In an increasingly complex healthcare environment, physicians must base financial strategies on more than assumptions and anecdotes. They need analytics. Frank Cohen presents a solid case for analytics in a recent Physicians Practice webinar, entitled Analytics Do Nothing for Your Practice’s Health – True or False?. People often use limited information – what they think is true – to make management decisions. This approach can lead to three pitfalls: Failure to observe – assuming you know what the problem is without seeing what is really happening Failure to plan – assuming you know how to fix a problem without first finding out what is causing it Failure to validate – assuming the action you have taken to fix the problem has worked without measuring it Diagnosing financial issues with evidence When physicians first assess patients, they may have some intuitive […]
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