At present, the US healthcare industry alone spends $2.914 trillion annually. Moreover, there are around 16,792,074 workers in the United States. Healthcare is one of the world’s most vital sectors and due to the increasing level of demand in some branches of healthcare, reducing unnecessary expenditure and enhancing overall output and efficiency has never been more important. In some cases, these kind of improvements could mean the difference between life and death.
Fortunately, we are living in the midst of a digital revolution where it’s possible to use a wealth of accessible data to our advantage – and for hospitals, hospices, medical centers, homecare operators, and palliative care professionals, producing and working with a healthcare report is the answer. After already writing about the impact of Big Data in healthcare, we’re back with the importance of reporting in this industry!
According to a recent study, 63% of referring physicians are dissatisfied with their current referral process as a result of poor informational punctuality and inferior referral letter content. Also, 86% of errors made in the healthcare industry are administrative – an alarming discovery, to say the least.
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.
Why Healthcare Reporting Is Needed
Healthcare analytics are critical to the ongoing success of any organization operating within this broad and invaluable sector.
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 these following four 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
The Benefits of A Healthcare Report
By tracking these key insights and setting key performance indicators, your healthcare organization stands to benefit a great deal. Here are some notable examples of using business intelligence in healthcare:
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.
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.
Cutting down unnecessary costs
As mentioned, healthcare reports can also make healthcare operations far more economically efficient. By collecting and analyzing the 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.
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 report data can assist hospitals in offering information on 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.
Healthcare Report Examples And Templates
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:
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.
Patient satisfaction dashboard
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The potential showcase of your facility, the patient satisfaction 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.
Hospital performance dashboard
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By leveraging the power of clearcut 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.
“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 today means that no longer do vital organizations like yours have to shoot in the dark to enhance patient care and make critical decisions; in this digital age we have a deeper dimension of vision than ever before. Healthcare is one of the world’s most valuable services, and by gathering the right information from the right sources and understanding how to use it to your advantage, you have the power to make the daily lives of your staff, partners, and patients the best they can be. And, you can’t put a price on that.
To find out more about healthcare reports, hospital analytics and how we can help your organization, visit our dedicated healthcare analytics page or please connect with us. You can also directly try out our 14-day free trial!
We look forward to helping you reach the next stage of your journey.