Kaufman Hall Releases New Data and Analytics Capabilities Designed to Guide Healthcare Organizations’ COVID-19 Response
Hospitals and health systems can more quickly model scenarios and make real-time decisions with a broader set of COVID-19-related key metrics and rapid deployment of scenario modeling capabilities
CHICAGO – April 28, 2020 – Kaufman Hall, a leading provider of enterprise performance management (EPM) software, data, and management consulting services, announced today the availability of several new tools to help hospitals and health systems better understand COVID-19-related clinical and operational data. These broader insights will assist healthcare organizations as they monitor and improve care, adjust budgets and analyze the impact that COVID-19 activities have across a variety of measures, including mortality rate, length of stay, cost of care, ICU utilization, budget forecasts, revenue, expenses and more.
These new tools will help healthcare organizations understand, prepare for and quickly respond to COVID-19:
- A rapid deployment model for Kaufman Hall’s Axiom Rolling Forecasting and Comparative Analytics solutions, which provides healthcare organizations with the industry’s most robust and timely market insights and drives effective planning and resource allocation by simulating alternative views of an uncertain future. This powerful combination of scenario modeling and machine learning techniques helps healthcare leaders wisely adjust their 2020 budgets — which have been significantly impacted by COVID-19 — and provides budget and operations insights to guide finance and strategy teams as they create action plans to improve financial performance.
- New Axiom Intelligence dashboards in the Decision Support Solution, which are designed to demonstrate the impact of key COVID-19 populations using easy data visualizations. The dashboards help healthcare organizations monitor ongoing and dynamic changes to volumes, understand new populations across a number of key demographic, geographic and operational dimensions, and quickly investigate the utilization activity and cost of critical resources like beds, equipment, drugs and supplies. These insights are key to both resourcing in the short term and planning for the future.
- New scorecards in Axiom Clinical Analytics that deliver rapid access to key clinical and operational data on COVID-19 diagnoses, such as acute bronchitis due to COVID-19, acute respiratory distress syndrome due to COVID-19, coronavirus diagnosis emergency department, and more. Such insights are crucial for monitoring and assessing quality during the outbreak so that clinical leaders can rapidly adjust strategies to improve outcomes in the months to come.
- New data standards in the Axiom Comparative Analytics solution to track COVID-19 impact to revenue, expenses and volume at the department level. Comparative Analytics’ near real-time data allows users to understand the detailed financial impacts of COVID-19 and delivers powerful insights to guide healthcare systems today and in a post-COVID-19 environment.
- To assist healthcare organizations through this rapidly evolving situation, Kaufman Hall is providing access to the National Hospital Flash Report, which publishes monthly margin, volume, revenue and expense data from over 800 hospitals, and is the first publication to quantify COVID-19’s financial impact on U.S hospitals. Previously only available to subscribers, the report aggregates data from Axiom Comparative Analytics to help healthcare leaders understand how their performance compares to peer groups and guide operational decisions and performance improvement initiatives. The report is offered at no charge through June 2020.
“Our hospital and health system partners need actionable data right now,” said Kermit S. Randa, chief executive officer of Kaufman Hall Software. “We’ve worked diligently to enhance and expand availability of our tools to answer COVID-19 needs and provide healthcare leaders the information they desperately need to make critical decisions around patient care and operational performance. We all have a different role to play in the COVID-19 fight, and as a data and technology leader deeply committed to our clients’ success, we will continue to look for ways to empower those on the front lines.”
The Clinical Analytics Scorecards are available now to Axiom clients in the Scorecard Library; Rolling Forecasting and Comparative Analytics enhancements are also available now. The Decision Support dashboards are available upon client request through an expedited development and testing effort. There is no charge for existing software users to access these enhancements. The April edition of the National Hospital Flash Report published last week; Kaufman Hall also freely shares regular resources and insights for the healthcare market on its COVID-19 updates webpage.
“With so much uncertainty around COVID-19, we need every actionable insight we can get to help us make the right decisions for our patients and our business,” said Marc Stanislas, vice president of finance at The University of Vermont Health Network, who provided feedback on the Axiom Decision Support dashboard prototype. “Having timely access to this kind of data will provide tremendous value, and we’re grateful for our partnership with Kaufman Hall that makes it possible.”
Kaufman Hall’s Axiom Clinical Analytics product aggregates disparate sources of data — drilling down from the system to the patient level — to identify best practices and quantify preventable complications, readmissions and safety events, address ways to mitigate unintended clinical variation, and empower organizations to evaluate performance at every level.
Kaufman Hall’s Rolling Forecasting improves the predictability of financial results by enabling a more continuous and efficient planning process, and helps organizations effectively adjust plans and resource allocations by simulating alternative views of an uncertain future. Axiom Comparative Analytics provides hospitals and health systems with the industry's most robust and up-to-date set of market insights on healthcare finance and operations, providing a clearer path to understanding and improving financial performance.
Kaufman Hall’s Decision Support solution empowers finance and clinical leadership teams with insights across cost and quality through 10 clinically oriented dashboards, leveraging 100 clinical performance measures that have been processed through Axiom Clinical Analytics.
Visit kaufmanhall.com/covid-tools-healthcare to request more information about Kaufman Hall Software’s data and analytics solutions with advanced COVID-19 capabilities.
About Kaufman Hall
Kaufman Hall provides a unique combination of software, management consulting and data solutions to help society’s foundational institutions realize sustained success amid changing market conditions. Since 1985, Kaufman Hall has been a trusted advisor to boards and executive management teams, helping them incorporate proven methods, rigorous analytics and industry-leading solutions into their strategic planning and financial management processes, with a focus on achieving their most challenging goals.
Kaufman Hall services use a rigorous, disciplined, and structured approach that is based on the principles of corporate finance. The breadth and integration of Kaufman Hall advisory services are unparalleled, encompassing strategy; financial and capital planning; cost transformation; treasury and capital markets management; and mergers, acquisitions, partnerships, and joint ventures.
Kaufman Hall software includes the Axiom Software Suite, providing sophisticated, flexible performance management solutions that empower finance professionals to analyze results, model the future, and optimize organizational decision making. Solutions for long-range planning, budgeting and forecasting, performance reporting, capital planning, and cost accounting deliver decision support, reporting, and analytics within an integrated software platform. Kaufman Hall’s Clinical Analytics empower healthcare organizations with clinical benchmarks, data, and analytics to provide a higher quality of care for optimized performance and improved patient outcomes.