CHIME 2016 Fall CIO Forum underscores increasing financial pressures in healthcare; need for better analytics
December 1, 2016
Tim Brown, Chief Business Information Officer
I had the opportunity to attend the CHIME Fall CIO Forum a few weeks ago in Phoenix where CIOs and other healthcare IT executives gathered to discuss how to improve the quality, safety, and cost-effectiveness of healthcare. Security was top of mind for the attendees at the conference, which is an ongoing initiative for IT professionals. Besides security, I noticed two major themes: financial pressures and analytics.
CIOs in healthcare face immense cost pressures as they look to optimize efficiencies at a lower cost. A major challenge is lack of visibility into cost throughout the month—before month-end budgets are closed. For example, executive and line management typically can’t see actual supply costs until after month end when monthly financial reports are delivered, which could lead to preventable overspending. For example, three orthopedic surgeons performing knee replacements could be using different supplies. Even one surgeon using a higher-priced device over more cost-effective devices yielding the same types of outcomes can throw one budget area off and create overspending. What if you could identify these variances near real-time and work toward changing behavior? Infor Healthcare solutions provide visibility into the supply spend on a real-time basis throughout the month, rather than at the end when organizations close their books.
CIOs are also asking how they can leverage business and clinical systems to help their organizations thrive and grow. They want to know how to improve efficiencies with existing applications, and one way is by making the switch to single vendors not only with clinical systems, but also with business systems. Maintaining multiple vendors creates immense operating pressures and requires people to support them. In addition, everyday operational users benefit with a single system that’s tailored to their role with both workflow and in-line analytics. Our solutions at Infor are focused on the needs of healthcare organizations and can act as your single business systems provider so you gain solutions that are built for healthcare organizations.
Data and analytics
Many CIOs wrestle with large data warehouse projects. They frequently ask themselves, “How can I deliver quick wins and value to my organization by delivering data from clinical or business systems?” If CIOs have the ability to leverage analytics or BI tools with high value and high benefit, they’ll likely be able to produce many quick wins.
With vast amounts of information from clinical and business systems, delivering data for timely decisions becomes increasingly important. With multiple systems, it’s important for analytics to be specific to users’ roles in order to provide meaningful data to the right people to address specific business problems. With Infor Healthcare Analytics, organizations gain a visual representation of role-based KPIs that can help them operate efficiently.
If you attended CHIME this year, what were your key take-aways? Please share your feedback here.
- North America