How Will You Leverage Lessons Learned and Strengthen Financial Health in 2021?

Compared to 2020, healthcare organizations in 2021 have an increased focus on:

1. Operational efficiency
2. Financial health
3. Quality of care and clinical outcomes

Thriving in a post-pandemic environment depends on careful analysis and data-driven strategies to improve financial performance. Are you confident in your teams’ ability to quickly adjust strategies and plans?

Today, 83% of healthcare finance teams are ready to quickly adjust strategies and plans as needed, up from just 24% in 2020.

Yet three critical challenges remain:

1. Increased cost of care
2. Pressure to increase profitability
3. Decreased volumes across ED, surgery, etc.

And teams lack the tools they need to solve those challenges:

• 52% say cost accounting processes are not optimized for efficiency, accuracy, and savings
• 68% do not have advanced decision support solutions that can track and manage performance
• 76% believe their organization should do more to leverage financial and operational data to inform strategic decisions.

Looking ahead, organizations of all sizes recognize the need for more agile decision making.

59% will make rolling forecasting a priority in 2021

Learn how your healthcare organization can improve its financial health. Read the report, 2021 Healthcare Financial Technology Trends, for actionable insights on trends and priorities.