Achieving Cost Reduction Through Data Analytics

The reimbursement structure of the US health care system is shifting from a volume-based system to a value-based system. Adopting a comprehensive data analytics platform has become important to health care facilities, in part to navigate this shift. Hospitals generate plenty of data, but actionable analytics are necessary to help personnel interpret and apply data to improve practice. Perioperative services is an important revenue-generating department for hospitals, and each perioperative service line requires a tailored approach to be successful in managing outcomes and controlling costs. Perioperative leaders need to prepare to use data analytics to reduce variation in supplies, labor, and overhead. Mercy, based in Chesterfield, Missouri, adopted a perioperative dashboard that helped perioperative leaders collaborate with surgeons and perioperative staff members to organize and analyze health care data, which ultimately resulted in significant cost savings.