Hospice Business Intelligence and Analytics: What Hospice CEOs Need to Know

With the abundance of data sources, both internal and external, hospice organizations need to leverage this data to optimize operations and improve financial outcomes. However, the lack of internal skill sets necessary to transform data to useful, accurate reporting and dashboards becomes a challenge for many hospice organizations. In this blog, we will explore the benefits of utilizing a Business Intelligence and Analytics platform to enable hospice CEOs to make data-driven decisions and improve organizational performance.

The Business Intelligence Challenge for Hospice Organizations

Hospice organizations face competing pressures on recruitment of staff, downward pressure on reimbursement rates, and pressure to produce higher quality outcomes. To address these challenges, hospice organizations need to leverage their data to find opportunities for improvement. However, there is often a gap in the internal skill sets necessary to quickly transform data into useful, accurate reporting and dashboards. This creates an information desert, where data is available, but not leveraged effectively to optimize operations and financial outcomes.

The Solution

Freed Maxick's Business Intelligence and Analytics platform is a pre-built set of dashboards that tap into hospice organization's EMRs and automate the extraction of data on topics such as Growth, Revenue Cycle, Quality & Compliance, and Financial results. This "Business Intelligence as a Service" approach results in the delivery of dashboards and infrastructure to support it all to key stakeholders for less than the cost of an FTE. The platform is supported by a hospice consulting team with expertise in supporting hospice and palliative care providers.

Benefits of Using a Business Intelligence and Analytics Platform for Hospice Organizations

• Improved Decision Making - Having access to real-time data, presented in a user-friendly dashboard, enables hospice CEOs to make data-driven decisions. CEOs can quickly identify areas of improvement, evaluate the effectiveness of implemented strategies, and adjust accordingly.
• Cost Savings - Building an internal Business Intelligence and Analytics platform can be expensive, both in terms of hardware and software investments and the necessary skill sets required to develop and maintain the platform. By utilizing Freed Maxick's Business Intelligence and Analytics platform, hospice organizations can save on these costs while still having access to a robust data analytics solution.
• Improved Organizational Performance - With real-time data and insights, hospice CEOs can identify opportunities for improvement in operations, financial outcomes, and compliance. This results in improved organizational performance and patient care.

Contact the Hospice Consultants at Freed Maxick

Hospice organizations face complex challenges that require data-driven decision-making to succeed. Utilizing a Business Intelligence and Analytics platform can provide hospice CEOs with real-time data and insights necessary to optimize operations, improve financial outcomes, and provide high-quality patient care. Freed Maxick's Business Intelligence and Analytics platform offers a cost-effective solution with pre-built dashboards and consulting support to meet the unique needs of hospice and palliative care providers. For more information on our hospice consulting services, visit HospiceByFM.com.

This was sourced from https://hospicenews.com/2023/04/12/going-forward-hospice-ceos-must-be-well-versed-in-data-analysis/.