To uncover the right insights, you need to be able to combine financial, workforce, and utilization data with clinical data in a unified system for a comprehensive view of the organization. More importantly, you must also be able to dig into the data to understand challenges in specific locations or parts of the operation.
Sandy Cortez, vice president and corporate controller at Ernest Health, explains, “We’ve adopted cloud-based systems—like Workday—which not only free up IT resources to focus on other critical areas but also provide insight into more detailed information, allowing our hospital CFOs and controllers to better identify areas for improvement and cost control.”
Another way for healthcare organizations to glean insights is to take advantage of artificial intelligence, which frees up time previously spent on manual processes. PwC’s “Top health industry issues of 2018” report reveals that “health businesses are using AI to automate decision-making, create financial and tax reporting efficiencies, automate parts of their supply chains, or streamline regulatory compliance functions.” Automating manual, repetitive tasks frees up valuable time and helps reduce human error so the finance team can focus on more strategic initiatives.