Continued discussion with Jason Williams, VP, Business Analytics on comparative analytics.
TD: What are the practical outcomes or advantages of using comparative analytics?
JW: More timely, targeted decision inputs. Multi-hospital networks are able to do some of this within their organization. It goes without saying that it would be useful to run the same type of comparisons to your organization’s peers! Traditional benchmarking does not enable the “ slice-and-dice” of business intelligence or the unknown correlations of statistical analytics that technology currently delivers.
TD: What are the things healthcare organizations should consider when searching for the right comparative analytics solution?
JW: At the top of the list should be sufficient representation of “organizations like mine” to provide a valid comparison set. Second, “fresher is better” regarding data…can it inform around a current event like a public health incident or implementation of ICD-10 while there is still time to react versus after the fact. Third, would be rich, root cause data. For example, it is interesting to know, say, your peers’ claim denial rates…but it is more helpful to know how their denial rates break down by departments such as registration, HIM, or billing. Finally, consider if there is a significant “hidden cost” of rich data due to lack of automation that makes it a burden to submit recurring data.
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Jason William is available for speaking opportunities, and you can follow him on Twitter: www.twitter.com/RH_JWilliams