Internally managing spend analytics can help hospitals reduce costs.
2 reasons why:
1. Focused effort:
Once you have this core competency within the hospital, you can have a staff whose job is 100% focused on identifying opportunities and pushing them out to different departments or people to be implemented.
2. Real-time dashboard:
Having a dashboard of high-spend items such as high-cost plants or service items will allow you to capture these high-cost variations as they're happening.
This will allow you to find out what's going on, make adjustments, and course correct.
One business intelligence software dashboard we recommend is Microsoft Power BI. It’s easy to use, well structured, and HIPAA compliant.
Let me know if you found this helpful!
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