Advanced data analytics have become imperative in today’s value-focused environment as healthcare leaders work to position their organizations to succeed under evolving risk-based payment arrangements. Healthcare providers must have infrastructure and tools to be able to examine the growing wealth of data and identify key insights that will drive high-value care—i.e., high-quality, lower-cost, patient-centric care—under Medicare, Medicaid, and commercial payment arrangements.
Many healthcare organizations already are addressing cost-improvement opportunities in the supply chain and other nonclinical areas. The next critical cost-reduction phase involves taking an in-depth look at clinical care, using data analytics to sustainably improve patient outcomes and efficiencies. Healthcare finance leaders can gain valuable insight from organizations that are at the forefront of such efforts.