Four ways hospitals can gain economies of scale with the help of innovative solutions

A recent report by the Advisory Board highlights four significant solutions that can help hospitals and their staff successfully integrate and utilize innovation – therefore gaining economies of scale all while benefiting patients, staff and the hospital as a whole.¹

The four key takeaways from the report include:  

1. Connecting specialized expertise across the care continuum
   
   Being able to interact with patients as well as other hospital staff in a remote setting has proven vital by the public health emergency (PHE) and is expected to remain a primary communication channel. These technologies can range from patient engagement tools that connect patients with their family through recovery progress tracking, to tools that keep staff compliant with patient check-ups. These tools not only keep hospital staff connected across systems, but the enhanced interdisciplinary team approach also benefits patient outcomes and satisfaction.
   
   
2. Better service line rationalization decisions
   
   “Service closure or consolidation can support growth, quality and financial outcomes by redirecting resources to where they are most valuable. But these are tough decisions,” the report stated. Having the necessary technology to support this type of decision-making allows health leaders to effectively analyze data and identify next steps for a hospital and its staff. Further, integrating technology solutions across a hospital’s care continuum can also play a critical role in service rationalization, as it prevents unnecessary duplication of service lines – ultimately lowering overall care costs.
   
   
3. Improved decision making and increased accountability
   
   Utilizing tools such as remote patient monitoring or portable diagnostic equipment can play a vital role patients outcomes and the facility overall. The Advisory Board report further notes that when health systems obtain this type of data in real-time, they can effectively “detect signs of early patient deterioration, predict outcomes and identify unwanted variation across various regions and facilities.” This will continue to play a major role in future decision-making for hospital leaders and their organizations.
   
   
4. Streamline training and updates
   
   Many health systems are running on outdated operating systems – requiring staff to overcome unnecessary challenges such as running patches and manually checking to see if all equipment is working properly. As health systems continue to grow, there are significant opportunities to work with partners that already have these innovative solutions in place, relieving the burden of having to search for and integrate these tools on their own.

To learn more about how your hospital can effectively gain economies of scale through the latest innovative solutions, visit our website.

Reference:

1. Culver, E. (2021, November 29). 4 ways health systems can use technology to unlock economies of scale. Advisory Board. Retrieved January 6, 2022, from https://www.advisory.com/sponsored/economies-of-scale