December 3, 2020 | Net Health

6 min read

The Value of Business Intelligence for SNFs

With each new patient welcomed into a skilled nursing facility (SNF), a therapist must complete a new patient registration form. From a patient’s strengths and weaknesses to the ultimate objective for their plan of care, every detail is recorded to track functional improvement over time.

Wouldn’t it be nice to be able to gather those same details, but for the nursing facility itself?

The fact of the matter is, business intelligence (BI) such as a facility’s weaknesses and areas of growth is critical to the overall success of the practice. But all too often, rehab therapy software providers fall short in their commitment to supply SNFs with robust business insights, offering little more than a simple Excel sheet.

It’s time to get to the heart of the value of business intelligence and discover how granular data aggregation can fast-track the growth of skilled nursing facilities. 

The Current Problem with SNF Business Intelligence

There are several issues plaguing current SNF business intelligence, the foremost being the difficulty of aggregating data. The problem isn’t locating the insights themselves. Rather, it’s being able to look at the broad picture of an organization to gain meaningful information. Numbers alone cannot paint the necessary picture to make impactful decisions.

Skilled nursing facilities address a variety of different types of care and patient needs to achieve optimal outcomes.

  • How is the functional improvement of a patient in one care setting versus another?
  • What percentage of patients are discharged to certain care settings in one region versus another?

Without fully-functional business intelligence software, it’s impossible to tell—and impossible to recognize trends that can lead to business-changing decisions.

At this point, you might be wondering why granular business insights are so critical for skilled nursing facilities. The answer lies in trends. Business intelligence can reveal which areas of the facility historically perform well versus those that are less-than-efficient.

These findings allow stakeholders to focus on areas of improvement and identify the parts of the organization where these trends are occurring the most, to begin making the necessary operational changes.

Granular data insights take these operational changes up a notch. By being able to filter trends by hierarchical levels; region, area, division or by customer entity; or care provider or discipline, data becomes actionable. These business analytics allow facilities to focus on the question at hand to improve overall patient outcomes

In return, outcome improvement helps stakeholders market the SNF. It helps SNF operators talk to payers and attract more families to the facility. In order to have those conversations, skilled nursing facilities must be able to grab hold of all applicable data, sort it in a meaningful way, and have the tools to hone in when something interesting arises. 

Unlocking the Benefits of Business Intelligence Software in Skilled Nursing Facilities

In the world of skilled nursing facilities, the value of business intelligence systems cannot be overstated. These powerful tools are the heartbeat of the decision-making process, acting as compasses guiding organizations towards improved operational efficiency, patient outcomes, and financial performance.

Indeed, the right business intelligence software can transform how skilled nursing facilities operate. It enables the comprehensive analysis of data to derive actionable insights, helping SNFs identify patterns, predict trends, and make data-backed decisions. It’s no longer about simply collecting data but transforming it into information that drives change and fosters growth.

These BI software solutions offer a range of features designed to optimize performance. For instance, they can aid in managing resources, tracking patient outcomes, and understanding the interplay of various factors that influence overall facility performance.

Moreover, they can provide granular data at both the patient and the facility level, giving a complete picture that’s crucial for strategic decision-making.

The Evolution of Business Intelligence in Healthcare

The adoption of business intelligence in healthcare has been a game-changer. Originally, these systems were primarily used in industries like finance and marketing. However, as healthcare organizations recognized the need for data-driven decision-making, they began to adopt and adapt these tools to their specific needs.

Today, business intelligence systems are an integral part of the healthcare landscape, providing valuable insights that can help improve patient care, optimize workflows, and streamline operations. The evolution of these BI systems has been marked by their increasing sophistication and the ability to handle vast amounts of data.

As healthcare continues to evolve, so does the role of business intelligence. From predictive analytics to machine learning, these tools are becoming more advanced, offering even greater potential for improving patient care and operational efficiency in skilled nursing facilities.

The Crucial Role of Data Analytics in Healthcare

In the era of digital health, data analytics plays a vital role. It involves analyzing raw data to find patterns and trends, which can be used to make informed decisions. When properly implemented, data analytics in healthcare can lead to improved patient outcomes, reduced costs, and enhanced operational efficiency.

In skilled nursing facilities, data analytics can be used to track a variety of metrics, such as patient recovery rates, length of stay, and readmission rates. This can help identify areas for improvement and implement strategies to enhance patient care.

Furthermore, data analytics can be used to predict future trends, such as patient admission rates, enabling facilities to better plan and allocate resources.

Ultimately, the use of business intelligence software and BI systems, along with data analytics, in skilled nursing facilities represents a significant step forward in the quest to improve patient care and operational efficiency.

By leveraging these powerful tools, facilities can gain a deeper understanding of their operations, make informed decisions, and ultimately, deliver better care to their patients.

Learn more about post-acute analytics with Net Health’s Point Right

Learn How to Harness Key Business Insights 

Several therapy software providers boast business intelligence, but not all are created equally. The ideal SNF therapy management software should be equipped with fully-functional business intelligence dashboards that can provide in-depth analytics and drill-down capabilities. 

Net Health® Optima Facilities offers key business intelligence features necessary to make informed decisions including:

  •  Net Health community of national averages for clinical outcomes data: A robust data set that measures how an organization stacks up at each site and facility-level over time.
  • Granular data at the patient level: The average change in functional score per discharge location for each admission location, admission to discharge, including the average length of stay and average length of treatment. 
  • Near-unlimited filters to sort data: Unlike other platforms that have a limited set of filters to slice and dice data, a vast amount of filters offer highly-detailed insights into business performance.
  • Endlessly customizable dashboards: Dashboards can be built from scratch, downloaded from the marketplace, or tweaked to reflect the desired view. 
  • Helpful guidance to digest data: Informational text for clinical outcomes to better understand what they are and why they’re needed, as well as service team support. 

Make Impactful Decisions, Starting Today 

There’s no need to wait any longer to populate your SNF with actionable business intelligence. In our newest free e-book, Top 7 Considerations When Evaluating Therapy Management Software for SNFs, our experts explore the features of a comprehensive software solution that addresses the challenges faced by therapists operating in skilled nursing facilities, including compliance, reimbursement, patient satisfaction, and robust business insights.

Top 7 Considerations When Evaluating Therapy Management Software for SNFs

How You Can Take Advantage of this Emerging Opportunity


 
 
 
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