Opportunity analysis uses data to identify potential improvement initiatives and quantifies the value of these initiatives—both in terms of patient care benefits and financial impact. This process is an effective way to find unwarranted and costly clinical variation and, in turn, develop strategies to reduce it, improving outcomes and saving costs along the way. Standardizing the opportunity analysis process makes it repeatable and prioritizes actionable opportunities.
Quarterly opportunity analysis should follow four steps:
Kicking off the analysis by getting analysts together to do preliminary analysis and brainstorm.
Engaging with clinicians to identify opportunities and, in the process, get clinician buy in.
Digging deeper into the suggested opportunities to prioritize those that offer the greatest benefits.
Presenting findings to the decision makers.