Monday, January 26, 2015

Real time data analytics pays off immediately in hospitals

This is a nice article at Harvard Business Review, outlining how hospitals implemented a better data analytics system and recouped the entire cost doing so in under a year:
In the case of the ThedaCare, the staff- and technology-related cost of implementing [Clinical Business Intelligence] was about $750,000. ThedaCare ... has seven hospitals and 25 clinics, [and] created an application that provides frontline clinical managers with up-to-date information about admissions and staffing in their units, allowing them to make real-time adjustments to staffing.

In the first year that managers had the app, ThedaCare saved $850,000 in overtime costs.