Having spent the past 32 years as an LTPAC operator, I can confidently announce “the industry is getting more complex every day.”
In my many discussions with industry associates, I continually hear the question, “How can providers survive (let alone thrive) with so many changes happening at the same time? The challenges of value-based reimbursements, increased regulations, customer engagement and loyalty and increased competition all require our dedicated attention every day.
It seems many of us are simply uncertain what to do first—thinking IT investments are too expensive, or that facility or staff investments are a greater priority.
I believe the first “to-do” is to recognize that “information is power." With more and more data coming online daily, and more demand for faster better answers from patients, staff, referral and payer partners—the need for improved decision support tools has inched its way to the top of the must-have list and we need to at least get our feet wet.
Every provider in healthcare needs the right tools to access and fully utilize the data that drives their businesses. Our EHRs are not enough for the advanced analytics needed to create value across the continuum. Continuous quality improvement is the key to better patient care, lower costs and ultimately—the success of the LTPAC Industry.
My experience has been that the smartest and most successful operators continue to invest in tools to access and use data more efficiently. In return, they benefit from increased revenue yields that they can reinvest in their facilities, technology, processes and people.
I believe our ability to ultimately manage "Big Data” will dramatically improve patient care and experiences at reduced costs and higher margins. After all, isn't serving patients and running a thriving healthcare operation why we’re in the business in the first place?
Check out the Forrester/Intel Thought Leadership Paper: “Dawn of Data Driven Care” and then check out what StratusLink can do for you.