In these audiograms, taken from Episode 8 of The Healthcare Leadership Experience, Lisa Miller is joined by Adam Lorton to discuss the importance of data analysis and population health.
Audiogram A
Hospitals need accurate data to operate efficiently
Even the simplest data, for instance, how many covered lives are in each contract, is a good place to start. But hospitals also need to quantify the money flowing through each contract and how much of that is variable. Full risk arrangements are easier to quantify, fee-for-service contracts are adjusted based on your hospital’s outcomes. That is harder to evaluate without accurate data.
Audiogram B
The true costs are found in the line-item details
Manual analysis of every single line-item on a report takes time and resources. Yet we expect healthcare leaders to take decisive action based on those reports without question. These decisions affect thousands of patients and employees, as well as millions of dollars of expenses. Decisions must be based on a solid foundation and accurate data. That data is in the line-item details of your reports and invoices.
Audiogram C
Data analysts offer a high ROI for health systems
Data analysts can influence the direction of your organization. High performance hospitals are driven by the data, which powers the critical decisions that healthcare executives make around patient care. That data is generated by the analysts affecting millions of dollars of spend. For hospitals reflecting on the ROI of a data analyst, I would encourage them to consider it through that lens.
Audiogram D
Every health system needs full visibility into their costs
All hospitals are trying to bend the cost curve, to deliver better patient care at lower costs. That inevitably means cost targets will be reduced every year but the question for most hospitals is, are these targets achievable, or even reasonable? A good analyst will answer those questions. Forgetting to answer them would be a mistake.
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