While “reducing costs” sounds like a straightforward task, it’s not so simple, as organizations can’t sacrifice outcomes for the sake of savings. To achieve true value, leaders must find ways to improve outcomes without raising costs.
Reducing Harm and Only Taking Half the Credit: How to Account for Cost Savings for Improved Quality
Almost every hospital has a team of skilled, qualified and effective clinical quality professionals committed to reducing harm to improve overall quality for their patients. To ensure that care is always within industry and regulatory standards, these professionals own and closely monitor an important set of metrics. When metrics get outside of established limits—or certain harm events occur—these professionals step into action. Teams thoroughly review patient data, current processes, and anything that can help them to find root causes and put improvement plans into place. When they are successful at reducing harm and improving quality events, these teams are championed. The problem? This is only half of the story.
Improving quality is incredibly important, but it is only half of the story that should be told when it comes to successful initiatives meant to reduce harm. What about cost? Cost is often left out of the success narrative because there has been no good, reliable and valid way to calculate the associated costs to harm events – until now.
Join this webinar to hear experts from Strata Decision Technology share how we have helped over 31 healthcare organizations see cost savings—in real dollars—associated with reducing harm events.