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.
Extend the Power of Contract Lifecycle Management through Integration
Control costs and increase compliance by combining your healthcare contracting and ERP solutions.Are you paying your vendors more than the contracted rate? Are your providers compensated in...
Six Ways Supply Chain Can Use Analytics
Analyze your contracts and spend data to identify savings opportunities.COVID-19 is continuing to devastate hospital volumes, revenue, and operating margins. Hospital operating margins for...
From Costs to Outcomes: A Framework for Evaluating New Drugs and Medical Devices
Standardize decision-making processes and evaluate clinical evidence to improve outcomes while containing costs.Choosing the right drugs and medical devices is critical for patient safety and cost...
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.