A recent study of hospital operating margins confirmed the importance of a new growth strategy to ensure fiscal sustainability and meet the needs of the population you serve.
Capturing all data across the enterprise and making sense of the data you have is a must. You look for data-driven insights that are key to new growth, ROI, and greater operational efficiencies.
This requires aggregating charge and payer data by service line utilization and revenue, and population health data by its key metrics.
Distilling charge, payer, and population health data into keen insights and takeaways will confirm the effectiveness of current strategies while also identifying potential targets of opportunity.
Data-driven insights of the impact and trajectory of variation and change in service line utilization can also confirm how consumers are choosing to become new patients at the hospital. This has value in optimizing the digital platform and accelerating telehealth growth.
An effective deep data-dive also produces useful insights for new wellness initiatives. A fresh data analysis should do the following:
1) Sort the YTD patient book-of-business by service line utilization, billings, and net revenue
2) Sort patient demographics by age, diagnosis, treatment, co-morbidities, and social determinants of health if applicable
3) Apply an overlay reflecting physician recruiting and retirement, support staff changes, the addition of new technology, and notable market change
4) Compare YTD metrics with those from recent fiscal years, including the last full fiscal year before the pandemic
5) Isolate net change in utilization and revenue per service line, department, and patient demographic from the earliest fiscal operating period to the current one
A fresh data analysis will confirm service lines that are strong, those emerging as strong contributors, and those that need strengthening. This will identify physician and support staff needs moving forward. Plus, data takeaways from patient demographic change and variation will confirm how to tailor a new wellness initiative to the communities you serve.
New strategic growth is key and it is attainable.
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