We are all looking for enhancements that will add value to our healthcare value analysis process without adding more time, work or resources to generate even greater savings yields, or quality and safety improvements. The easiest, most foolproof and decision driven way that we have discovered to meet this goal is with data analytics. Specifically, below are three useful data analytics that can change the way your hospital value analysis teams do business:
- Historical Analytics: Looking back year-over-year into the usage of your products, services and technologies can detect big changes in the usage patterns of your commodities. When anomalies are discovered this is an ideal opportunity for your value analysis team to revisit these cost drivers.
- Utilization Analytics: We can assure you that you have waste and inefficiencies in your supply streams. Employing supply utilization analytics to uncover these outliers is the quickest way to rein in these unwanted and unneeded costs.
- Savings Validation Analytics: A savings isn’t a savings until it is validated. This is why validation analytics is so important; It is needed to ensure that your hard earned savings that you reported to your senior management really happened.
No longer should your value analysis teams be guessing where they can save money, beyond price and standardization. It should be a scientific process that involves data analytics to lead the way. That’s how you keep your savings, quality and safety improvements progressing.
If you are looking for innovative VA and Utilization Tools, please sign up for a no cost no obligation demonstration to see how you can take your program to a whole new level.