We all know healthcare is rife with waste. Fortunately, many healthcare costs can now be reduced and/or eliminated through the use of data and analytics. Here are five areas where hospitals can leverage data to identify and avoid wasteful spending:
- CMS compliance
- Processing claims
- Hospital readmissions
- Project management and planning
Big data is big, and it’s getting bigger every second.
And that’s just the tip of the iceberg. Think of all the money hospitals could save by avoiding a whole host of unnecessary costs. Money that those hospitals desperately need to remain competitive. Money that could be directed instead to better patient care. Exciting, right?
But here’s the rub: To reduce such costs, hospitals don’t just need the data; they also need the know‐how to use it. Today, most healthcare organizations have a growing tsunami of data. But turning that data into actionable information isn’t easy. It requires a high-level of expertise in data analytics, a level that many healthcare organizations simply don’t have.
Big data is big, and it’s getting bigger every second. But while many industries—from telecom to financial services to social media—have been leveraging big data for years, healthcare has been slow to adapt. As we enter 2015, however, all hospitals must figure out how to extract top value from their data. In today’s fast-paced world of big data and big changes, hospitals and health systems that embrace data analytics will gain competitive advantage, reducing costs and improving care. Those that don’t will quickly fall behind, and ultimately fail.