Reducing Costs data analysis
The focus of the Final Paper is an evaluation of how data analysis is changing the health care industry.
In your paper,
· Discuss how your Reducing Costs is changing the health care industry.
· Evaluate a minimum of three barriers of data analysis related to the topic.
· Describe any national initiatives related to the topic.
· Explain any financial incentives related to topic.
· Describe any accreditation expectations related to the selected topic.
· Compare two software options for data analysis.
· Summarize an example of a study related to your topic. For example, the use of data analysis for multiple sclerosis patients.
Sample Solution
Reducing Costs is changing the health care industry by creating a new focus on cost-effective, quality care. Cost reduction strategies are being implemented in order to increase value and reduce costs while maintaining the highest level of patient safety and clinical outcomes.
Cost savings initiatives include improving operational efficiencies, implementing advanced analytics to identify waste and inefficiencies, reducing overutilization of services, negotiating lower prices for drugs, supplies and services from vendors, using alternative payment models such as bundled pricing for episodes of care or capitation payments for primary care providers. Additionally, hospitals are adopting technology solutions to reduce administrative tasks and improve access to information which increases efficiency. Reducing Costs in health care is helping create a more efficient system that provides better quality care at a lower cost.
To further support cost reduction initiatives, many national organizations have implemented new standards for data collection and analysis with the aim of improving patient outcomes while reducing costs. For example, The Centers for Medicare & Medicaid Services (CMS) has launched several initiatives such as Quality Payment Program which ties reimbursement rates to performance metrics based on quality measures. Additionally, health care providers offering services under Medicaid must comply with guidelines set forth in the Health Insurance Portability Act (HIPAA). Financial incentives related to this topic include payment adjustments from CMS based on performance scores calculated from data analysis. Accreditation expectations related to reducing costs may include meeting minimum criteria for reporting spending patterns or demonstrating successful implementation of cost control strategies through data analysis efforts. When considering software options for data analysis there are multiple options available including open source platforms like RStudio or commercial software solutions like Tableau or SAS Analytics Suite that offer powerful features designed specifically for analyzing large datasets within a healthcare setting. An example study related to this topic might involve using predictive analytics techniques such as machine learning algorithms coupled with statistical methods such as linear regression analyses in order to identify high risk patients who are more likely incur higher medical costs over time due their pre-existing conditions or lifestyle choices. This type of research could be used by healthcare providers when making decisions about how best allocate resources to reduce long term expenses while still providing necessary treatments needed for these patients’ effective management of chronic illnesses.