Over the next five years, the healthcare analytics market is on track for a compound annual growth rate (CAGR) of more than 27%.1 It makes sense: Analytics solutions capable of delivering actionable insight can save staff time, reduce costs, and help improve patients’ lives.
Skilled Nursing Facilities (SNFs) are no exception. Consider multi-site SNF provider ArchCare, which leveraged analytics to reduce quality of care deficiencies and increase average per diem reimbursement, in turn saving time and increasing ROI.2
The challenge? Finding the right approach to analytics. In this blog, we’ll break down the basics of analytics maturity, explore the real-world impact of analytics, and highlight how the right analytics partner can help SNFs achieve operational goals.
DIY Models Not Enough
As businesses recognize the value of big data, analytics are everywhere. For example, SNFs have access to a host of resident, healthcare provider, and business partner information that could substantially improve their decision-making capabilities.
As a result, some SNFs have taken on the task of building their own analytics. The hard truth, however, is that do-it-yourself (DIY) analytics are extremely challenging. While SNFs have access to the critical healthcare data that underpins effective analytics, they don’t have the tools, resources, and technical skills that analytics partners can bring to the table.
Analytics Maturity Drives Impact
The impact of analytics is largely determined by an organization’s analytics maturity. It’s not about the types of analytics being used, but how they are being used to effect positive results. In practice, this maturity is the ability to effectively conduct data analysis and drive decision-making.
What is analytics maturity? It’s not just about building models; it’s also about how SNFs are applying them to achieve results that improve care and outcomes. The right partner can help SNFs achieve a much higher level of analytics maturity by looking more closely at what insights the analytics are revealing and how best to act on them.
Analytics maturity models take into consideration:
- How analytics are being used,
- How much they’re being used, and
- How they align with the organization’s culture.
Without a certain level of analytics maturity, SNF providers may not be able to impact the outcomes they most want to achieve, such as decreasing rehospitalizations, falls, and facility-acquired pressure injuries.
In a SNF that has achieved a high level of analytics maturity, everybody at every level is using analytics. That’s what makes the organization successful.
Exploring the Real-World Impact
So what does this look like in practice?
Consider an organization with 25 SNFs across seven states that discovered the rehospitalization rates in eight of their facilities were going the wrong way. First, they asked the right questions: Who is going back to the hospital? When are they returning? Are there specific time or skill factors that increase this risk?
An analysis found that 13 of 17 patients had multiple comorbidities, and 10 of them had diabetes. In addition, 11 of the 17 rehospitalizations happened on the 3-11 shift and nearly 50% returned to the hospital within their first week at the SNF. Using this data, the company made operational changes and their hospitalizations are now on par with the national average.
Selecting the Right Provider
Most SNFs don’t have the resources to do “DIY” analytics. So how do SNFs select the right analytics provider? Five core competencies tell the tale:
- Deep domain knowledge in data science
- Agile and iterative data science methodology
- Modern approaches to data science such as machine learning (ML)
- Experience working with highly-complex datasets
- Current knowledge and practices related to risk adjustment
Ready to make best use of SNF data to drive better decision-making? Skip DIY. Instead, maximize actionable impact with the right analytics partner.
1 Global Newswire, “With 27.5% CAGR, Healthcare Analytics Market to Surpass Around USD 80.21 Billion by 2028,” June 7, 2022.
2 Skilled Nursing News, “Smart SNFs: The ROI of Data Analytics,” December 10, 2021.