2023 was fraught with challenges for the financial services industry, so it’s no surprise that financial institution CFOs have concerns about the year ahead. Following last year’s high-profile bank failures, shifting consumer preferences, and rising competition, finance leaders must consider how to strengthen their institutions for an uncertain future.
Designed for healthcare consultants, Market Insights offers the industry’s most timely, detailed, and extensive hospital, non-acute, and physician analytics across the care continuum.
In the competitive world of healthcare consulting, firms must constantly deliver differentiated value to clients while positioning themselves as authorities by delivering strategic insights that others lack.
Each month, Market Insights for healthcare compiles data from thousands of acute and non-acute facilities nationwide to give you the most objective and current view into the evolving healthcare market landscape. Leveraging these insights, you can accurately compare an individual organization’s performance to peers, set improvement targets, guide organizational change, and evaluate the success of transformation efforts.
Market Insights provides key performance indicators across the most extensive range of service lines available in benchmarking solutions today. Metrics go beyond acute care to include outpatient, physician practices, imaging centers, home health and hospice, skilled nursing facilities, urgent care centers, and more.
Analytics and benchmarking data include key financial, operational, clinical, payroll, patient, and labor utilization measures from a strong cross-section of various types of hospitals, departments, practices, and specialties for comparison.
Financial/Operational – Enhance budgets and financial forecasts and guide strategic operational improvements. Monthly data include margins, volumes, revenues, expenses, labor, productivity, and span of control across more than 40 types of acute and non-acute entities.
Clinical – Provide near real-time market views with monthly cost, quality, safety, and utilization data for systemwide evaluation and reporting down to the encounter level. Data represent over 2.3 million patient encounters harvested directly from healthcare decision support systems and stratified by MS-DRG.
Physician – Improve profitability and productivity with robust comparison data from 135,000 physicians across 10,000+ practice departments. Data include physician investments, compensation, revenue, productivity, and support staff benchmarks by specialty and region.
Capital Spend – Leverage capital purchase benchmarks from healthcare organizations nationwide to help clients remain competitive, justify capital purchases, and guide equipment selections. Data span capital spend, capital analysis, operations impact, vendors, and project status drawn monthly from 600+ hospital information systems.
Data refreshes regularly to show metrics from the prior month, so you can quickly identify and guide your clients’ response to healthcare industry trends. The monthly updates give immediate visibility into action plan impacts, creating more time to course correct if needed.
Market Insights provides the market knowledge needed to help you quickly spot clients’ greatest operational, financial, and clinical performance improvement opportunities so you can focus corrective strategies on the areas most likely to show the greatest impact. Set goals for incremental improvement using better-performing peers as the target. With 20 peer percentile targets per measure, you can develop achievable improvement action plans.
November 11, 2019
As organizations work toward a more agile, accurate planning process, there remains a gap between the traditional budget of the past and a better approach, one that works to align finance leaders with clinical operations.
We’re sharing some of the top strategies presented by CEOs and CFOs at the non-profit provider track at the Annual JP Morgan Health Care Conference
Healthcare is the biggest industry in our nation’s economy, with more than $4 trillion in annual spending. Therefore, understanding the financial health of healthcare is more important than ever. At the Annual JP Morgan Health Care Conference, leaders from 20 prominent health systems, representing nearly $250 billion in collective annual spend, shared their top strategies.
Strata recently convened an industry roundtable of finance leaders to examine the current state of health system finances and what the future may hold as healthcare leaders continue to wrestle with the impact of the COVID-19 pandemic.
In this paper, we share strategies and tactics presented in a webinar for members of the Healthcare Financial Management Association (HFMA).
Key findings include:
In the age of value-based care, keeping healthcare costs in line is paramount. Axiom Comparative Analytics has helped healthcare organizations like yours identify over $1 million in cost savings opportunities.
With an array of financial metrics across all areas of your business and departments, compare your financial performance against your peers. Comparative Analytics makes performance improvement and cost conversations easier by giving you the market context you need to ensure a healthy bottom line.
Comparative Analytics helps you determine which of your businesses and service lines are cost leaders in the market. Drive patients to these services while you simultaneously develop corrective actions to become leaders in the other services. Model what financial success looks like in new service lines you’re considering for investment.
With robust comparison data from 135,000 physicians across 10,000+ practice departments, you can measure performance in a variety of dimensions, including investment and net revenue per physician FTE, practice financials, specialty, and geography to improve productivity. Available data includes provider compensation and productivity by named physician and support staff analysis by named APP so you can align compensation with benchmarks by specialty and region. Take corrective action more quickly and easily set goals using top-performing peers as the target.
Free up time for analysis.
Get a single source for normalizing internal data together with timely peer comparison metrics.
