CHICAGO, June 24, 2019 /PRNewswire/ — Kaufman Hall today announced a collaborative initiative with Healthcare Financial Management Association (HFMA) to uncover healthcare’s most pressing challenges in the pursuit of developing more sustainable performance improvement and cost transformation strategies. This collaboration titled, “The State of Healthcare Performance Improvement: Strategy, Technology and Tactics”, brings together two of healthcare’s most respected organizations to gather, interpret and report on key findings, with a direct focus on helping advance the transformation of healthcare in America.
By combining the expertise of Kaufman Hall and HFMA, this collaboratively developed report will provide healthcare leaders with a definitive set of best practices and actionable strategies for viable performance improvement – from strategy, technology and software best practices, and operational tactics to support organizational change. These best practices will help to further drive efficiencies, with the application of technology, across a healthcare organization.
In addition to the survey, Kaufman Hall and HFMA will introduce a new digital monthly feature on key efficiency indicators, based on real-time data and analysis, provided by Kaufman Hall’s Axiom Healthcare software. This monthly feature will present a snapshot of both actual and budget data, collected from more than 600 hospitals, representing key indicators such as volume, revenue, profitability and expense. This valuable data will become a new, highlighted feature for HFMA members.
“The healthcare industry continues to face serious revenue and cost pressures. Healthcare leaders are searching for new approaches to performance management and cost transformation,” said R. Wesley Champion, managing director and CEO of Kaufman Hall. “Working with the terrific team at HFMA, we believe this project will help to more fully develop answers to the challenges, opportunities, and pressures healthcare leaders face. We are excited to initiate what will be a highly valued resource for performance improvement in healthcare.”
By combining the knowledge and resources of Kaufman Hall and HFMA, this collaboration promises to provide healthcare executives the data-driven insights needed to improve decision making and developing the best business, technological, and change management strategies.
“Healthcare is awash in data, and healthcare organizations are starting to unlock the potential of that data to drive changes,” said Richard Gundling, senior vice president, healthcare financial practices, HFMA. “In collaboration with Kaufman Hall on this initiative, healthcare finance leaders will gain a powerful set of insights and best practices to enhance their decision making to attain organizational goals.”
Use of data and analytics are keys to successful performance improvement within healthcare. This requires healthcare organizations to use high-quality technology solutions.
“Performance improvement has long been a hallmark of our healthcare insights and thought leadership,” said Kermit Randa, CEO of Kaufman Hall Software. “This project will help organizations elevate their performance improvement efforts by providing actionable insights and strategic recommendations, including through technology and intelligent software. We aim, with HFMA, to give healthcare executives a practical playbook that encompasses strategy and execution all based on real data and our trademark insights.”
Kaufman Hall and HFMA will launch the “State of Healthcare Performance Improvement” Survey in July. The ensuing research report will be ready for public consumption in October, 2019.
To learn more about this initiative, Kaufman Hall and the Axiom Healthcare suite of services, please visit us at HFMA’s Annual Conference, booth 227, June 23-26, 2019 in Orlando.
About Kaufman Hall
Kaufman Hall provides a unique combination of software, management consulting and data solutions to help society’s foundational institutions to realize sustained success amid changing market conditions. Since 1985, Kaufman Hall has been a trusted advisor to boards and executive management teams, helping them incorporate proven methods, rigorous analytics and industry-leading solutions into their strategic planning and financial management processes, with a focus on achieving their most challenging goals.
Kaufman Hall services use a rigorous, disciplined, and structured approach that is based on the principles of corporate finance. The breadth and integration of Kaufman Hall advisory services are unparalleled, encompassing strategy; financial and capital planning; cost transformation; treasury and capital markets management; and mergers, acquisitions, partnerships, and joint ventures.
Kaufman Hall software includes the Axiom Software Suite, providing sophisticated, flexible performance management solutions that empower finance professionals to analyze results, model the future, and optimize organizational decision making. Solutions for long-range planning, budgeting and forecasting, performance reporting, capital planning, and cost accounting deliver decision support, reporting, and analytics within an integrated software platform. Kaufman Hall’s Clinical Analytics empower healthcare organizations with clinical benchmarks, data, and analytics to provide a higher quality of care for optimized performance and improved patient outcomes.
Amendola Communications (for Kaufman Hall/Axiom)
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