COVID-19 Recovery Tactics: Managing Your Labor Expense

June 4, 2020

In this time of unprecedented financial and operational upheaval, health systems will need to ‘look under every rock’ to find opportunities to improve their financial stability. As elective surgeries and outpatient visits begin to return toward normal, it is imperative that health systems manage the largest category of expenses diligently. Doing a careful review of pay practices and staffing, then instilling accountability for taking action, can be a source of several million dollars of added margin.

HMFA Webinar – Creating a Real-Time, Data-Centric Culture in Your System

August 24, 2023

In order to optimize staffing with real-time labor data, organizations must equip their leaders with trustworthy data, in the right format, at the right time. This means analyzing your source data, using a tool to present actionable analytics, and defining a process which incentivizes agile-decision making. Join leaders from Strata Decision Technology to discuss building a culture centered around incorporating real-time data and insights into staffing decisions. Original Live Webinar Date: August 17, 2023

Key learnings:

A Guide to Activity Based Costing in Healthcare

June 3, 2021

As healthcare organizations across the country transition into COVID-19 recovery, leaders are seeking new and agile ways to drive margin and revenue. Many are turning to advanced cost accounting methodologies like Time-Driven Costing (TDC) as a way to leverage cost and financial data that can empower their clinical, operations and finance teams to make better decisions.

What Keeps CFOs Up at Night? Key Concerns for Financial Institution Leaders in 2024

2023 was fraught with challenges for the financial services industry, so it’s no surprise that financial institution CFOs have concerns about the year ahead. Following last year’s high-profile bank failures, shifting consumer preferences, and rising competition, finance leaders must consider how to strengthen their institutions for an uncertain future.  

Market Insights Solution - Retheme

Designed for healthcare consultants, Market Insights offers the industry’s most timely, detailed, and extensive hospital, non-acute, and physician analytics across the care continuum.

The healthcare market context you need to ensure a strong bottom line for your clients


In the competitive world of healthcare consulting, firms must constantly deliver differentiated value to clients while positioning themselves as authorities by delivering strategic insights that others lack.

Each month, Market Insights for healthcare compiles data from thousands of acute and non-acute facilities nationwide to give you the most objective and current view into the evolving healthcare market landscape. Leveraging these insights, you can accurately compare an individual organization’s performance to peers, set improvement targets, guide organizational change, and evaluate the success of transformation efforts.

Read the solution brief

 

Key Features: 

  • Source: Data harvested directly from business systems
  • Current: Monthly data updates include the prior month
  • Size: Data from more than 4,000 healthcare entities, including over 1,900 hospitals and 135,000 physicians
  • Breadth: Acute care, non-acute, and physician
  • Detail: Metrics available in several data subscription options, including Financial/Operational, Physician, Cost & Margins, and Service Line & Procedure Volumes
  • Methodology: Powered by Strata Signal, objective apples-to-apples comparisons leverage modern data science techniques
  • Delivery: Online report portal, direct data files, or Strata’s Comparative Analytics

Broaden value with unique operational and financial insights

Market Insights provides key performance indicators across the most extensive range of service lines available in benchmarking solutions today. Metrics go beyond acute care to include outpatient, physician practices, imaging centers, home health and hospice, skilled nursing facilities, urgent care centers, and more.

Analytics and benchmarking data include key financial, operational, payroll, patient, and labor utilization measures from a strong cross-section of various types of hospitals, departments, practices, and specialties for comparison.

 

Data subscription options: 

  • Financial/Operational – Enhance budgets and financial forecasts and guide strategic operational improvements. Monthly data include margins, volumes, revenues, expenses, labor, productivity, and span of control across more than 40 types of acute and non-acute entities. 

  • Cost and Margins – Compare monthly cost and margin metrics to peer organizations by service line, SG2 procedures, and MSDRGs for payor groups and patient types in this exclusive data set. To build the data set, Strata aggregates costing data monthly from more than 450 hospitals that use StrataJazz Decision Support to calculate their total and indirect costs.

  • Physician – Improve profitability and productivity with robust comparison data from 135,000 physicians across 10,000+ practice departments. Data include physician investments, compensation, revenue, productivity, and support staff benchmarks by specialty and region. 

  • Service Line and Procedure Volumes – Identify volume trends nationwide to drive performance improvement using the SG2 service line and procedure volume data from health systems and facilities. Details include monthly and daily volumes for Sg2 service line and procedure volume data for more than 115 health systems and over 600 facilities.

 

Identify improvement opportunities with near real-time precision

Data refreshes regularly to show metrics from the prior month, so you can quickly identify and guide your clients’ response to healthcare industry trends. The monthly updates give immediate visibility into action plan impacts, creating more time to course correct if needed.

 

Evaluate clients’ performance against industry benchmarks

Market Insights provides the market knowledge needed to help you quickly spot clients’ greatest operational, financial, and clinical performance improvement opportunities so you can focus corrective strategies on the areas most likely to show the greatest impact. Set goals for incremental improvement using better-performing peers as the target. With 20 peer percentile targets per measure, you can develop achievable improvement action plans.

Featured Resources

Top Healthcare CEO & CFO Strategies for 2022

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.

CFO Panel: The Road to Recovery

“The pandemic has been the black swan event of our lifetimes, yet hospitals have responded heroically,” said Dan Michelson, CEO of Strata.

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.

 

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