Believe it or not, processes such as budgeting, cost accounting and strategic planning should make life easier. They should simplify the staggering complexity that healthcare organizations face today.
Unfortunately, they are often disconnected from each other and lack analytics, limiting their effectiveness. They should all work together in a single system. This approach is the only way for healthcare organizations to evaluate true financial performance and plan for the future.
Clients have turned to Allscripts EPSiTM for integrated performance management. Here’s how three organizations have used the solution:
1. Recovered $4.5 million in underpayments
Robert Wood Johnson University Hospital (New Brunswick, NJ, U.S.A.) recovered $4.5 million in underpayments its first two years of using the EPSi Product Line Analysis Contract Modeling tool. That includes recurring annual savings of at least $1.5 million.
With EPSi, RWJUH better understands the total costs of providing care, can more easily recover lost revenue, and will be better prepared to negotiate fair contracts with payers. All of these abilities help ensure financial health for the organization.
2. Made it easier to budget physician business
University Hospitals Health System (Cleveland, OH, U.S.A.) tasked manager of financial planning, Karen Komer, to make it easier for the business unit finance team to budget the physician business for the organization and improve consistency across accounts.
It’s a massive job for her organization – one that employs more than 18,000 people and managed more than 5.8 million outpatient procedures last year.
UHHS now has a much simpler process for establishing variable and statistic accounts and a streamlined budget process. The team gave especially good feedback on the reporting features. Most importantly, UHHS is spending less time on budgeting.
3. Met budgeted net income
According to Robert Crawford, director of decision support at Huntsville Hospital System (Huntsville, AL, U.S.A.), EPSi helped the organization achieve a record financial year, in terms of operating margin. Huntsville reinvested those funds back into patient care, replacing about 800 patient beds.
Crawford also credits EPSi with improving efficiency and standardizing care. You can learn more about Huntsville’s experience in this video
These stories help illustrate why Allscripts EPSi earned the Category leader for Decision Support – Business for the eighth year in a row from KLAS.
Editor’s note: We updated this post on May 22, 2014, removing a link to a webinar that is no longer available.