A Data-Driven Approach Can Help Restore Health Systems to Financial Health

American healthcare organizations are expected to lose more than $300 billion in 2020 because of the COVID-19 pandemic.

Barry Dyer, Senior Vice President of Professional Services at TractManager, advises in an article posted on Oct. 21, 2020, on Health IT Outcomes, that by taking a data-driven approach, health systems can begin to get back on the path to financial wellness after the devastation of the pandemic.

By gathering and standardizing reliable data in a central location, transforming that data into insight, using the data to bring about innovative, scalable processes, and establishing collaboration and accountability to drive and support change, Dyer says, hospital and health systems can start on the road to financial health.

A health system’s contract lifecycle management, strategic sourcing, and provider management can all benefit from the judicious use of the wealth of data available. Read the article, “3 Steps To Help Hospitals Improve Financial Health During The COVID Pandemic And Beyond,” to learn how it’s done.

Measure It to Manage It: Beginning the Journey to Hospital Financial Wellness

The financial health of your healthcare organization needs to be your top priority. Analyze clinical, financial, and operational data to uncover opportunities to improve your processes, systems, and bottom line.

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