More and more, healthcare is becoming a consumer-driven environment. Thanks to provisions found in the Affordable Care Act (ACA), the industry is shifting from volume-based to value-based models of reimbursement. And with the establishment of the health exchanges, patients are being given even more choices when it comes to selecting coverage that most suits their budget and needs. Additionally, websites offering ratings of facilities and individual physicians are giving healthcare a consumer feel to match other industries.
In a recent article, Robert E. Watson, President and CEO of Streamline Health, addresses this trend of consumerism in healthcare and explains that providers that can successfully leverage their financial, operational and clinical analytics will be the most successful in this new environment. The ability to access data from disparate systems in real time and drill down into key areas to gain meaningful, actionable insights is critical. Leadership should give special attention to data related to:
• Costs of services
• Labor costs
• Materials costs
• Readmission levels
• Payer mix
• Accounts receivable
• Referral patterns
As healthcare consumers become more cost-conscious due to an increase in high deductible health plans, providers must use this information to not only prove their value to prospective patients when it comes to both cost and outcomes of care, but they must also ensure their own financial viability. A solid grasp on an organization’s own performance clinically, financially and operationally will allow it to remain competitive with its peers, retain patients, and attract new patients to its facility.
For more on the shift to consumerism in healthcare, how providers must leverage data analytics to manage the trend, and what organizations should look for in an analytics solution, please read Watson’s full article, which was published by Becker’s Hospital Review.