TREND #6: INNOVATION: MOVEMENT TO THE CLOUD Enterprise performance management solutions are in a period of rapid transformation to the cloud. According to Gartner, the issues driving CFOs to consider the cloud are: Faster Development = Increased ROI: A recent study by Nucleus Research reported that cloud applications deliver 1.7 times the ROI of on […]
Posts Tagged ‘Healthcare Enterprise Performance Management’
6 Healthcare EPM Trends: #5 Value of Care
TREND #5: VALUE OF CARE: THE SECRET SAUCE Costing is an evolutionary process that begins with one type of procedure, one clinic, or one service line, or perhaps with a hybrid costing methodology. The great news is that technology can help realize the goal of improved costing by allowing for the use of multiple costing […]
6 Healthcare EPM Trends: #4 Financial Transparency
TREND #4: FINANCIAL TRANSPARENCY: MODERNIZE YOUR DECISION-SUPPORT SYSTEM As the healthcare industry moves toward value-based payment models and population health management, the need to innovate is paramount when it comes to cost management. Today’s CFO needs a new generation of decision-support technology solutions along with unprecedented access to transactional data to address tough questions across […]
6 Healthcare EPM Trends: #3 De-Mystifying the Budget Process
TREND #3: DE-MYSTIFYING THE BUDGET PROCESS: PERFORMANCE MANAGEMENT LEADS TO PERFORMANCE IMPROVEMENT Budgets have traditionally been an aggregation of numbers molded into a financial statement to measure margins and then asking business leaders to explain actual-to-budget variances. Healthcare leaders are now building strategies to mature this process into a compilation of metrics that are representative […]
6 Healthcare EPM Trends: #2 Budgets
TREND #2: BUDGETS: DAILY, WEEKLY, MONTHLY, ANNUALLY OR CONTINUALLY? Historically, budgets were compiled once per year (if that often) and variance analysis was a monthly activity. Hospitals started looking at multi-year, year-over-year analysis first, then eventually actual-to-budget, reinforcing the variance analysis process once data became more transparent. This led to “re-forecasting” the budget into a […]
6 Healthcare EPM Trends: #1. Data-Driven Decision Making
TREND #1. DATA-DRIVEN DECISION MAKING: BUILDING A PARTNERSHIP BETWEEN CLINICAL AND FINANCIAL LEADERS Performance management is a series of business processes to correlate financial and operational data to manage the margin and drive informed business decisions that support sound strategic and tactical planning and execution. Many healthcare organizations are in the midst of a transformation […]
Healthcare EPM: Creating Visibility & Accountability
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 […]
Healthcare Delivery: A Need for Change
It is no secret that the healthcare industry is in a state of transformation and for good reason. In a recent international study that compared 11 nations on healthcare quality, access, efficiency, and equity, the United States was ranked last among wealthy countries. In other words, in the United States healthcare outcomes do not align […]