Data-driven decision making is possible through the use of business intelligence (BI) tools to optimize resource allocation to formulate patient centered care. A reduction in medical errors will save a healthcare organization money by not having to spend money and time to correct an avoidable error. The streamlining of administrative tasks and access to real-time data analytics will help save costs while improving the quality of care. Questions arise concerning which should be considered first, the cost of care of the quality of services. A reduction in services, equipment/supplies, and/or staff make it difficult to provide quality of care. To increase the quality of care without sacrificing the materials necessary in doing so require an inept ability to analyze the big picture. A balanced approach considers the financial health of an organization and the patient approach. Some question if cost and quality can be complementary, or will they remain competitive to one another? It is difficult to increase quality and decrease cost so more imaginative ways to increase efficiency are needed to accomplish those goals. It is crucial to establish the ‘non-negotiables’ when strategizing the balance between cost and quality of care. For example, if an organization reduces the cost of critical surgical supplies by substituting lower quality grade materials, then the outcome of the procedure can be gravely impacted. On the other hand, if an organization cuts back on the cost of paper products and non-critical disposable products the quality of care would not be compromised. In my field of dentistry, we have utilized dental software analytics to forecast profitability metrics in a way which allows us to see how resources are allocated so we can decide when to outsource certain procedures. For example, if the cost of supplies and time to complete a service ends up being minimally profitable or not profitable, we have to assess what services we can refer out and which services to omit to focus on those which will create profit and patient value. There is no doubt the cost of healthcare has risen post Covid-19 and we are continuously faced with the dilemma of cost and quality.
