team members by clicking below 👇

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