The Healthcare Leadership Experience
Healthcare Analytics | E.24
The value of analytics and knowing your numbers so you can make smart, strategic decisions for your hospital or healthcare system.
Episode Introduction
In Episode 24 of The Healthcare Leadership Experience, Lisa is joined by her producer, Lisa Larter of The Lisa Larter Group, to discuss healthcare analytics.
As Lisa observes: ‘‘Purchased services is about 50% of a hospital's non-labor spend. It is enormous. You cannot push a button and run a report and get line item details. So if you can imagine the challenges for analytics…. contract compliance… to build an RFP, to renegotiate, to see trends that are happening, it's impossible.’’
This episode is sponsored by VIE Healthcare Consulting® which has proudly helped hospitals save $772 million since 1999.
Show Notes:
Why a historical baseline of 12 months is the absolute minimum to go forward in cost analysis – and why thinking in averages is flawed. ‘’If the cost is going up the average doesn’t show you that. … we look at trends … averages in analytics can be dangerous.’’
The impact on your hospital margins of inflation. ‘‘If all of your spend had a 3 or 5% increase, what does that mean for your bottom line?’’
Why every hospital needs competency around spend analytics to build a cost savings pipeline.
How physician cost awareness can impact your hospital margins (and the study that revealed a 13% cost gap between cost aware physicians and those who weren’t). ‘’The power of analytics is that we become cost aware.’’
How your data tells a story and how you can ultimately use that data to impact the patient experience and your hospital’s cost savings goals (Hint: It’s not all about dashboards).
Four areas to get started in healthcare analytics. ‘’It's better to be successful in one or two areas and build from that than be overwhelmed.’’
Why the biggest challenge in understanding the cost savings in your purchased services spend is getting to your line item details – and why you can’t get to accurate numbers without automation. ‘’The number one question that everybody should be asking is how can you help us with the line item details?’’
Discover the cost savings hiding in the line item details of your purchased services spend with VIE Healthcare’s patented technology Invoice ROI™.
Plan your pipeline of cost savings opportunities in 2022 in Episode 22 of The Healthcare Leadership Experience.
Connect with Lisa:
📧 lmiller@viehealthcare.com