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The COVID-19 pandemic has demonstrated that hospitals and health care systems can be much more agile than many operators realize. This could be the key to better use of healthcare data to drive decision-making. This can help many organizations recover from analytics paralysis caused by outdated systems and unreliable data.
This is one of the findings of a new study,”Healthcare CFO 2022 Outlook: Finance leaders’ priorities to address workforce, data, and cost challenges,” are from Syntellis . Performance Solutions. Syntellis surveyed 420 healthcare finance leaders on how they view the financial outlook for their organizations and their plans to adopt advanced technology and analytics tools.
Bad news: the vast majority (82%) of respondents said their organization should do more to make better use of financial and operational data. Worse still, most organizations are using inadequate systems for decision making. Nearly two-thirds (61%) are still relying on outdated tools like spreadsheets.
“Purchasing accurate data – and using it to drive decision making – is key to helping healthcare organizations recover from a tumultuous few years,” said Flint Brenton, CEO by Syntellis noted. “Despite having more access to richer data than ever before, many healthcare finance executives still struggle to make use of this data.”
Plenty of data, but not so much insight
As evidence, most respondents said their decision support system collects data from across the enterprise, inside and outside the hospital walls. But less than half (44%) have enterprise-wide visibility. Another 34% collect data from hospitals and outpatient facilities, but this data is not optimized for planning and forecasting.
“Lack of data visibility keeps healthcare leaders from understanding what departments might require in terms of more support and resources, and where to invest in the future,” explains Brenton. hybrid – ultimately affecting the quality of care,” explains Brenton.
The healthcare sector has long been considered slow to adopt new technology, with the exception of medical uses. But Brenton said the Syntellis researchers were surprised to see the numbers around hospitals and healthcare providers still relying on outdated processes and insufficient technology to solve the problem. address financial and operational challenges.
“Yes, many medical institutions have been burdened in the past year amid rampant juggling supply chain shortages, staffing problems and skyrocketing costs. But without internal scrutiny to identify vulnerabilities caused by outdated systems, these healthcare finance teams will continue to struggle until they deploy the optimal tools and powerful solutions to enhance the financial health of their organizations,” emphasized Brenton.
Advanced analysis and technology is just what the doctor ordered
To overcome this challenge, hospitals and healthcare organizations need to make smart investments in innovative technologies. This includes data analysis, artificial intelligence and machine learning tools.
“Simply put, the innovative technologies we use are solutions to better predict the future, reduce costs and improve efficiency,” says Brenton. “For example, alternate scenario modeling and forecasting capabilities help healthcare leaders better understand how to manage similar crises in the future and maintain financial stability over the long term.” term. Additionally, leveraging available benchmarking data can help healthcare operators pinpoint areas where they are thriving and where there is room for improvement. “
Going forward, Brenton said more healthcare finance executives want to use predictive analytics to better define the best path for patients and providers. Brenton says almost half (46%) of respondents want to exploit this functionality. This demonstrates the need for insights to guide decision-making based on prior results.
“Using predictive analytics coupled with technologies like artificial intelligence and machine learning can help forecast clinical, operational, and financial needs from historical data. With this solution, healthcare operators not only improve cost-effectiveness, but also ensure patients receive the best quality care,” said Brenton.
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