As health care moves away from fee-for-service to value-based care models, hospitals need better tools to compete. We recently published two eBooks, one about the key trends defining a new healthcare marketplace and one about the importance of critical analytics.
You may be asking yourself: Does my hospital have the financial analytics capabilities to succeed? Take this quiz and see.
1. The CMIO asks for a cost report on readmissions, organized by diagnosis and physician. Can you give it to her?
2. You suspect one physician is underperforming on profitability. Can you compare his performance with others in his peer group and drill into the data to determine clinical or operational improvements to course correct?
3. Before ordering a knee replacement device, a physician asks if you have any comparative cost to outcomes data to help negotiate with the vendor. Is that something you have on hand?
4. Your organization has just completed its strategic plan based on a series of complex assumptions. Can you connect it in a tangible way to your operating budget?
5. Have you identified costs and margins by chronic disease population your organization serves including those patients not coded as such, but with clinical indicators.
6. You’re about to negotiate contract rates with a major payer, who believes your admission rates are increasing. Can you walk into that meeting with a report that shows the real story?*
7. Your organization launched asthma education programs to increase the number of patients in control of their disease. Can you model the financial impact as this population moves out of high-risk categories?
8. One team would like to expand services with new equipment and staff. Can you model the financial impact of this investment?
9. Can you provide insights at the point of care about treatments that achieve equal or better clinical outcomes at a lower cost?
10. Do you know that you are getting reimbursed at the rates you agreed to for every service with every payer?
*Editor’s Note: For more on a real-life example of this, see this blog post: How Allscripts EPSi helped one hospital recover $4.5 million