Reduce Costs and Clinical Variation to Realize Quick Savings
Hospital systems are focused on data-driven decision-making as they work to improve quality of care and outcomes, while reducing costs. Sophisticated clinical analytics tools deliver a quick and demonstrable return on investment (ROI) by helping to identify clinical variation and areas of improvement across the organization.
Hobson & Company, a third-party research organization focused on total cost of ownership and ROI studies, conducted in-depth interviews with more than 20 healthcare organizations and found that Axiom™ Clinical Analytics delivered significant efficiency improvements and cost reductions, including a 50% decrease in time spent on data management and reporting, a 1% decrease in cost of care, and a 5% decrease in non-reimbursable expenses.
By using Axiom Clinical Analytics, an average health system with 15,000 inpatient admissions, 1,000 patients discharged for acute myocardial infarction (AMI), total knee arthroplasty (TKA), heart failure, etc., and 100 hospital acquired conditions (HACs) per year would see a payback in 6.8 months and generate an ROI of 217%.
Using Axiom Clinical Analytics, hospitals and health systems improve efficiencies related to reporting, which allows for more focus on analytics and improving quality of care.
50% reduction in time spent on data management and reporting
Axiom Clinical Analytics generates meaningful analytics and reports by combining and normalizing disparate sources of data, including patient billing, electronic health records (EHRs), core measures, patient satisfaction (CMS HCAHPS data), clinical registries, and more.
“Before Axiom, we would have to offload data to Excel and manually create graphs. Now, we do more analytics and manage processes instead of creating reports. We can implement changes instead of just running reports.”
— Manager, Performance Improvement
1% decrease in cost of care
With Axiom Clinical Analytics, health systems can analyze care variation of physicians individually or in groups, and identify over- or under-utilization of services.
“Clinical Analytics can confirm which physicians are outliers and provide backup to the department heads for discussions about reducing costs. We use Clinical Analytics for length-of-stay (LOS) benchmarks.”
— Director, Strategic and Decision Support
5% decrease in non-reimbursable expenses
Axiom Clinical Analytics offers customized scorecards so users can drill into specific areas to perform root cause analysis and identify improvement opportunities across various quality metrics (e.g. length-of-stay, readmissions).
“Using Clinical Analytics, health system leaders were able to trace infections to operating physicians. As a result, we are implementing infection prevention metrics for physicians. Using a clinical analytics solution that includes an application to track the performance of individual physicians helps monitor these metrics.”
— Manager, Clinical Analytics
Axiom Clinical Analytics provides a single source of truth
Axiom Clinical Analytics helps organizations evaluate performance at all levels by tying cost savings to quality-of-care metrics to identify best practices, quantify preventable complications, readmissions and safety events, and quickly reduce unintended clinical variation. Here’s how:
Interactive, customizable scorecards
Analyze data from patient billing, EHRs, core measures, patient satisfaction (CMS HCAHPS data), clinical registries, and more to gain a deeper understanding of clinical quality improvement opportunities.
Benchmarks
Compare performance against top benchmarks at the national, regional, state, and hospital level, and against custom internal and external benchmarks.
Reporting
Help leaders align with strategic imperatives with performance evaluation and reporting at the system, hospital, service line, clinical unit, physician, and patient levels. Engage physicians in understanding their own performance through an enhanced user experience and balanced, detailed reports.