Visualize Financial Performance with BI Dashboards

The combined use of financial analytics and business intelligence (BI) within a healthcare organization can considerably improve operational effectiveness if applied properly. Direct benefits include reduced costs, increased efficiency, optimized catchment areas and network management, improved pay for performance/accountability and better operating speed. 

Getting Underway
No financial analytics journey can start without a solid project roadmap identifying expectations and timelines. Appoint a project manager to oversee the team’s work and lead daily management, while assigning co-leads as well with one from IT and one as the champion of the financial analytics project. This champion needs to understand the vision and be able to work within the political climate and structure of the organization.

When creating a financial analytics project roadmap, consider additional ongoing IT projects that may serve as interdependencies or conflicts. Define the budget and overall timeline. This will drive follow-up steps and selection of team members who have the appropriate timeframe for their work involvement.

Initial project steps should also include distinctly defining the project’s ROI. Focus and specify what the financial analytics dashboard will achieve. With the expected ROI, budget, timeline and project management defined, select the project team. Keep in mind that everyone is not capable of doing analytical work. Attention to detail, perseverance, ability to critique one’s own work, troubleshooting skills, creativity and, most of all, the ability to work well with others are mandatory for healthcare business intelligence work.

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Targeting the Right Metrics
Next, select the right metrics. Tailor analytics views to data recipients to be the most effective. Consider how many different definitions can be given to the same data element. For example, discharge time – is it when the patient physically leaves the facility, when the time is keyed into the EHR or when the discharge order was signed? Keep in mind the following:

  1. Understand what data is needed to support a given metric. Some metrics are based on data from one system. Consider percentage of cash collected. To calculate this, you need to know how much total monies were collected in a given time period and which of those monies were cash. While it sounds simple, does “cash” include checks or card payments?
  2. Select metrics defined by a national organization. HFMA has great materials on financial metrics, and other organizations offer definitions for operational metrics and clinical metrics. Using an organization’s definition from a national level will allow you to compare your values to other organizations similar in size and type to your own facility.

Data Selection
When determining source systems, consider how accessible data is, which may depend on its source. Data from a HR system may or may not be updated throughout the day, and that data may not easily match or align with data from your revenue system. Consider data feed schedules, since timely data is critical. Up-to-date data that is equally accurate is the winning combination. Your project team will need to structure testing and validation of selected data and its precise aggregation before presenting the analytics views to a wider audience.

Data Cleansing and Aggregation
Usually, data from different systems is not in the same format. For example, dates are formatted in a combination of ways, but your financial analytics view needs to use one standard way in all its visualizations. Good data aggregation achieves a single unified record made up of data from different systems. Though this sounds simple, most often it is not. The stronger the aggregation process is, the more usability the achieved data set will possess.   

We hope this serve as a helpful starting point for your financial analytics initiatives. Thank you for your time!

Celebrating Most Powerful Women in Health IT

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Congratulations to all the Most Powerful Women in Healthcare IT honorees! Its incredible to have been a part of this first-ever event for female leaders in the industry and celebrate all their dedication and achievements.

While the event praised female health IT triumphs, it also shed light on areas for growth. Gender gaps in both career opportunities and pay still exist. HIMSS research found that female health IT workers earn almost 25 percent less than men in the industry, while new female HIT executives within their first year of leadership earn only 63 percent of the pay of male equivalents for the same responsibilities. To learn more about the gender gap in health IT check out Health Data Management’s article here.

So how can women in health IT overcome these statistics? A conference session led by executive coach at Energy Springs Leadership Deb Busser suggested that leadership-seeking individuals cross pollenate their skills and networking. Attend conferences like HIMSS and CHIME Fall Forum for career development and professional relationship building. Stay up-to-date on industry trends and publications, lending your own expertise in guest blog posts or bylines. It can be great industry exposure that promotes you as a thought leader and expert in the field. Push beyond your comfort zone to meet new people, who can build your support network, and opportunities.

Congratulations again, MPWHIT honorees, including Stoltenberg’s own Sheri Stoltenberg. To see the full list of Thought Leader honorees, click here.

Tips for Negotiating with EHR Vendors

Before signing the contract with a new EHR vendor, think about the immediate and future implications on your healthcare organization, end users, workflow, business operations and the patient community. Be willing to consider the following questions when approaching this daunting IT decision:

  1. What is the main goal we are trying to achieve?

    Don’t buy or opt in for additional or added features when you don’t need them for your practice. Additional functionality and available modules can always be negotiated from a pricing standpoint (which you should be able to be lock in for at least two years) as an option exercised at a later date if the scope of the practice changes and there is a need for the additional product. Another thing to remember is, just like cars and furniture, software is always on sale. The level of discount you are able to achieve will depend on a number of factors, including success of the vendor, timing in the quarter or fiscal year and length of agreement you are willing to enter into.

  2. What’s the best way to achieve win-win outcomes in the negotiation with a new EHR vendor?

    Remember that the best executed software agreement is one that both the customer and the vendor feel good about. The goal is for the agreement to be a win-win result. It should provide a quality and supportable product for the medical practice in an agreement that the vendor feels good about to provide the appropriate support. With a win-win agreement, the vendor is much more likely to go the extra mile in assisting the customer when issues arise outside of the normal support process.

    There doesn’t necessarily need to be a bad guy in the negotiating scenario if open and honest communication is on the table during the negotiation process. Both the customer and the vendor are going to having non-negotiable items that they cannot concede on for various reasons. These should be communicated at the appropriate time during the process. Good representation from the right individuals from both a financial and clinical perspective will help to ensure that expectations are communicated for what is required and what the vendor is offering to meet the needs.

  3. What else should you consider when working with a new EHR vendor?

    Reference checks are the key to making this very important decision for your practice. Ask for a minimum of three references and at least one of those references should be a “bad” reference provided by the vendor. Although it may not have necessarily completely been the vendors’ fault for the bad references, it will provide you, the potential customer, with some insight on why that reference failed with the implementation or has not been able to fully utilize the capabilities the vendor is proposing to your healthcare organization. Good references are just that, but take the time to learn as much as possible from them about how they feel they successfully implemented the product. What was their staffing model? How long did the implementation take? Did it stay within the budget parameters? What would they have done differently to make it an even better implementation? Exchange contact information with the good references in hopes of communicating with them further in the future.

Best of luck with your negotiations!

Healthcare Pressures Call for New IT Exec Capabilities

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When you think about individuals in a hospital c-suite, what characteristics come to mind? Perhaps passion and drive with combined analytical and relational skills? These characteristics unite to meet the needs of today’s patients and industry demands while aiding cross-organizational collaboration. Collaboration is a critical component in leading a complex and integrated healthcare system of care. No longer can separate facets of a healthcare organization operate in individual information silos, and CIOs hold an increasingly important role in connecting a hospital through technology. Considering the building pressures of executives, here are three quick tips for healthcare IT leadership:

Planning for the Future

Healthcare organizations now look to leaders who are seasoned team players, willing to offer up fresh perspectives affecting the whole. While much of the healthcare industry is in flux, looking toward the future may seem difficult. However, long-term strategies are important for executives new to a position or an organization, especially when considering demands to stretch tightening budgets.

Leading by Example

Frontline staff, from check-in to patient visit follow up, play a crucial role in patient satisfaction. With such a significant role, healthcare leaders need to motivate and lead these individuals by example to impact their actions and decisions toward each patient interaction. C-suite leaders should take the time to engage one-on-one when possible with frontline staff. Those who deliver valuable care are incredibly important to the success of a healthcare organization.

In an article by Becker’s Hospital Review, former Modern Healthcare publisher and author/public speaker Chuck Lauer said the following:

“The healthcare field needs new ideas and courageous leaders to make them happen. Leaders must show resolve and a willingness to change if the conditions merit doing so. On the other hand, a leader must also be consistent and mature in their personal behavior. After all, a leader sets the tone of a given organization and if they are not consistent that can often sow the seeds of unrest and stress. Any of those things can be a major component of failure and consequently must be avoided!”

Addressing “No”

By all means do we understand the incredible juggling act that c-suite executives manage in balancing multiple projects, but what happens when stakeholders want an exciting new project that really isn’t within bandwidth? Within the same Becker’s article, Beth Israel Deaconess Medical Center CIO John Halamka shared that “What not to do is as important as what to do, because each of us gets this laundry list of hundreds of things that stakeholders want. The technique I usually use is not to say ‘No.’ ‘No’ is such a negative word, so loaded with emotion. So, I say, ‘Not now.’ My role on the resource side is not to create fear, uncertainty and doubt, but to explain to the board what we need to do.”

Share Your Voice in the Annual Health IT Industry Outlook Survey

With less than one week until the HIMSS16 Annual Conference begins in Las Vegas, thousands of healthcare IT professionals are finishing up last minute conference preparation. Last year’s show had over 43,000 registered attendees, but that’s not the only figure that stood out. Our HIT Annual Survey conducted at the conference showed noteworthy results regarding industry barriers related to healthcare data analytics.

Completed by project managers, CIOs, IT directors and consultants, last year’s survey revealed that most (51 percent) showed confusion toward what and how much healthcare data to actually collect in data analytics initiatives. A majority (34 percent) also felt that the lack of buy-in across their healthcare organizations was the largest barrier to IT initiatives, including data analytics and achieving meaningful use. The full results from 2015 can be found here.

This year for HIMSS16, we’re excited to gain industry insights again by launching the Fourth Annual Health IT Industry Outlook Survey. This year’s survey presents six questions focusing on healthcare leaders’ top initiatives and concerns for the remainder of 2016. By participating, individuals can enter into drawings for $200 Amazon gift cards. Survey responses will remain anonymous.

Can’t attend HIMSS16 or want to participate in advanced? Not to worry! Take the quick survey here.

Amazon Gift 2016 Outlook Survey

As always, for those headed to Vegas, stop by Stoltenberg’s booth #3621 for prizes, refreshments, meet ups with our executives, and survey live visual results. Plus, help us celebrate our 20 years as strategic health IT advisors on social media with the hashtag #20inHIT.

See you in Vegas!

CHIME15 Recap Part II: CNN’s Fareed Zakaria on Healthcare’s Political, Not IT Revolution

In part II of our CHIME15 Fall Forum recap, we focus on the message of Friday’s conference keynote speaker Fareed Zakaria. Zakaria is the host of CNN‘s Fareed Zakaria GPS, and he writes a weekly column for The Washington Post.

In our first CHIME15 recap, we highlighted that CHIME’s c-suite survey pointed to being able to elicit change as the most critical skill for today’s healthcare CIOs. However, in Zakaria’s speech, he seemed to emphasize this great responsibility of healthcare executives more so beyond IT fixes. According to Zakaria, information technology cannot be the magic bullet for America’s healthcare problems.

“I don’t mean to be the bearer of bad news,” Zakaria said. “What I mean is that you have a very complicated job ahead of you, which is the structure. In addition to that, you have a Democratic system, which makes it very hard to change the structure.”

According to Zakaria, healthcare isn’t going to operate like any other market because the fundamental structure raises difficulty in achieving certain economies of scale.

Zakaria said that the U.S. has hoped to find a technological fix all to magically get around issues. Instead, he said, “I think, more likely we’re going to have to do the hard work of unraveling the system that we have in place and figuring out how you actually make some hard political decisions that force you to choose, you know, when you’re 85 years, do you need a double hip replacement?”

The revolution needed here is not based on information, but a political revolution.

What are your thoughts in response to Zakaria’s message? Let us know!

Agents of Change

This year’s island themed CHIME15 Fall Forum created quite a splash as CHIME unveiled the full results of its year-long CIO survey in the session “The Evolving Role of the CIO: Aligning CIO Perspectives with the Executive Team.” CHIME surveyed 123 CIOs across the country, along with some CEOs and other c-suite-executive colleagues of those CIOs, to compile results.

Among the most significant findings, the survey found that both CIOs and other c-suite executives agreed that CIOs’ will be change agents within their organizations over the next several years. However, surveyed c-suite executives held a heighted belief (over CIOs’) that CIOs will need to be emerging technology innovators to proactively push organizations forward. Opinions aligned that CIOs cannot simply meet required operational tasks. They must now proactively lead beyond.

agents of change

While change management earned the most votes as the most important CIO attribute, other survey options included talent management, senior management leadership, knowledge management and analytics, emerging technology and innovation and operational management.

According to Tim Zoph, session co-presenter and former CIO of Northwestern Medicine, if we think the healthcare industry is fast-paced now, it’s about to get even more chaotic. “There are a lot of forces for change, including organizational consolidation, consumerism, precision medicine, regulatory developments and payment model changes,” Zoph said.

Stay tuned for part II of our CHIME15 Fall Forum recap on the HITStoltenblog!