When it comes to the healthcare field, most professionals understand that the field is changing more rapidly than ever. The businesses, hospitals, and physician practices that are going to survive in this mercurial landscape are those that are best equipped to change with the landscape itself. With the field of analytics in mind, the Analytics Conference of 2018 is quickly approaching. Those who are looking to maximize the benefit of healthcare analytics should consider attending for several reasons.
Information on the Latest Technology Regarding Analytics will be Presented
In the healthcare field, time is money. Time can make the difference between patients living and passing away and quicker decision-making can help a hospital remain
wieldy even in a field rife with obstacles. Examples of new technology that will be presented include technology that is able to automate a significant amount of the analytics and technology that can help identify trends across floors, departments, and hospital networks when it comes to patient metrics and relative value unit (RVU) generation. This technology is important because it can automate a significant amount of the data analysis and help hospital executives make faster decisions. Quick decision making is key because it will keep hospitals and patient practices ahead of their competition.
Learn More About how Analytics are Used in the Present Day
Most people understand that certain analytics, such as morbidity and mortality rate, are going to be tracked closely by almost every insurance provider; however, how insurance companies use these analytics will change regularly. Furthermore, certain insurance providers may place different levels of priority on different analytics. It is important for hospitals and physician practices to remain up to date on how these analytics are being used by the various insurance providers and how these analytics impact the bottom line of physician practices and hospital networks. Metrics such as “bounce-back” rate, the length of stay, and time to treatment are examples of common analytics that are prioritized by various insurance companies.
How can Hospitals and Physician Practices Quantify Return on Investment in Analytics?
Ultimately, physician practices and hospital networks care about analytics because they heavily impact the revenue generation from patients and tests. While analytics do impact the bottom line, they aren’t without overhead costs. It is important for physician practices and hospitals to quantify their return on investment (ROI) from this analytics because analyzing analytics is a costly practice that must return some kind of profit; however, it can be challenging to quantify this profit. What is the best way to quantify this metric? How can hospitals and physician practices efficiently alter their analysis to improve their ROI? All of this will be discussed at the Healthcare Analytics Summit of 2017.
Ultimately, these are only a few of the many benefits that physicians, hospital executives, and healthcare professionals can glean from attending the Healthcare Analytics Summit of 2018. Valuable information regarding analytics will be discussed and healthcare professionals will be able to apply this information to their everyday jobs for the benefits of both their revenue generation and their patient outcomes. The summit will take place from September 12th to September 14th at The Grand America Hotel in Salt Lake City, Utah.