Large Health System Pivots with Precision to Meet the Changing Requirements of COVID-19
This organization drove results and impact
Dynamically shifted care delivery models with limited impact to bottom line
Leveraged LOS data to improve patient care and reduce costs
Quickly resumed the right procedures to keep their community and balance sheet healthy
Resources Struggle to Model, Manage and Meet Changing Community Needs
Shifting the way they would deliver care during the COVID-19 pandemic, this organization faced many uncertainties. “We didn’t always know what it would cost to provide a different level of care,” said the SVP Finance.
As a large health system in the Midwest, the finance team had to quickly get their arms around the changing conditions. To meet their community’s needs, this organization had to rapidly understand the costs to administer the COVID-19 vaccines via vaccine clinics and the reimbursement implications of providing virtual care.
Additionally, as COVID surged and re-emerged, the organization was faced with changes in acuity. As patients deferred non-COVID-related care, they returned to the health system sicker than before, making it critical to understand expenses and revenue by service lines.
Decision Support Tools Deliver Deep Insights
Facing these COVID-related challenges, the organization used StrataJazz® to help them update and understand their financial position and projections. Analysts leveraged data from the tool to understand the impact of changing conditions, so they could pivot their budget process based on accurate data.
Due to COVID-19, deferred care began to grow as a priority. Using StrataJazz, the team was able to understand performance by service-line and especially service-line revenue verses expenses for better planning and management.
Because of rising costs due to inflation and decreased reimbursement, the organization identified length of stay as a critical area. They leverage StrataJazz Decision Support reporting to monitor length of stay, providing teams across their hospitals with data to make more informed decisions about costs and the care journey. StrataJazz reporting has helped point the organization in the right direction, identifying opportunity areas to lower length of stay, such as cardiology, post-acute care and skilled nursing facilities.
Finance Team’s Efforts Support Heroic Clinical Teams
Coming out of a difficult year, leaders are proud of the hard work and creativity their team used to serve their community. Many teams worked extra hours to build vaccine clinics, shift to virtual care, and push ahead while their hospitals filled.
Without the StrataJazz tool or access to this data and information, this organization would have lacked insight into their capacity to take on these key initiatives. With access to this data, they analyzed where and how to move forward and make critical decisions. The organization was able to take a position as a leader in the community, partnering with other health systems, county health departments and other organizations to ensure the best service to their community.
By leveraging the StrataJazz platform, this health system helped managers and leaders develop financial acumen that allowed them pivot to make more informed decisions, at a time with constant changes and challenges. “It’s been a great partnership [with Strata],” said the CFO. “We’ve done some pretty amazing things.”