Digging deeper: Leveraging analytics to boost service line profitability
Regardless of the size of the hospital or health system, you need to look beyond traditional operational metrics to fully understand your organization’s performance. Insights into revenue, volume, cost, quality and variation across service lines are key to improving both performance and profitability.
Analytics plays a pivotal role in making data accessible and visible to those who need it most. With a comprehensive view of performance across the organization and departments, clinical and financial leaders gain a shared view of outcomes that can help them make even smarter operational decisions. Analytics gives you the ability to pinpoint areas of wasteful spending and inefficiency—so you can have more informed conversations with physicians to address practice variation.
Evaluate service line profitability
Leveraging a service line analytics strategy, hospitals and health systems have the power to analyze costs, margins, utilization and physician practice patterns within and across service lines, departments and specialties. As you evaluate service lines for opportunities, it’s important to consider three things:
- Examine trends to lead to improved standardization of care
- Prioritize high volume procedures with high variability in cost
- Leverage data for collaboration with providers around demonstrated best practices
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