14. Cost Transformation and Labor Productivity: Stop Running Reports and Start Running Your Business

Track: Financial Transformation (Increased Revenue, Reduced Costs)
Level: Advanced

To effectively manage cost, healthcare leaders need the right data, provided to the right people, at the right time. UPMC first integrated patient- and physician-level analytics to gain better insight into operating costs and clinical variation across its provider footprint. More recently, they assessed their existing labor budget and productivity system, a decades-old, homegrown tool with outdated functionality and limited reporting on FTEs. Recognizing the opportunity for an improved solution, UPMC launched integrated department- and leader-level labor budget and productivity analytics, putting invaluable staffing and productivity information into the hands of operational leaders across its many hospitals.

Goals of this session:

  • Understand the current challenges facing providers, including horizontal competition from large insurers and digital disrupters, headwinds from price transparency, and growth in managed care programs, like Medicare Advantage.
  •  Introduce a new approach to cost transformation, utilizing existing EHR data to create patient- and physician-level costing, and measuring clinicians based on value and the “Triple Aim.”
  • Identify the elements of an effective labor budgeting and productivity solution, including key functionality for finance and operational users.
  • Describe how data at the right grain increases the accuracy of analytics—and results in actionable improvements.
  • Articulate the keys to success for labor analytics, including in-depth analysis of historical operations and staffing, consistent training and documentation, and engagement of key operating teams across the organization.

Watch HAS 21 Virtual On-Demand.

Replay HAS 21 Virtual

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