In the News: Data Warehouse & ERP Tools
Data Warehouse, ERP Tools Top Wish List for Value-Based Care
Excerpted from Health IT Analytics
According to research from Black Book, an electronic data warehouse (EDW) and a comprehensive enterprise resource planning (ERP) system are at the top of the wish list for the healthcare C-suite as clinical and financial experts acknowledge that they still lack the insights they need to succeed with value-based care and population health management.
Organizations that have not yet implemented a data warehouse are itching to put this foundational architecture in place.
Revenue cycle experts are also caught between a rock and a hard place when it comes to using data to improve internal efficiencies. Executives are wary of spending big on ERP infrastructure, due to the large upfront costs, but organizations may be letting revenue slip through the cracks without full visibility into supply chain management and other spending patterns.
Eighty-five percent of hospitals under 200 beds know they have underinvested in ERP in an attempt to avoid the sticker shock of a big-bang implementation, despite the fact that 93 percent of Chief Financial Officers recognize that they cannot reduce inefficiencies and begin the value-based care transition without a robust ERP system.
Eighty-two percent of CFOs at hospitals with fewer than 300 beds will work to revamp their revenue cycle management strategies by making shrewder decisions about outsourcing, bolt-on applications, and less expensive cloud technologies.
Coding and clinical documentation improvement (CDI) are also under the microscope as hospitals try to squeeze out inefficiencies in their existing processes, but it is unclear how much they can achieve without new health IT systems to support their efforts.
As hospitals try to address IT threats and risks from all angles, including security breaches, ransomware, and unplanned downtime, they will have to carefully choose how to apportion their limited funds to achieve maximum value.