Initiative will present a definitive set of best-practices for healthcare leaders seeking sustainable performance improvement and cost transformation strategies
Kaufman Hall (@KaufmanHall) announced a collaborative initiative with Healthcare Financial Management Association (HFMA) (@hfmaorg) to uncover healthcare’s most pressing challenges in the pursuit of developing more sustainable performance improvement and cost transformation strategies. This collaboration titled, “The State of Healthcare Performance Improvement: Strategy, Technology and Tactics”, brings together two of healthcare’s most respected organizations to gather, interpret and report on key findings, with a direct focus on helping advance the transformation of healthcare in America.
By combining the expertise of Kaufman Hall and HFMA, this collaboratively developed report will provide healthcare leaders with a definitive set of best practices and actionable strategies for viable performance improvement – from strategy, technology and software best practices, and operational tactics to support organizational change. These best practices will help to further drive efficiencies, with the application of technology, across a healthcare organization.
In addition to the survey, Kaufman Hall and HFMA will introduce a new digital monthly feature on key efficiency indicators, based on real-time data and analysis, provided by Kaufman Hall’s Axiom Healthcare software. This monthly feature will present a snapshot of both actual and budget data, collected from more than 600 hospitals, representing key indicators such as volume, revenue, profitability and expense. This valuable data will become a new, highlighted feature for HFMA members.
“The healthcare industry continues to face serious revenue and cost pressures. Healthcare leaders are searching for new approaches to performance management and cost transformation,” said R. Wesley Champion, managing director and CEO of Kaufman Hall. “Working with the terrific team at HFMA, we believe this project will help to more fully develop answers to the challenges, opportunities, and pressures healthcare leaders face. We are excited to initiate what will be a highly valued resource for performance improvement in healthcare.”
By combining the knowledge and resources of Kaufman Hall and HFMA, this collaboration promises to provide healthcare executives the data-driven insights needed to improve decision making and developing the best business, technological, and change management strategies.
“Health care is awash in data, and healthcare organization are starting to unlock the potential of that data to drive changes,” said Richard Gundling, senior vice president, healthcare financial practices, HFMA. “In collaboration with Kaufman Hall on this initiative, healthcare finance leaders will gain a powerful set of insights and best practices to enhance their decision making to attain organizational goals.”
Use of data and analytics are keys to successful performance improvement within healthcare. This requires healthcare organizations to use high-quality technology solutions.
“Performance improvement has long been a hallmark of our healthcare insights and thought leadership,” said Kermit Randa, CEO of Kaufman Hall Software. “This project will help organizations elevate their performance improvement efforts by providing actionable insights and strategic recommendations, including through technology and intelligent software. We aim, with HFMA, to give healthcare executives a practical playbook that encompasses strategy and execution all based on real data and our trademark insights.”
Kaufman Hall and HFMA will launch the “State of Healthcare Performance Improvement” Survey in July. The ensuing research report will be ready for public consumption in October, 2019.
