HEALTHCARE PERFORMANCE MANAGEMENT: A POWERFUL TOOL TO CREATE VISIBILITY AND ACCOUNTABILITY THROUGHOUT THE ORGANIZATION
Healthcare enterprise performance management (EPM) is a technology-enabled business strategy that is helping to tackle the challenges of the transforming healthcare industry. EPM involves consolidating large amounts of data from various sources, querying and analyzing the data, and putting the results into practice. Because EPM seeks to aggregate available information, managers are more informed about the organization’s position and are able to make smarter decisions. EPM creates visibility and accountability throughout the organization to reduce the overall costs of healthcare and improve healthcare outcomes.
Embracing data-driven decision-making in a provider setting requires agile thinking to pinpoint and respond to the short- and long-term needs of the organization. This shift requires finance departments to transcend from the typical focus on aggregating data to a value-added analytical view of hospital data. This new approach will provide greater visibility into changes in variables and assumptions and will require organizations to fully understand and ensure transparency exists for key performance indicators.
This level of change requires a partnership with operations to ensure that the correct metrics are correlated within the budget process and that agile techniques are engaged to continue to improve the drivers and ratios to create a closed-loop strategic process for performance management. These partnerships have historically been territorial and politically risky, but there is an enormous opportunity to reset given the ability to apply technologies to automate and provide transparency.
In our new guide, we take a look at six performance management trends healthcare executives need to be thinking about in 2016 and beyond. We’ll identify technology strategies and solutions that will help healthcare organizations succeed in a data-driven, cost-management culture.
