Quantzig, a global analytics solutions provider, has announced the completion of their latest article on the chief health metrics that are used to measure performance in the healthcare industry.
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The Best Health Metrics to Use for Performance Measurement in the Healthcare Industry (Graphic: Business Wire)
The introduction of data science in this technologically developed world has amplified the importance of business intelligence, especially in the healthcare industry. The healthcare industry produces a significant amount of data from the process, patients, tests, operations, and research. It is not easy to understand such unstructured data without using any appropriate business intelligence tools. Also, the healthcare industry can make use of data visualization tools and predictive models to gain insights regarding labor distribution, patient care, clinical operations, and general administration. Quantzig has listed some of the chief health metrics that are used to measure performance in the healthcare industry in this blog.
According to the healthcare industry experts at Quantzig, "Using health metrics in the healthcare industry for evaluating performance can help single out improvement areas."
View Quantzig's comprehensive list of the chief health metrics that are used to measure performance in the healthcare industry
Quantzig is a global analytics advisory firm concentrated on leveraging analytics for prudent decision making and offering solutions to clients across several industrial sectors. Listed below are the key health metrics used to measure performance in the healthcare industry.
Health metrics used to measure performance in the healthcare industry
- Average hospital stay: This health metric calculates the average amount of time spent by patients admitted into healthcare facilities. The average length of stay is generally used as a quality metric by medical reimbursement companies to create a potential payment system. The average number of days stayed in the hospital is an indicator of efficiency in the healthcare industry.
- Hospital readmission rates: This measures the number of patients who are re-admitted to the healthcare facility soon after their primary release. The metrics provide critical understanding to the quality of care received by the patient at hospitals. Hospitals have to be informed when readmission rates increase as it can mean lack of materials, shortage of staff, or point out areas with special needs.
- Patient wait times: Patient wait time is a health metric useful in gauging patient contentment as well as hospital productivity. It is widely used to measure the amount of time needed to obtain treatment from the time they arrived at the healthcare facility. Understaffing or poor operational design can usually lead to higher patient wait time. Measuring this metric over time allows hospitals to find trends and reallocate labor to deliver effective patient management.
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View the complete list of chief health metrics used to measure performance in the healthcare industry blog here:
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on all of Quantzig's services and the solutions they have provided to Fortune 500 clients across all industries, please contact us.
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