A continuing series featuring thought leaders and business partner executives discussing the future of healthcare in a COVID-19 world.
Healthcare providers need transparent, powerful business intelligence to meet pandemic-induced challenges
At the start of the COVID-19 crisis this year, healthcare provider organizations were forced to make more major decisions in a matter of weeks than they historically would make in a whole year. No long-term financial plan or annual budget could absorb an impact on the scale of the pandemic. And with the ongoing challenges, executives continue to be pressed to ask more diverse and detailed operating questions than in the past.
To support them in this effort, providers require timely, automated, value-added analytics. These include automated monitoring of patient acuity; physician variation analytics; ROI by provider, payer, service line and location; real-time modeling on how their shifting payer mix is impacting net revenue; and the ability to identify areas of potential charge leakage.
Yet many healthcare organizations’ aging legacy tools and data warehouses not only lack these capabilities, but also are expensive, prone to error and time-consuming to maintain. Bringing the needed level of transparency to operational data, while facilitating easy distribution and evaluation from multiple viewpoints, requires a business intelligence platform that can:
- Continuously ingest data from all billing systems
- Store and maintain data standardization rules and procedures
- Leverage dynamic dashboards and analytics to present opportunities in an easy-to-interpret story
- Automatically deliver, via email, individualized financial and operational analytics to decision-makers
At one time, the costs and time required to implement such a platform may have seemed prohibitive. Today, however, it is possible to develop and go live with a business intelligence platform in as little as 45 days for a fraction of the cost of a data warehouse. Learn more at www.6intelligence.com about how we support all sizes of health systems, independent hospitals and physician groups with their financial and operational transparency needs.