As Chief Financial Officer, you are

the steward of your hospital or health

system’s financial health.

You manage, plan, and organize financial operations, from capital and operational budgeting to analysis, controllership, payer management, and revenue cycle. You advise management and board members on all things that can have a financial impact on operations. And you manage all of this with an eye toward changes in the industry, such as completing Meaningful Use certification and participating in Accountable Care Organizations, that will affect your health system’s bottom line.

In this environment, you and other CFOs share a common vision: the desire for the most up-to-date and accurate business intelligence to help you make more informed decisions on a daily basis. Because data tends to reside in departmental silos, many CFOs gather their analytics through a variety of methods, including the following:

• A combination of disparate, point-based software solutions.

• Excel documents that require poring over line items and other information.

• Manual gathering of information housed in files, paperwork, and PDFs.

While you might have heard about a better way to aggregate and analyze data through an enterprise-wide solution, you likely haven’t seriously explored what it would take to implement such a tool – perhaps in part because of a general perception that it would require an investment that far exceeds the capital budget or a time commitment that would hurt the day-to-day productivity of internal teams.

The reality, however, is an enterprise data warehouse (EDW) can help you overcome the challenges you face and give you a significantly broader view of information than ever before. A variety of options are available for implementing an EDW, from packaged solutions to services-heavy offerings to the time-intensive task of building an EDW in-house. The KnowledgeEdge™ EDW from Health Care DataWorks is a powerful, flexible choice that can help you meet your goals and overcome your daily challenges in five key ways:

1. Provides access to organization-wide business intelligence in the most efficient and broadest manner. The KnowledgeEdge EDW aggregates, organizes, and analyzes data from administrative, financial, clinical, and research functions. As a result, you can access information from across the entire organization through an easy-to-use portal. You can view standard information, such as copay volume or gross days in AR, or run your own queries for specific information to establish trends or make decisions. You and your team save valuable time because you can access information when and how you need it.

2. Arms you with timely and accurate information. The KnowledgeEdge EDW creates a single, trusted source of information and serves as a foundation for both retrospective data analysis and predictive analytics. The EDW sits atop a robust unified data model that can be implemented across every department, giving users access to information in nearly real time. Users will appreciate both the standard and ad-hoc reporting capabilities.

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Five Ways a Healthcare CFO Benefits from an Enterprise Data Warehouse

3. Enables you to increase or retain revenues. The KnowledgeEdge EDW contains pre-built reports, dashboards, and applications that enable you to monitor a host of metrics, such as profitability, cash flow, patient population risk, charitable care, and AR/AP. The Value-Based Purchasing (VBP) application, for example, allows you to monitor patient satisfaction and all other VBP metrics – and also to run “what-if” scenarios to identify specific metrics that can be improved in order to earn back withheld Medicare reimbursements.

4. Is fast and easy to implement. The KnowledgeEdge EDW can be a hosted solution or it can be implemented within your organization’s IT environment. Either way, the EDW prevents your health system or hospital from having to build its own enterprise-wide solution, minimizing IT time and resource requirements.

5. Fits the budget and brings a rapid and measurable return on investment. Because the KnowledgeEdge EDW contains pre-built dashboards, reports, and applications, once you’ve loaded your data into the EDW, you gain immediate insight for quick ROI. Additionally, if budgets are tight, you can take a departmental approach to implementing the enterprise-wide solution, bringing specific areas online in stages to fit the operating or capital budget.

An EDW provides the enterprise-wide solution you need to enhance business intelligence capabilities and gain deeper insights into operations. Additionally, it empowers the entire organization to make more informed and timely decisions, from the operating room to the board room. With its power and flexibility, the KnowledgeEdge EDW is a win-win for the CFO and the organization as a whole.

About HCDHealth Care DataWorks, Inc., a leading provider of business intelligence solutions, empowers healthcare organizations to improve their quality of care and reduce costs. Through its pioneering KnowledgeEdge™ product suite, including its enterprise data model, analytic dashboards, applications, and reports, Health Care DataWorks delivers an enterprise data warehouse necessary for hospitals and health systems to effectively and efficiently gain deeper insights into their operations. For more information, visit www.hcdataworks.com.

Contact HCD

1.877.979.4239

www.hcdataworks.com

1801 Watermark Dr. Suite 250Columbus, OH 43215

info@hcdataworks.com

HEALTHCARE RAPID READ

hcdataworks.com | 1.877.979.4239 | 1801 Watermark Dr. Suite 250 Columbus, OH 43215 | info@hcdataworks.com