What Every Healthcare CFO Needs to Know About Patient Analytics

What Every Healthcare CFO Needs to Know About Patient Analytics

The Situation

In healthcare market planning, risk mitigation is paramount. Million of dollars are riding on your every decision, and a single wrong move can create a notably negative effect on your balance sheet.

The planning process itself is complicated and multifaceted, requiring you to weigh a multitude of factors: site selection for new facilities, mergers and acquisitions, deployment of resources, competitors and many others. Further complicating the process are tighter budgets, lower margins and the strong opinions of your leaders and colleagues.

How can you squeeze the uncertainly out of the market planning process? How can you consistently make decisions based not on opinions or emotions – but on objective facts?

The Solution

The science of patient analytics can replace guesswork with hard data, allowing you to make better, more informed decisions. Just as physicians use evidence-based medicine in treating patients, you can use evidence-based data to mitigate risk and increase return on investment.

Quantify Your Decision Making 

More than likely, you already possess the key component necessary for successful market planning: patient data. Fully utilize this information to create highly-detailed patient profiles. Once you know the needs, preferences and behaviors of your patients, you're in a position to create smart, sustainable strategies for growth.

Make Your Strategic Vision a Reality 

As you develop strategies to meet the challenges of health care reform and new models of care, patient analytics help you determine the right service mix and optimize your footprint within existing and potential locations. Which locations have the highest potential for success? How large should your facilities be, based on predicted patient visits? Where can you consolidate existing facilities or repurpose them with services that are more in demand? What effect do your competitors have? Patient analytics let you answer all of these questions with accuracy and confidence.

Analytics allow you to prioritize projects and deploy capital effectively to increase both your return and your market footprint. Understanding your current patients allows you to create a five-year plan that matches your organization's goals, your community's requirements and your budget constraints.

Final Thoughts

Your organization already possesses plenty of patient data – you simply need an expert resource to analyze and interpret it. Buxton helps you uncover the true value of your data, creating a vital resource to make key decisions going forward. Through patient analytics, you can develop more effective market plans, strengthen your financial position and ultimately enhance your primary mission: to deliver more positive outcomes to the citizens in the communities you serve.