Executive Financial Dashboards
The Situation
Undoubtedly, the role of the hospital financial team now requires comprehensive analysis of financial performance and aggressive, proactive problem-solving to help hospital executives drive increased organizational value. Pending healthcare reform will only intensify bottom-line pressures. And the public expects ongoing improvements in quality and safety outcomes.
As the CFO is now expected to identify and help drive strategic growth initiatives, traditional general ledger functions and paper-based retrospective reports are no longer sufficient. Financial teams are increasingly expected to provide detailed analysis of the key drivers of financial performance and engage in strategic management initiatives to help create a sustainable financial future for the hospital. Today this means the finance team may be called upon to help ancillary service line directors develop new growth strategies or they may be asked to help them identify high margin business that is leaking away. Tomorrow it likely means helping the organization understand the financial realities of becoming an integrated or “accountable” care network and negotiating solid relationships with your payers. Simply making the books foot and generating statements is no longer enough. These new pressures require a new approach.
What is Needed Now?
In order to effectively manage financial resources and capitalize on growth opportunities, executives need detailed analysis of organizational performance – and the financial / reimbursement impact of these issues. They need visibility to both system-wide performance and departmental level or functional area performance, and the ability to understand performance drivers at any level. Analytical applications should support organizational objectives and strategic management efforts by identifying financial problems early. For example, revenue cycle problems should be visible at the highest level; inflating costs should be signaled sooner rather than later to the CFO; declining growth should be clearly visible and easily understood before it threatens the health of the organization.
The WhiteCloud Solution
WhiteCloud dashboard applications automate the process of generating effective and up-to-date dashboards, and support the in-depth analysis required to determine the specific causes of poor financial performance. The underlying cause may be contractual, operational, or clinical – regardless of the specifics; the financial team must be on top of the early warning signs and understand the overall impact to help secure the financial integrity of the organization. WhiteCloud solutions, based on the WhiteCloud Performance Analytics™ methodology, alleviate the manual, tedious, and often error-prone processes used by many hospitals today. Our solutions empower healthcare executives to complete meaningful analysis in seconds, not days, and eliminate the need to rely on an analyst to compile, aggregate, and format reports. Visibility to root causes and the drivers of poor financial performance illuminate the insights needed to enhance efficiency, sustain a healthy bottom line and identify growth opportunities.
The Result: A Healthier Bottom Line Means a Healthier healthcare System
The WhiteCloud dashboard solutions are designed to break down the barriers that prevent healthcare executives from obtaining timely and meaningful access to the data they need to better inform the decisions they make. Our solutions integrate data from disparate operational systems, such as clinical and financial systems, to allow decision makers to identify and respond quickly to threats and opportunities related to critical financial performance issues.
Specific Improvements:
- Hospital CFOs and financial teams have the visibility they need into key financial performance indicators without the time-consuming, manual, error-prone reporting processes typical today.
- Decision makers can allocate financial resources more effectively and identify potential growth opportunities more easily.
- Hospital executives are well-equipped with the financial information they need to make informed decisions that will affect the long-term viability of their healthcare system.
- Morale increases as the finance team has the tools they need to become more proactive and to help drive mission critical results.
Contact Us
OnDemand Webcast:
"Profitable Decision Support: How St. Luke's is Leveraging Data to Drive System Performance"Hospital CIOs, COOs, and other decision makers will learn about decision support solutions that eliminate waste and identify strategic performance improvement opportunities in order to drive superior operational, financial and clinical outcomes.
White Paper:
Foundations for Effective Healthcare Performance ManagementSuccessfully managing a healthcare system has never been more challenging. Read this white paper to learn how the Veterans Health Administration (VHA) successfully implemented a performance management solution that has been hailed as a model for healthcare reform. The WhiteCloud team is proud to have contributed to this initiative that has enabled the VHA to provide world-class care with patient satisfaction outranking that in the private sector.
"Improving Outcomes: Using Hospital Operational Dashboards"
Learn how your hospital can benefit from operational dashboards that will help you monitor and analyze your critical metrics.
Meet the WhiteCloud Analytics team face-to-face at upcoming conferences, register to attend one of our educational webcasts or watch a recorded webcast at your convenience.
You Can’t Fix What You Can’t See
Learn more about the WhiteCloud approach to improving clinical, operational and financial outcomes using analytics that bridge the gap between the massive amounts of data organizations collect and the performance they desire.