Health IT Outcomes Features Barry Dyer’s Article on Health System Financial Wellness
In a Health IT Outcomes article titled “3 Steps To Help Hospitals Improve Financial Health During The COVID Pandemic And Beyond” published Oct 21, 2020, TractManager’s Barry Dyer urges healthcare organizations to take advantage of their vast storehouses of data to emerge from the COVID-19 financial catastrophe and to succeed once the pandemic has subsided.
“Data holds the key to measuring and understanding the drivers of financial health— and illness,” Dyer says. “This means having a full grasp on operational data and knowing how to effectively centralize, standardize, and optimize all these invaluable data stores—including the integration of clinical, financial, and operational data.”
To get started on the path to financial wellness, Dyer suggests that healthcare organizations consider these initial steps:
- Understand and treat contracts as the system’s heartbeat
- Implement evidence-based strategic sourcing
- Improve provider management
“Health system financial wellness—just like wellness for individuals—has remained elusive because of difficulties in changing long-ingrained ways of thinking and behaving,” Dyer says. But if “a hospital or health system can fully commit and identify where to start building its solutions, it will have taken the critical first step on a successful journey to financial wellness.”
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