Question

Evaluate and discuss clinical and business solutions for hospital improvement. Include in your discussion improvement of outcomes, reduction in costs, optimization of payment, and improvement in the overall patient experience.

Answer 1

Answer: Although hospitals and health systems have long monitored financial and operational data, the difference comes with tracking clinical data. This includes information such as a patient’s diagnosis, treatments, prescriptions, lab tests and hospitalizations. Clinical analytics can quantify everything from patient outcomes to readmissions and emergency department visits, to wait times and utilization of high-cost services. This new level of insight and transparency is good for both clinical outcomes and for business. In addition to setting internal benchmarks to measure cost and quality performance, for instance, clinical analytics also can help an organization compare how well it stacks up against its competitors and use that data to negotiate better payer contracts. It gives hospitals the ability to quickly make strategic decisions to improve clinical quality, reduce costs, optimize resources and enhance their competitive positions and hospitals have already begun to embrace clinical analytics and that means their patients can enjoy a life well-examined. With that will come lower costs, reduced readmissions, improved outcomes, and a better overall patient experience.