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.

 

The Rise of Smart Data

Smart data and advanced analytics will be the picks and shovels that we use to improve health system performance. But what do those words, “smart data” and “advanced analytics” mean in practice? We delved into these concepts and eight key themes emerged, which are fundamentally critical to developing smarter, more advanced analytics strategies.

 

Comparative Analytics

#1 for hospital benchmarking data. Improve budgets, inform financial forecasts, and guide strategic operational decisions.

Find huge cost savings opportunities


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.

READ THE SOLUTION BRIEF

 

a mockup of the comparative analytics tool on a laptop


Identify business areas and service lines to develop


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. 

 

 

 

 
 

Discover how your physician practices measure against peers and uncover opportunities 


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.

Request A Demo

 
Featured Resources

Solution -GI Financial Reporting & Analytics Solutions - Rethemed

analytics on a laptop

Analytics solutions provide insights to power data-driven decisions 

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. 

Benefits of analytics and reporting using Axiom Intelligence

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. 

man looking at graph on computer screen

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. 

  • Use the browser-based reporting tool with drag-and-drop functionality to build both simple and complex reports based on your unique needs
  • Access a full Excel-based spreadsheet calculation engine for in-depth reporting in a familiar Excel environment
  • Leverage Axiom Visual Insights’ pre-configured data models or build your own from any data in Axiom, and use self-service tools to create dynamic visualizations, including the ability to ask natural language questions and receive answers in visual form

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

Get a Demo

Strata Academy - StrataJazz

 

Learn more about the StrataJazz Administrator Certification program and upcoming sessions. 

StrataJazz Administrator Certifications are available across a range of modules. Each certification includes virtual, instructor-led training and an assessment in the form of a project and exam. Upon completion of all components, learners are granted a certification in their module. Each certification is designed to give you the tools and knowledge you need to successfully work as an administrator in StrataJazz.  

Looking for self-paced training courses? There are available for free to Strata customers within Strata Academy.  

How can I get the most out of StrataJazz Certification?

Strata recommends attending StrataJazz certification classes after you have started your implementation. Having some basic exposure to the StrataJazz platform before you attend class will improve your class experience. The implementation process includes training from your consultant that is tailored to your organization’s specific needs and builds on the fundamentals covered in certification.  

You may also choose to attend certification class after your organization has completed implementation as a refresher on key administrative tasks and workflows or as part of your onboarding as a new StrataJazz administrator.  

Unsure as to whether certification is right for you? Reach out to the Strata training team at strataacademy@stratadecision.com.  

Registration closes 7 days before the class!

Advanced Planning

 

Analytics

 

Decision Support 

 

Subscribe to Healthcare