November 11, 2019
As organizations work toward a more agile, accurate planning process, there remains a gap between the traditional budget of the past and a better approach, one that works to align finance leaders with clinical operations.
We’re sharing some of the top strategies presented by CEOs and CFOs at the non-profit provider track at the Annual JP Morgan Health Care Conference
Healthcare is the biggest industry in our nation’s economy, with more than $4 trillion in annual spending. Therefore, understanding the financial health of healthcare is more important than ever. At the Annual JP Morgan Health Care Conference, leaders from 20 prominent health systems, representing nearly $250 billion in collective annual spend, shared their top strategies.
Strata recently convened an industry roundtable of finance leaders to examine the current state of health system finances and what the future may hold as healthcare leaders continue to wrestle with the impact of the COVID-19 pandemic.
In this paper, we share strategies and tactics presented in a webinar for members of the Healthcare Financial Management Association (HFMA).
Key findings include:
In the age of value-based care, keeping healthcare costs in line is paramount. Axiom Comparative Analytics has helped healthcare organizations like yours identify over $1 million in cost savings opportunities.
With an array of financial metrics across all areas of your business and departments, compare your financial performance against your peers. Comparative Analytics makes performance improvement and cost conversations easier by giving you the market context you need to ensure a healthy bottom line.
Comparative Analytics helps you determine which of your businesses and service lines are cost leaders in the market. Drive patients to these services while you simultaneously develop corrective actions to become leaders in the other services. Model what financial success looks like in new service lines you’re considering for investment.
With robust comparison data from 135,000 physicians across 10,000+ practice departments, you can measure performance in a variety of dimensions, including investment and net revenue per physician FTE, practice financials, specialty, and geography to improve productivity. Available data includes provider compensation and productivity by named physician and support staff analysis by named APP so you can align compensation with benchmarks by specialty and region. Take corrective action more quickly and easily set goals using top-performing peers as the target.
Free up time for analysis.
Get a single source for normalizing internal data together with timely peer comparison metrics.
Turn data into intelligence and elevated financial performance with Syntellis’ Axiom Intelligence analytics software, which empowers organizations to evaluate and visualize financial and operational data to identify trends, variances, and improvement opportunities.
While other performance management tools simply offer reports, Axiom Intelligence provides timely data and robust analytical and visualization capabilities for a comprehensive view into your business. To take full advantage of business analytics, you need answers at your fingertips, and Syntellis’ advanced tools generate actionable intelligence that finance leaders can use to inform financial management and improvement initiatives.
Single Source of Truth
Axiom seamlessly integrates data from any source into a single repository for planning and analysis, allowing you to leverage our innovative analytics and reporting tools to turn your data into actionable insights for enhanced decision-making.
Intuitive Reporting for All User Types
Axiom’s powerful web-based reporting environment supports visualizations, dashboards, ad hoc reports, and spreadsheet views — all within an easy-to-use interface.
Improve Efficiency, Maximize Resources
While other analytics solutions require in-house database experts, Axiom Intelligence allows you to easily connect data sources through modeling and generate, analyze, and disseminate reports. This reduces reliance on IT resources and eliminates the need to hire business intelligence (BI) experts or license third-party BI tools.
Transform data into intelligence and drive better outcomes
Healthcare providers have little to no access to accurate, comprehensive, and actionable information on the cost of care. According to a recent survey, 90% of healthcare leaders are “flying blind” when it comes to understanding cost.
As hospitals and health systems face mounting pressure to manage costs, healthcare leaders need to equip their teams with accurate and accessible cost accounting and decision support systems.
