In Episode 24 of The Healthcare Leadership Experience, Lisa is joined by her producer, Lisa Larter of The Lisa Larter Group, to discuss healthcare analytics.
Audiogram A:
Spend analytics looks at a couple of things. It looks at implant spend, supply spend, and purchased services spend, which leads us to look at pricing. What is going on month to month? What are your 25 high-cost supply items? What are your 25 high-cost service items? Dig deeper and ask if the department leader can tell you the 25 highest cost items in their department service items? These questions require you to have a historical view as a baseline and then, from the baseline, measure and monitor the spend analytics in your hospital.
Audiogram B:
How do you reduce readmissions? Your data will help you see the causes for patients being readmitted and then implement changes for better care intervention. For example, if 60% of your hospital's readmissions are due to patients not taking their medicine, you can decipher which programs can be put in place to reduce the root cause strategically. Use analytics as your guide, interpret the data wisely, and take corrective actions to be innovative with your solutions.
Audiogram C:
Every hospital needs to have excellent competency around spend analytics initiatives. To achieve this, you need to focus on your non-labor spend. Every month, look at variations, opportunities, and ways to analyze actual month-to-month measurements and monitoring.
Audiogram D:
Purchased services account for 50% of the non-labor spend. The problem is that hospitals cannot get to the line item details with automation. They can only get that information by going to the invoices, reviewing them manually, and typing them into Excel. However, this can cause items to be missed. That's why we created our patented technology that extracts the invoice details and analyzes them to their contract and has all the spend analytics. Hospitals can then have an easier time examining analytics, evaluating contract compliance, building an RFP, renegotiating, and seeing the trends.
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Recommended Playlists:
Data Analytics - https://www.youtube.com/watch?v=9vAZJtC8gWs&list=PLgrQkbpxRHsxRjr6sU-2wlx0CpNyqaCU-
Hospital Supply Chain - https://www.youtube.com/watch?v=gqbYXSXtPd8&list=PLgrQkbpxRHsw8QbmxIbg8DaRGf69zTzC9
Audiograms - https://www.youtube.com/watch?v=wZTZVcYh7xc&list=PLgrQkbpxRHswFXiOrxoVDoG0djWGGkbEw
Invoice ROI™ - https://www.youtube.com/watch?v=8ln1GQRqmoY&list=PLgrQkbpxRHsz0Qmnpmii6GXm0Shpu7iT3
The Healthcare Leadership Experience Podcast - https://www.youtube.com/watch?v=gI2eJQgqAYs&list=PLgrQkbpxRHsyWomPfDD-k1rSgSJWGImA1
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