As the healthcare landscape continues to shift, adopting and evaluating the metrics that get you from point A to point B is a crucial factor in customer and market satisfaction.
Done correctly, understanding the metrics that are important is the first step to getting an accurate sense of your company’s bottom line. And getting an accurate sense of the bottom line can help optimize revenue in today’s challenging healthcare environment.
But how do you know which metrics matter most? It’s a question that many organizations are struggling with. In a new survey from JD Power, nearly 40% of respondents said they believe that the use of analytics is being taken care of by their company or organization. However, 35% indicated that they have “some doubt” that their company has a strategy to use analytics effectively.
Better metrics lead to better outcomes
The health of the healthcare industry is dependent on statistics that are scrutinized and measured. Last year, the IMS Institute for Healthcare Informatics reported that medical costs in 2015 outpaced inflation by 9%, which was an all-time high. In addition, nearly $2 trillion is spent on health care each year, and health care has been estimated to be the second-biggest consumer of energy dollars.
Prioritize and evaluate inbound communication
By 2020, physician work hours in the U.S. will amount to 10,129 hours per year, and this time needs to be accounted for in the way physicians communicate with patients. If visits don’t occur, outcomes can be jeopardized.
According to research by PricewaterhouseCoopers, the healthcare industry is going to “fundamentally reorient itself to health and wellness” in order to change the perception of it as a care provider that must provide care for everyone from life-threatening ailments to chronic conditions. This new vision is being informed by measurements and outputs from the healthcare industry in order to get patient satisfaction at the heart of a solution.
“The health care industry is facing the same reality of technology as the rest of the business world: Consumer behavior is more important than ever,” said Diane Baty, Chief Executive Officer at Codare. “Implementing the right analytics can help enhance employee engagement and enable companies to retain talent.”
Employees that are engaged, happy and promoted make customers happier too, in healthcare and beyond. Customers may share their discontent with your company, but employees can still make an impact. There is an effective way to optimize both engagement and revenue in the healthcare industry. Simply by choosing an analytics platform and implementing the right metrics, you can keep track of how your employees are accomplishing those outcomes, and how they are impacting the bottom line.