Measure It to Manage ItBeginning the Journey to Hospital Financial Wellness
A white paper by:
Chief Executive Officer, TractManager
Mark Kestner, MBA, MD
Chief Medical Officer, TractManager
Measure It to Manage It: Beginning the Journey to Hospital Financial Wellness
While hospitals and health systems have gotten better at promoting healthy habits and preventive strategies for common threats to individual and population health, they have struggled to maintain their own financial wellbeing. This is worrisome because most health industry experts believe today’s trends pose significant threats to healthcare entities already wrestling with shrinking margins. The COVID-19 pandemic has further exacerbated these health and financial threats while adding new ones to the mix.
And, while threats can be overwhelming at times, they also offer genuine wellness opportunities for organizations prepared to embrace necessary change. In brief, that change involves opening access to the right data and deploying analytics that can shine light into pivotal corners of the organization that for too long have remained hidden. The ensuing insights can inform a strategic approach to change management that empowers health systems to dramatically improve their financial health even as they improve the care they deliver to patients.