Boost Healthcare Performance: Remove Barriers to Comparative Analysis
Forty-one percent of senior healthcare finance leaders say they aren’t satisfied with the way in which benchmarks for performance inform decision making at their organization, and 15 percent say they don’t use benchmarks at all, according to our annual Healthcare CFO report. Why? Leaders point to a lack of timely data—both their own data and peer benchmarking data.
They also need benchmarks that enable them to compare their organization’s performance against that of peer organizations for context. But there are numerous barriers leaders face in leveraging benchmarks to improve decision making and performance:
Now more than ever, healthcare leaders require robust data and analytics to inform strategic and operational decision making. They also must be able to access data in as close to real time as possible to course-correct with agility and ease.
Healthcare leaders have lived with data handicaps such as these for too long. What is needed now is timely access to disciplined analytics based on robust, consistent benchmark data around quality, clinical outcomes, and cost.
Our Axiom Comparative Analytics suite offers the industry’s only solution to remove the data and comparative analytic barriers that impede performance. It’s a tool that uses internal and external data in near real-time to pinpoint financial improvement opportunities.
The Axiom Comparative Analytics solution offers a breadth of key financial, payroll, and labor utilization measures from a strong cross-section of hospitals, functional areas, and departments. External comparison data are refreshed monthly, providing healthcare providers with the industry’s most timely access to financial analytics.
Timely and robust comparison data. With Axiom Comparative Analytics, data are drawn from internal and external sources on a monthly basis, rather than quarterly or annually. This ensures leaders have the most timely access to financial analytics available across all key dimensions, strengthening organizational decision making.
Attributes of the Axiom Comparative Analytics solution include:
Analysis and reporting tools. Axiom Comparative Analytics enables normalization of data through a uniform classification process. It’s a process that dramatically increases the number of financial, payroll, and labor utilization metrics and measures available for comparison. This empowers leaders to identify root-cause issues of underperformance and take action immediately for improvement.
Our Metrics Explorer is an interactive dashboard that enables leaders to quickly assess financial performance and drill through to detailed reports or next-level metrics. With these capabilities, leaders can quickly uncover performance opportunities, perform root cause analysis, and monitor performance improvement efforts. Dashboards can be tailored to the needs of organizations or user types.
Our Data Explorer performs data comparisons using internal and external sources. This analytical tool drives freeform interaction with the data, and highlights key areas of focus, identifies root causes of underperformance, and aids leaders in developing strategies for corrective action. Analysts and department managers can easily interact with internal and peer comparison data to pinpoint areas of underperformance, both in relation to internal performance and compared with peers.
With a pressing need to control costs and improve performance, healthcare leaders increasingly are turning to technology to gain timely access to data and strengthen analytics capabilities. We are pleased to be the nation’s leader in healthcare data and analytics solutions.
How are you measuring and improving financial performance?