Pandemic highlights need for better use of data among providers
Hospitals can use analytics to better manage capacity and talent
INSIGHT ARTICLE |
Authored by RSM US LLP
The coronavirus pandemic has presented a host of challenges for health care providers—but now that a vaccine has rolled out and providers prepare for a new normal after the pandemic, there are opportunities as well.
One way to capitalize on these opportunities is through enhanced use of data analytics, which hospitals can utilize to manage their capacity and talent more effectively.
As with other industries, health care providers have had to transform themselves technologically in a way that was hard to envision pre-pandemic. Whether it’s dealing with a distributed workforce, serving patients remotely or managing their business more efficiently, health care providers are increasingly trying to do more with less—also known as capacity management.
Consider the widespread delays in non-emergency services: As the pandemic raged, hospitals—often under orders from state officials—put off many of these procedures in order to make room for COVID-19 patients.
But just because a pandemic raged didn’t mean that people stopped having bad knees or broken hips that needed replacing. If anything, the demand for these elective procedures has increased. Now, with pent-up demand for these services, how health care providers handle an influx of patients will likely dictate their success—or failure.
Another emerging health care issue is talent management: Because demand will be difficult to predict, it’s critical to ensure that a health care provider’s talent pipeline is prepared. As an industry, health care has yet to recover from the employment losses brought on by the pandemic. Thus, we expect a need for optimizing the talent in this industry, especially in regard to nurses and other frontline employees.
Preparing for these changes is where enhanced data management comes in. RSM has identified four areas where data analytics can be used to drive an organization forward:
- Capacity management: Many organizations have started to conduct exercises to better evaluate their own organization. For example, the average length of stay, known as throughput, is up 11% from this time last year. The need to better manage this measure of patient care will be critical as the vaccine rolls out and as providers look to be better stewards of their limited resources.
- Scheduling talent: We expect a return to historical patient volumes this year and into the next, though no one can predict exactly when. Data analytics can be a way to predict how much this demand will stretch a staff. Managing these resources effectively will be another crucial measure of success in the new normal.
- Attracting the right talent: Simply acquiring talent is hard enough, but that challenge is compounded by the need to get the right employee on board at the right time. That’s where the use of data analytics can help providers monitor the effectiveness of strategies related to bringing staff members on board and training them.
- Improving your culture: Organizations have long used surveys to measure employee satisfaction, but with the right approach, analytics can help providers gain a more nuanced understanding of their workforce and drive further improvements.
The coronavirus has forced significant changes upon health care providers. As the vaccine is distributed and providers prepare for life after the pandemic, how they manage this new normal via the use of analytics will be critical to their success.
For more information on how the coronavirus pandemic is affecting midsize businesses, please visit the RSM coronavirus resource center.
Call us at +1 213.873.1700, email us at email@example.com or fill out the form below and we'll contact you to discuss your specific situation.
This article was written by /content/mcgladrey/en_US/about/profiles/james-mcglothlin, Rick Kes and originally appeared on 2021-03-08.
2020 RSM US LLP. All rights reserved.
RSM US Alliance provides its members with access to resources of RSM US LLP. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each is separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. Visit rsmus.com/about us for more information regarding RSM US LLP and RSM International. The RSM logo is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.
Vasquez & Company LLP is a proud member of the RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.
Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise and technical resources.
For more information on how Vasquez & Company LLP can assist you, please call +1 213.873.1700.
Subscribe to receive important updates from our Insights and Resources.