The healthcare performance management firm gathered data from 100 hospital financial leaders and found 91% said their hospitals or health systems could better leverage financial and operational data for strategic decision-making. Around 61% said their organizations use operational and financial data already, including regional demographic, procedure volume and labor benchmark data. The fewest respondents – 44% – said they use all-payer claims data.
In the next 12 to 18 months, hospitals and health system leaders expect to start using more data:
- Regional demographic: 12%
- Procedure volumes: 16%
- Labor benchmarks: 31%
- Clinical benchmarks: 29%
- Financial and operational benchmarks: 34%
- Volume benchmarks: 33%
- All-payer claims data: 29%
Seventy-three percent of hospital finance leaders said they plan to invest in better analytics and insights while another 64% said they’re spending on comparative data and benchmarks. Workforce and productivity data is especially valuable as labor expenses increase. Hospitals are looking to minimize over time and burnout, and maximize the abilities of their team.
“Having robust data and analytics capabilities is essential in today’s environment,” the report notes. “Healthcare organizations need reliable data and benchmarks for improvement, and to identify viable targets for improvement. A comprehensive analytics solution allows healthcare leaders to access key financial, payroll and labor utilization measures from a strong cross-section of various types of hospitals, departments and service lines for comparison.”