With recent advancements in technology, healthcare providers have access to an abundance of data. From patient demographics to lab results, valuable information is at the tip of any physician’s finger, and how they use it makes all the difference. For healthcare practices that want to remain relevant and financially sustainable, integrating this information into their operations in order to make decisions is critical. Through data-based decision-making, physicians have the power to not only improve efficiency, but also reduce costs in the process.
Here are a few ways in which data-driven decision-making saves money for healthcare practices!
Identifying High-risk Patients
Data analysis helps identify high-risk patients who have a higher chance of developing chronic illnesses or require frequent hospitalizations. By identifying such patients, doctors can provide timely intervention and proactive care, which can prevent the progression of their condition. The cost of providing preventive care is much lower than the cost of treating chronic illnesses, so data-driven care can ultimately help save costs for healthcare practices.
Reducing Readmissions
High readmission rates are a significant financial burden for healthcare providers. By analyzing patient data, healthcare providers can identify common reasons for readmission and implement measures to prevent it. For example, data analysis might reveal that patients who receive follow-up care within seven days of discharge are less likely to be readmitted. By implementing such measures, healthcare providers can significantly reduce readmissions and the associated costs.
Optimizing Resource Allocation
Data analysis helps healthcare providers identify resources that are being underutilized and allocate them where they are most needed. For example, data analysis can help identify times during which there is an excessive demand for lab tests, and healthcare providers can hire additional staff or extend timings to accommodate the increased demand. This can help reduce wait times, increase patient satisfaction, and ultimately save costs for healthcare practices.
Reducing Medication Errors
Medication errors are costly in terms of both patient care and healthcare provider liability. By using electronic health records and data analysis, healthcare providers can identify which medications are most commonly prescribed and which ones have the highest rate of errors. By understanding this information, healthcare providers can implement measures to reduce medication errors, which can ultimately save costs by reducing the need for corrective action and potential litigation.
Capturing Social Determinants of Health
Social determinants of health (SDOH) are the conditions in which people are born, grow, live, work, and age that significantly impact their health and wellbeing. According to recent studies, these non-medical factors account for almost 90% of a person’s overall health. When practices regularly capture SDOH, they have valuable patient data to make decisions that reduce costs associated with treating illnesses and chronic conditions. By investing in preventative measures such as community outreach programs and education, practices proactively decrease the number of hospitalizations and readmissions. Additionally, decisions driven by SDOH can help reduce the need for expensive interventions, medications, and surgeries. Integrating SDOH into healthcare strategies results in cost savings for providers, all while improving the overall health of the communities they serve, so every practice should make a conscious effort to capture this data and use it wisely.
Data-based Decision-making With DocResponse
Patient engagement platforms have revolutionized healthcare by promoting data-based decision-making through more efficient clinical documentation. In particular, DocResponse has a range of features to capture, store, and analyze patient data, making it easy for healthcare providers to create a comprehensive, accurate picture of each patient’s health status. This data enables clinicians to identify patterns, trends, and potential problems, which can inform their treatment decisions and reduce costs overall.
Moreover, DocResponse allows healthcare teams to collaborate and share data across departments and care settings by integrating seamlessly into EHRs with real-time updates. This data sharing promotes continuity of care and prevents duplication of efforts among different healthcare providers. As a result, patients receive better quality care that is tailored to their specific needs, preferences, and medical histories, all while preventing unnecessary spending.
Data-driven decision-making is rapidly becoming an essential aspect of healthcare, and DocResponse helps streamline this task. By providing instant access to critical data, DocResponse enables providers to make data-based decisions that improve outcomes and significantly save money. With this powerful tool, providers can provide more effective and personalized care and improve the overall health and well-being of patients.
Interested in improving your data-based decisions with DocResponse? Schedule a demo to learn more!