By Mike Andrus, vice president of HCM Transformation at Oracle
Keeping pace with today’s ever-changing healthcare environment poses a number of challenges for healthcare organizations, providers and payers alike. Increasing competition, mergers and acquisitions, changing regulations, and stricter compliance, all mixed with tighter margins, make it more difficult than ever to compete for market share and the skilled talent required to deliver the service and care that consumers expect. As a result, many are struggling with how to increase agility within their workforce to ensure that needs are met while keeping costs in check.
In a recent webcast, “Doing More with Less: Creating an Agile, High-Performing Healthcare Organization,” Nick Castellina, vice president and research group director for business planning and execution at the Aberdeen Group, addresses this topic. Based on research comparing challenges that face healthcare payers and providers, Castellina illustrates how top-performing healthcare organizations are tackling these challenges with integrated enterprise resource planning and human capital management cloud solutions that provide robust visibility into workforce management and finance operations.
Here are five foundational steps based on this research to help improve patient and member satisfaction while increasing profits:
1. Combine financial and workforce data. To make the best use of employee resources and be smart about decisions related to those employees, it is essential to relate workforce data to financial data. Top performers are 53% more likely to have integrated finance and HR.
2. Improve collaboration externally. Whether with business partners, patients, or regulatory bodies, healthcare organizations must utilize a platform that makes secure, accurate data sharing possible.
3. Focus on talent. Skilled employees are the key to patient and member satisfaction. Through innovative training and tools, organizations can compete for and retain top talent, and utilize employees to their fullest extent—making them and the organization more successful.
4. Promote business agility. By utilizing real-time, holistic data, business leaders can reallocate finance and HR in an agile manner to react to changing demand, capital, and business environments, leading to more opportunities with less risk.
5. Create a technology roadmap. Although the goal is one unified healthcare cloud platform, rip-and-replace isn’t an option for many healthcare organizations. In these cases, organizations should look to cloud solution providers that offer a modular, phased approach tailored to their individual priorities and timeline.
Watch the on-demand webcast to find out how you can create a more agile and higher performing healthcare organization.