Hospital financial performance linked to analytics, AI strategy

Technology has become one of the dividing lines between financially successful and struggling hospitals, according to Kaufman Hall's National Hospital Flash Report, released Feb. 28.

"One of the big driving factors of the growing divide between the highest and lowest performing healthcare organizations is adoption, or lack thereof, of advanced analytics and artificial intelligence," wrote Erik Swanson, senior vice president of data and analytics at Kaufman Hall, in the report.

He suggested hospitals create a "well-defined AI and analytics strategy" that includes how AI can solve business objectives, defining where it can be most impactful for operational efficiency. He recommends addressing where AI can be most helpful in workforce management, task automation and simulation modeling for strategic planning first and then moving onto where AI can support clinical care delivery.

Mr. Swanson noted AI adoption moves "at the speed of trust" and advised engaging stakeholders early and being transparent about the strategy.

A great AI And analytics strategy also needs the right infrastructure and policies to keep these initiatives economically viable, Mr .Swanson wrote.

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