The problem: Healthcare providers are in a continual struggle to balance the conflicting goals of how to enhance the quality of their care while maintaining profitability. They must deliver superior care to ensure the best possible patient results while minimizing administrative and clinical expenses. However, their often complex information technology architectures – which include not only administrative applications, billing and accounting packages, clinical management systems, but also unstructured data, make it difficult to gain insights into the factors that can help define strategy and improve decision-making.
Solution: Predictive analytics combines powerful, fully automated discovery and analysis technologies that give healthcare organizations an unhindered view of their patient care and revenue activities, so they can use their enterprise data to improve all facets of their operations, such as ordering supplies, setting schedules, defining patient treatment plans, and managing budgets and billing procedures. Analytical data can also be used to identify overdue monies from patients, opportunities for collecting missed income, including claims that have been wrongfully rejected by payers.
Hospitals using advanced predictive analytics technologies have the ability to discover patterns and trends within own operations to help them cope with their internal pains while they understand the drivers behind revenue cycle management, treatment outcomes, readmissions and patient satisfaction. These models can then be deployed to predict future revenue generation trends, patient admissions, bed utilization, length of stay, and other metrics that can be used to predict future behaviors.
When predictive analytics are applied to healthcare challenges, they can help providers make more informed financial, administrative, and clinical decisions based on their specific experiences and data. These decisions can result in higher profitability, reduced costs, improved quality of care, and a maximized ROI on the provider’s efforts.