Is That Data Valid? Getting Accurate Financial Data in Healthcare
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The document discusses the critical need for accurate financial data in healthcare, emphasizing challenges such as data connectivity, storage, and volatility. It advocates for implementing an enterprise data warehouse (EDW) and sophisticated analytics applications to enable effective data access and decision-making. These solutions facilitate comprehensive insights that aid healthcare leaders in making informed decisions for operational improvements and cost management.
Is That Data Valid? Getting Accurate Financial Data in Healthcare
- 1. Is That Data Valid? Getting Accurate Financial Data in Healthcare Jason Burke
- 2. © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. Healthcare Demands Accurate Data I’ve been in many meetings with healthcare finance experts where the topic turns to the validity of the data they’re viewing. Finance experts need accurate, timely, actionable financial data to make informed decisions about their organizations. Key challenges to accessing high-quality data include: • Data connectivity • Data storage • Data volatility
- 3. © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. Data Stored in Separate Silo Systems Each healthcare data silo source system has a specific functionality for that particular department’s needs, but generally lacks the means for data connectivity to externals. This limits the ability for the organization’s data analysts to evaluate data on an enterprise level.
- 4. © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. Massive Data Storage Needs The healthcare industry requires the storage of enormous quantities of data to provide billing and patient care. With estimates of 100 MB of data generated per patient, per year, this translates to terabytes of storage required for large patient populations.
- 5. © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. Healthcare data is Highly Volatile Business definitions are very complex and data metrics are constantly changing in the healthcare industry. Different clinicians may use different definitions for the same metric and decisions can be skewed if users don’t know which metric was reported.
- 6. © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. Getting Operational Insight Business leaders must have confidence in the data. Without good insight into how their operations are going, it’s difficult to know where the dollars are being spent or where to make improvements in order to provide the value-based care that’s so critical in today’s healthcare environment. 6
- 7. © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. The EDW and Analytics Solution It is possible, however, for health systems to overcome their data challenges by adopting two key solutions — an enterprise data warehouse (EDW) and sophisticated analytics applications. 7
- 8. © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. Healthcare Enterprise Data Warehouse An EDW overcomes the challenges of accessing the volumes of siloed data. It functions as a layer on top of all of the other application databases already in place. It’s like a one-stop shop where all of the information can be accessed whenever it’s needed. The data is available on demand as needed by all departments. 8
- 9. © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. Sophisticated Analytics Applications Sophisticated analytics applications provide value to a healthcare organization’s data in a way that individual source systems can’t. Analytics applications are designed to work with the EDW, so users from different departments can drill down and gain process insights to make informed decisions that drive quality improvements and cost reductions. 9
- 10. © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. Data Drill Down Being able to drill down into data means that users who are seeking answers to specific questions are able to click down through the various levels of data that are aggregated in the EDW. For example business leaders can access data dashboards at facility or department level down to account level to identify expense or revenue issues. 10
- 11. © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. Data Drill Through While data drill down enables users to access various levels of aggregated data, data drill through enables users to click through to the lowest data level. Then they can click through to the lowest level of detail (transactional level) from the source systems that have been loaded into the EDW. 11
- 12. © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. Financial Data Made Actionable In today’s environment of value- based care, leaders need access to cross-organizational data to make informed decisions about their operations. Using the EDW and analytics solutions simultaneously, health systems will have access to transparent, reliable, timely data that can be used to drive confident, well-informed decision-making. 12
- 13. © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. More about this topic The Key to Real Quality and Cost Outcomes: Linking Clinical and Financial Data Bobbi Brown, Vice President of Financial Engagement Financial Management Explorer (Product Demo) Demo of an application that shows comprehensive financial and operational metrics How Analytics Will Lower Waste and Reduce Costs for the Healthcare Industry Bobbi Brown, Vice President of Financial Engagement What Does a Data Warehouse Cost? How to Get a Return on Your Investment Dan Burton, Chief Executive Officer Finding $5.7 Million with a Healthcare Data Warehouse A health system case study Link to original article for a more in-depth discussion. Is That Data Valid? Getting Accurate Financial Data in Healthcare
- 14. © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. For more information: Download Healthcare: A Better Way. The New Era of Opportunity “This is a knowledge source for clinical and operational leaders, as well as front-line caregivers, who are involved in improving processes, reducing harm, designing and implementing new care delivery models, and undertaking the difficult task of leading meaningful change on behalf of the patients they serve.” – John Haughom, MD, Senior Advisor, Health Catalyst
- 15. © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. Other Clinical Quality Improvement Resources Click to read additional information at www.healthcatalyst.com Jason Burke brings over eight years of health care experience at University of Utah Healthcare to Health Catalyst. At the University of Utah, he spent over four years as a data architect on the Enterprise Data Warehouse and over four years as the business system administrator of the Enterprise Performance Management tool used to annually budget over $1.2 billion. He has also worked with a multitude of business intelligence tools and was responsible for executive level reports and dashboards. Mr. Burke holds a MBA with a Management of Technology certificate and a BS from the University of Utah.