Your cloud ERP system will only be as valuable as the data that powers it. An investment this costly—both in time and financial resources—should be supported by a modern item data strategy that helps ensure the enhanced visibility, efficiency and resiliency you understandably expect. It provides your organization with data that’s comprehensive, precise, trusted and actionable.
As recent months have painfully demonstrated, healthcare systems and processes must be fortified to withstand shock and maintain business continuity in the face of unforeseen challenges. To be sure, cloud ERP systems provide greater resilience for healthcare organizations compared to disparate on-premises systems. But without the right data, that resilience can be limited.
The COVID-19 pandemic has changed the financial landscape of the U.S. healthcare system. Hospitals continue to face increased supply and labor expense, decreased revenue from postponed elective procedures, and an increasing number of uninsured patients due to unemployment. The American Hospital Association estimated hospitals were losing $1 million per day in the early days of the pandemic. In addition, most providers have seen a loss of non-operating revenue from their investment portfolios as global financial markets waver due to the economic uncertainty.
In a procure-to-pay system, services depend on the availability of resources, and payment is based on the receipt of those resources. Data is used to answer the question, “Did we get what we paid for?” In a demand-to-outcome system, where resources are requisitioned based on need and paid for based on the results delivered, data must answer the question, “Did we get paid for the value we delivered?” It’s impossible to arrive at the answer without supply-chain data that is clean, comprehensive, up-to-date and unified
To deliver greater value in healthcare, providers and suppliers must first be able to identify those factors that impact cost, quality and outcomes—as the adage goes, you can’t manage what you can’t measure. Historically, the clinical and operational sides of healthcare have worked in silos, making collaboration and data sharing a challenge. But as payments for care delivery are increasingly tied to quality and efficiency, the industry has begun the hard work of tearing down long-standing barriers.
At GHX, we know the business of healthcare continues to evolve, driving critical changes in how data is used to advance clinical, financial and operational performance. Data show continued strong interest in making the move to value-based care, defined by the outcomes that matter to patients relative to the cost of delivering those outcomes. At the same time, many organizations say the transition to a system that rewards value, not the volume of services delivered, is moving too slowly, hampered by the silos that hold us back from collaborating effectively to deliver optimum patient care.