There’s a big difference between having data and having the right business analytics. Ask yourself, does your hospital have access to analytics that help you find and act on opportunities in your market? We created this quick checklist, so you can see if you have what you need to make fast, smart and strategic business decisions.
What’s the difference between data and analytics?
Here’s the story: Data derived from decision support or financial systems provide snapshots in time. This information enables access and reporting. These are, say, the number of cardiac patients referred by primary care or last year’s revenue from MRIs. Analytics, on the other hand, tell the story of current volume and revenue, competitive positioning and market potential, such as the potential impact of adding a new ambulatory imaging center in the market.
Where analytics can take your healthcare organization
Are you faced with questions like, “Will the trend in cardiovascular volume continue?”, “If we recruit a vascular surgeon, what impact will that have on the five-year forecast?” or “Why is mammography volume down at one of my hospitals?”
Answering these types of questions requires not only data, but business analytics that show growth opportunities, identify trends and use predictive models to see whether those trends will continue. This will help you answer tough questions to drive strategic and profitable growth.
What you need: Your business analytics checklist
What should you do with the list below? Read it and ask yourself: “Do I have this kind of information?” Then, read it once more and think for a few minutes about the possibilities analytics can offer your organization.
[ ] Data that is consistent and available in real-time
Ever been in a meeting where you needed data for discussion but had to wait weeks for the report? You need the ability to make quick queries and analyze trends when decision makers are at the table.
[ ] Data is relevant, current, and easily accessible
Can you access up-to-date data that’s relevant to your market, the situation, and your business problem? Without special training? (And without reminding the guy who knows SAAS that he owes you a favor. )
[ ] Data that links strategy to organizational function
Data for the sake of data doesn’t get you anywhere. Data that’s relevant to you, past, present and future, will move your organization from “analysis paralysis” to a defined strategic path.
[ ] An integrated data warehouse
If you’re working with four or five different data sources, you know how difficult and time consuming it can be. You spend more time hunting and gathering data than creating strategies for growth. Success comes with having demographic, state, patient and forecasting data in one easy place — ready when you need it.
~ Checklist compiled by Brandon Roger, CPM’s VP Of Planning & Forecasting Systems and Kira Sparks, digital communications.