Syntellis and the American Hospital Association Partner to Provide Critical Insights into Healthcare Trends
Two leading organizations collaborating to share actionable data and showcase trends across the U.S. healthcare landscape
CHICAGO – July 19, 2022 – Syntellis Performance Solutions, the leading provider of enterprise performance management (EPM) software, data and analytics solutions, today announced a new strategic partnership with the American Hospital Association (AHA). Through the partnership, the two organizations are providing data-driven research designed to bring forward healthcare trends across the country.
Launched by Syntellis and the AHA, the first Quarterly Market Analysis Report revealed key findings around the financial standings of hospitals and health systems at the onset of 2022. Each report leverages insights formed from Syntellis’ database of more than 1,000 hospitals and over 135,000 physicians and includes commentary from AHA experts and members. The partnership and its resulting research serve to empower hospital and health system leaders with information they need to make actionable and critical financial and management decisions.
“Amid unpredictable COVID-19 surges, labor shortages, and rising costs, healthcare leaders are struggling to make sense of a complicated market. This partnership and subsequent reports will provide much-needed awareness into what’s shaping the industry,” said Steve Wasson, executive vice president and general manager, at Syntellis. “Through our collaboration with the AHA, we are proud to provide greater intelligence and support to help health systems across the country navigate complexity and grow.”
The first Quarterly Market Analysis Report revealed the following key themes:
- Hospitals struggle to keep up with costs: Without a steady flow of nursing staff, hospitals struggled to keep up with patient demand and labor costs, with hourly rates increasing 3.6% in Q1 following a drastic additional increase of 8.2% in Q4 2021.
- Ongoing nursing shortages: To address the gap in available employed registered nurses (RNs), hospitals turned to agency and travel nurses; but this has taken a financial toll. The median hourly rate paid to contract RNs in Q1 2022 skyrocketed 243% above the base rate in January 2022.
- Hourly rates skyrocket: As the competition for qualified staff rose amid nationwide labor shortages, hospitals saw dramatic spikes in the hourly pay rates; this was especially true at the onset of this year where the median hourly pay was 14.7% higher in the first quarter of 2022 compared to the first quarter of 2021.
“I encourage AHA members to leverage these complimentary, financial reports, which call attention to national trends and provide insights from subject matter experts in the field. The aim is to improve our collective understanding of the current fiscal environment and support members’ financial decision-making,” said Gloria Kupferman, Chief Data Strategy Officer at the American Hospital Association.
In addition, the AHA is leveraging Syntellis Market Insights data designed for consultant and healthcare related entities to guide organizational transformation and performance improvement with financial, clinical, and operational healthcare insights and benchmarks.
Click here to view the full Quarterly Market Analysis Report. To learn more about Syntellis and its solutions, please visit www.syntellis.com.
About Syntellis Performance Solutions
Syntellis Performance Solutions provides innovative enterprise performance management software, data and intelligence solutions for healthcare, higher education and financial institutions. Syntellis’ solutions include Axiom and Connected Analytics software, which help finance professionals elevate performance by acquiring insights, accelerating decisions and advancing their business plans. With over 2,800 organizations and 450,000 users relying on its solutions, Syntellis has proven industry expertise in helping organizations transform their visions into reality. For more information, please visit www.syntellis.com.
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