Now more than ever, hospital leaders are discovering their facilities must operate like a business to achieve financial stability. The problem? Most hospital leaders are making staffing, patient care and business decisions based on what they assume is solid, reliable data. But much of the time, helpful analysis is stymied by missing or incomplete information—or data that’s flawed. That’s why healthcare facilities should be turning to real-time, actionable, point-of-care data.
In Amplion’s new eBook, Are You Flying Blind? The Business Case for Real-Time Point-of-Care Data, we explain how leveraging point-of-care data can provide insights on patient acuity, demand, staffing mix and other areas that can improve the health of your organization. Consider the financial impact such leverage can make in addressing the following four challenges:
- Patient Safety: According to The Joint Commission, a serious fall-related injury can increase a hospital’s operational costs by more than $13,000. In addition, a fall can increase a patient’s length of stay by nearly six days, costing the hospital even more money. The Agency for Healthcare Research and Quality also estimates that pressure ulcers, which affect nearly 2.5 million patients every year, cost a hospital anywhere between $20,900 to $151,700.
Hospitals can implement change with the right data in hand, says Gregg Malkary, CEO of Spyglass Consulting. “You can respond more rapidly to emergency cardiac patients, stroke patients, those at highest risk for a pressure ulcer or fall. The measurement of these improvements can be automated through analytics created by the communications platform in place,” he says.
- Patient Satisfaction: Improving patient satisfaction is a priority for hospitals, and better HCAHPS (the Hospital Consumer Assessment of Healthcare Providers and Systems) survey scores protect revenue. Two percent of Medicare reimbursements are based on HCAHPS scores—and that 2 percent can reach up to seven figures. However, the biggest challenge facing hospitals when it comes to patient satisfaction is the fact that data from the surveys can take weeks to receive. Making meaningful improvements is difficult when you don’t know what improvements need to be made.
As we showcased in the eBook, one of our clients wrestled with low HCAHPS scores until implementing the Amplion Alert Care Assurance Platform. By using our integrated system for nurse call, messaging, alarm management and reminders, the hospital saw a dramatic increase in their HCAHPS scores, and they improved overall patient satisfaction. The biggest jumps? Both nursing responsiveness and nursing communication, which were both improved by Amplion’s system, jumped from the 48th percentile to the 93rd percentile—a dramatic increase!
- Operational Efficiency: Harnessing real-time, point-of-care data allows clinical leaders and nurse managers to evaluate the appropriateness of their staffing ratios. Data gives leaders greater visibility into patient demand on the unit floor, allowing them to make adjustments in real-time.
“Each department director in a hospital is responsible for millions of dollars of revenue,” explains Jennifer Mensik, division director of care management at Oregon Health and Science University. “Each nursing director is basically running a small business. For the most part, these individuals are expected to successfully operate their business and help with patient care—all with a lack of sufficient resources."
Improving operational efficiency has a positive impact on a hospital’s financial performance. Ensuring the right staffing levels are in place can save operational costs on every nursing shift.
- Nurse Turnover: Nearly 70 percent of nurses admit they are burned out by their jobs and 54 percent of nurses rate their stress level at work as high, according to a 2017 survey by CareerBuilder. Replacing an RN is costly and takes a lot of time, Mensik says. In fact, The Journal of Nursing Administration estimates that it costs nearly $82,000 to replace just one nurse, when you factor in expenses such as advertising, recruitment, training, lost productivity and termination costs. Improving nurse satisfaction is critical, and a system that aggregates data can show nurse managers or clinical leaders opportunities to coach their team, help nurses who need extra support, or nurture relationships with top performers. Even a slight improvement in turnover rates can have a significant impact on a hospital’s financial performance.
The bottom line? Harnessing real-time, point-of-care data can drastically improve your hospital’s bottom line. To learn more, download our newest eBook, Are You Flying Blind? The Business Case for Real-Time Point-of-Care Data.
If you want to know the cost of outdated technology to your hospital, staff and patient care, talk to one of our technical specialists today.