Revolutionizing the Business of Healthcare

Photo by Piron Guillaume on Unsplash

By Michael Larson

March 11, 2020

It’s time for change in the way that hospitals operate.

Predictive analytics and machine learning have revolutionized our ability to manage complex operational systems over the past 30 years. Ground zero for change has arguably been the retail and airline industries. Here at Quiviq, we have firsthand experience fueling business innovation with artificial intelligence and have been instrumental in these transformations. In particular, we offer a proven track record for managing and optimizing industries that are affected by stochastic conditions.

Application of stochastic optimization to healthcare operations has fallen behind other industries. Some may question whether it is possible for a hospital to improve patient experience while simultaneously eliminating operational inefficiencies. At Quiviq, we wholeheartedly believe that the healthcare industry must always put the patient first by striving to achieve the best possible outcomes, both medically and emotionally. At the same time, we are certain that significant improvements to caregiver satisfaction and hospital financials can be realized in tandem.

firsthand experience fueling business innovation with artificial intelligence

Consider an analogy from the airline industry. A medical patient is not unlike a traveler in the sense that both must trust their well-being to others. Unforeseen events have the potential to derail plans and increase anxiety for both patients and passengers. In order to manage these risks, airlines leverage complex analytics in response to unexpected disruptions in weather, equipment, and crew. These systems not only drive operational efficiencies, but also minimize traveler impact. In the same manner,predictive analytics have the potential to support a more streamlined and orderly hospital environment, leading to better outcomes and greater satisfaction for patients and practitioners, alike.

Hospitals are complicated stochastic systems. Patients are constantly being admitted and discharged. Some patients have planned their procedures months in advance while others are walk-ins. Some stay for a few hours, while others may require days, or even weeks of supervised treatment. Providing patient care requires coordination of doctors, nurses, and other qualified support staff, equipment, rooms, and supplies.And things rarely play out exactly as planned. Caregivers call in sick. Procedures take more or less time than expected. The correct supplies are not always on hand. How can a hospital maintain an optimal environment in the face of extreme variability?

A medical patient is not unlike a traveler in the sense that both must trust their well-being to others.

Enter Quiviq. We apply rigorous mathematical processes to pinpoint system bottlenecks and breakdowns. And then we act to mitigate those obstacles.

Change can be challenging. Progress uncomfortable. Over many decades, industries tend to adopt processes that became deeply ingrained in day-to-day operations. Unfortunately, these processes tend to evolve more slowly than external demands. Predictive analytics have been critical in realigning best practices for the airline and retail industries.

Quiviq believes the time has come for similar innovation in healthcare.


Boosting the Bottom Line

Hospital analytics opportunities exist across the value chain. Quiviq can help providers face key obstacles that prevent them from taking full advantage of data. We can help overcome the resistance to change by exposing misaligned incentives.

Read more: Boosting the Bottom Line