Healthcare is one of the world’s most essential sectors. As a result of increasing demand in certain branches of healthcare, driving down unnecessary expenditure while enhancing overall productivity is vital. Healthcare institutions need to run on maximum efficiency across the board—in some cases, it’s literally a matter of life or death.
Despite this ominous message, we are living in the midst of a digital age. Rapid technological evolution means it’s now possible to use accessible and intuitive data-driven tools to our advantage.
For hospitals, hospices, medical centers, homecare operators, and palliative care professionals looking to improve operational efficiency, producing and working with a healthcare report is the answer.
We’ve delved into the impact of big data in healthcare. Now, we’re going to consider the importance of reporting in this noblest of industries.
Healthcare reports can help reduce errors, enhance the acquisition of vital patient data, reduce needless expenditure, and improve healthcare processes exponentially.
Like many of today’s most important industries, digital data, metrics and KPIs (key performance indicators) are a part of a bright and prosperous future - and a comprehensive healthcare report has the power to deliver in each of these critical areas.
Without further ado, let’s take a detailed look at reporting in healthcare.
What Is Healthcare Reporting?
Healthcare reports, or healthcare reporting, are a data-driven means of benchmarking the performance of specific processes or functions within a healthcare institution, with the primary aim of increasing efficiency, reducing errors, and optimizing healthcare metrics.
By utilizing interactive digital dashboards, it’s possible to leverage data to transform metrics into actionable insights to spot weaknesses, identify strengths, and predict events before they occur. This perfect storm of visual information ultimately makes healthcare institutions safer, more productive, and more intelligent.
In summary, healthcare analytics is critical to the ongoing success of any organization operating within this broad and invaluable sector.
To drive the message home: by leveraging a mix of advanced healthcare KPIs, insights, and online reporting tools, it's possible to not only obtain accurate facts that will benefit your organization, but this level of data can also lead to the discovery of fresh insights that can eliminate inefficiencies and achieve better health outcomes for your patients.
As a branch of business intelligence in the healthcare industry, healthcare reporting collects from the following five primary areas within the sector:
- Insights into claims and operational costs
- Metrics associated with pharmaceutical and research and development
- Clinical data gathered from continual patient care, electronic healthcare records (EHRs), and trials
- Important stats on patient behavior
- Predictive insights and data to create preventative strategies or initiatives to improve care and prescription processes in an ever-evolving landscape.
According to the World Health Organization, there is a one in 300 chance of a patient being harmed due to a healthcare-related administrative error. Comparatively, there’s a one in a million chance of being harmed in an airplane incident. This discovery alone provides a direct answer to the question, ‘why is reporting important in healthcare?’ Without healthcare data reporting, it’s unlikely healthcare institutions will ever reduce these figures to an acceptable level on a sustainable basis.
The Benefits Of A Healthcare Report
By tracking key healthcare data reporting insights and setting the right key performance indicators, your healthcare organization stands to benefit a great deal. Here are some notable examples and benefits of using business intelligence in healthcare:
1. Preventative management
One of the most striking elements of healthcare reporting and analytics is the ability to harness the power of historical and current data to spot potentially fatal medical issues in patients before they occur. This branch of predictive analytics in the healthcare sector is pivotal to enhancing the quality of patient care and improving mortality rates.
To highlight the preventative purpose of reports in healthcare, 60% of healthcare leaders confirm their organization has adopted predictive analytics in recent times, and more will follow in the coming years. This is a testament to the essential role of predictive analytics in the sector.
2. Disease monitoring
Elaborating on our previous point, the predictive analytics and insights found in healthcare reports can also help in placing surveillance on potentially large scale disease outbreaks, again by using a mix of past and present metrics or insights to ensure that the correct course of action or preventative measures are taken to control or contain the situation.
3. Cutting down unnecessary costs
As mentioned, healthcare reports can also make healthcare operations far more economically efficient. By collecting and analyzing operational metrics associated with your organization's daily healthcare expenditure in all primary areas from catering right through to patient medicine, data analysts can help medical institutions streamline their budgeting processes and make alterations or substitutions based on safety, ethics, and trust.
4. Diagnostic and therapeutic techniques
Earlier, we touched on a severe lack of accessible or timely patient data, as well as an alarming rate of administrative errors. Hospital analytics and reports give organizations the power to amalgamate clinical, financial, and operational data that determines the efficiency of their various processes, as well as the state of their patients, and the productivity of their healthcare programs. By gaining access to these insights, a healthcare institution can gauge which processes aren't generating desired outcomes, significantly improve wellness programs, and ultimately, reduce readmissions numbers.
Healthcare specialist Kaiser Permanente, for example, leveraged healthcare reporting to assess, survey, and analyze patients that were at the biggest risk of a potential suicide attempt, discovering that the top 1% of patients flagged were 200 times more likely to take their own life. This information proved invaluable in offering tailored therapy while taking all-important measures to reduce suicide rates.
Speaking on the subject, Gregory E. Simon, MD, MPH, a senior investigator at Kaiser Permanente, said:
“We demonstrated that we can use electronic health record data in combination with other tools to accurately identify people at high risk for suicide attempt or suicide death.”
5. Patient wellbeing
Healthcare report data can assist hospitals in offering information on an individual patient basis. By doing so, a healthcare institution can give their patients tailored advice on how they can maintain a healthy lifestyle based on their medical data and biometric vitals. Not only is this priceless to providing superior levels of patient aftercare, but again, it's also a giant leap in helping to reduce readmission rates.
Dynamic, real-time data can also provide patient alerts if someone is under your care and at risk of a potentially harmful or fatal event. Although this falls under the remit of predictive analytics, it’s worth mentioning here, as managing a patient’s health with consistency is essential to their wellbeing. Once they leave your institution, you can use this wealth of data-driven insight to provide a level of aftercare that offers the very best personal, physical, and mental wellbeing.
6. Practitioner performance
A healthcare report can shed unbiased light on how your practitioners and medical staff are performing – an essential point on how management reporting can help improve the operation of the hospital.
With a healthcare industry report, it’s possible to accurately evaluate the performance, efficiency, and effectiveness of healthcare staff at the point of delivery. With sustainable performance evaluations, in addition to healthcare industry report metrics related to patient wellness and satisfaction, you can leverage a medical-based performance dashboard and data analytics to provide ongoing feedback on your practitioners, offering training and support where necessary.
Ultimately, this will improve patient satisfaction levels, reduce unwanted errors, and could even save lives.
7. Staffing strategy
Expanding on our previous point, in addition to evaluating practitioner performance with transparency, healthcare-centric online data analysis can also help to identify any internal bottlenecks or inefficiencies that are proving costly to the institution while hindering patient care.
A valued and well-organized workforce is more than likely to perform consistently well while reaching or even exceeding its targets.
By setting clear-cut KPI benchmarks and monitoring trends, you will be able to see where you might need to redistribute or restructure departments and optimize your complete HR analytics strategy. This, in turn, will enhance the success of your institution.
“We are moving slowly into an era where big data is the starting point, not the end.” – Pearl Zhu, author of the “Digital Master” book series.
Healthcare Report Examples And Templates
At this stage of our journey, we’ve answered the question, ‘why is reporting important in healthcare?’ However, while you know the benefits of healthcare analytics, the best way to understand the value on a practical level is by exploring real-world examples.
That said, when it comes to a healthcare report that yields results, there are a host of metrics or KPIs that can help improve the overall efficiency of your institution. Here we're going to explore the main areas of value:
1. Hospital KPI dashboard
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While there is a wealth of data available to modern healthcare providers and institutions, with so much generated from a number of different departments, specific key metrics can become fragmented, causing many important insights to remain unused or untapped.
For transparency, efficiency, and to ensure every element of data is used to its maximum potential, a centralized hospital KPI dashboard is the greatest ally in your quest for success.
Main hospital dashboard KPIs
- Treatment costs: An economic management-based KPI that helps healthcare providers calculate the amount of money an average patient costs.
- ER waiting time: The ER waiting time KPI measures the length of time a patient arrives in the ER right through to the moment they see a physician. This metric needs to be monitored closely over time to identify trends and iron out any odd spikes in wait time.
- Patient wait time: The length of time a patient has to wait for treatment or consultancy is a critical factor in patient contentment levels. This KPI quantifies and displays the average length of time a patient has to wait from registration to treatment. By reducing wait times, you stand to increase your patient satisfaction levels in a big way.
2. Patient satisfaction dashboard
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The potential showcase of your facility, the patient satisfaction BI dashboard helps to translate the efforts you put in welcoming and treating your patients in addition to the degree of safety in which you carry out your patient-facing tasks.
Insights of this nature can help significantly improve the safety of your practices as well as your levels of communication with the people passing in and out of your doors. Patient satisfaction is of vital importance, so it’s worth measuring.
Main patient satisfaction KPIs
- Patient satisfaction: A top priority for any healthcare organization, the patient satisfaction KPI provides a deeper look at overall satisfaction levels based on wait time, nutrition, care and processes. A mix of patient feedback and valuable satisfaction-based metrics will help you make all-important changes to your organization, helping you to improve satisfaction levels on a consistent basis.
- Patient safety: A pivotal component of any healthcare reporting dashboard, this particular KPI provides a deeper understanding of your institution's capacity to deliver quality care to its patients, keeping them safe from contracting new infections, postoperative complications, or any form of sepsis.
- Patient waiting time: This will provide the same data and insights as the same KPI metric included in the hospital KPI dashboard.
3. Hospital performance dashboard
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By leveraging the power of clear-cut targets and pre-defined outcomes, the hospital performance dashboard offers the kind of visualizations that can significantly enhance all key areas of your healthcare institution.
From patient care right through to staff management, this centralized data source provides the information you need to ensure your institution is a sustainable success.
Main hospital performance dashboard KPIs
- Average hospital stay: An overall measurement of the time spent, on average, by a patient admitted to your institution.
- Readmission rates: The readmission rate KPI offers an insight into the number of patients that return to your institution shortly after being released. This KPI is particularly effective as it provides a gauge on the level of care that has been offered as well as how it can be enhanced.
- Costs by payer: An insight that evaluates the distribution of costs among various organisms, costs by payer assesses the healthcare providers that are covering the care of your patients. By understanding this metric, you can gain priceless insights into overall patient satisfaction as well as cost efficiencies.
4. Patient dashboard
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Last but not least in our rundown of real-world healthcare analytics examples, we arrive at our essential patient dashboard.
This visually-cohesive melting pot of healthcare data offers a window of insight into key areas of patient logistics, including bed occupancy rates, patient costs, and follow-up rates. This is an invaluable tool for busy medical departments such as geriatrics, gynecology, internal medicine, pediatrics.
With this cutting-edge patient dashboard, no informational stone is left unturned. As such, this is an essential tool for wift, accurate decision-making as well as long term strategic planning. It can foster efficiency and even save lives.
The patient dashboard is designed to help you provide an exceptionally high standard of patient care across the board while responding to constant change - and when it comes to healthcare, that is priceless. Let’s dig a little deeper.
Main patient dashboard KPIs
To put the power of this essential medical dashboard into perspective, let’s look at its primary KPIs:
- Bed occupancy rate: This trend-based KPI gives a clear indication of hospital bed availability over specific timeframes. By monitoring this regularly, you will be able to balance availability across departments while reducing pressure on your institution.
- Medical equipment utilization: This essential visualization will show you which tools you’re utilizing the most to help you understand internal supply and demand on a deeper level.
- Patient drug cost per stay: This most striking of KPIs is invaluable for improving financial efficiency and growth on a long-term basis. It’s a brilliant tool for departmental funding allocation.
"The price of light is less than the cost of darkness." - Arthur C. Nielsen, Market Researcher & Founder of A.C.Nielsen
The wealth of healthcare data available in today’s digital world means that integral institutions like yours no longer have to shoot in the dark or make potentially costly estimations to improve patient care and make vital decisions when they matter most.
Now, you can make informed choices about how your organization is run while responding to issues or emergencies in real-time with transparency, confidence, and diligence. The age of information is here, and there’s no going back.
Healthcare is one of the world's most invaluable services - you simply cannot put a price on health and wellbeing. By working the right metrics from the right places and understanding how to transform insight into action, you will improve the lives of your staff and patients while gaining the ability to respond to constant change. You will make your medical institution better, make a difference, and continue to provide a service you can be proud of.
To discover more about healthcare reports, medical analytics, and how we can help your institution thrive, explore our dedicated healthcare analytics page or connect with us. You can also try our 14-day free trial!
We look forward to helping you take those first steps towards digital enlightenment.