Creating True Business Intelligence
The Vital Signs Of Your Business
BOZEMAN, MT August 24, 2009 - To survive in today's business environment,
healthcare organizations must become more sophisticated and more mature in the way they measure, compile and use data.
By harnessing the discipline of business intelligence, healthcare systems and hospitals can make giant leaps forward
to better predict the impact of their decisions.
According to Tom Olivo, President/CEO of Healthcare Performance Solutions and Success Profiles,
"When you have mature and sophisticated analytics, your executives are no longer swimming in data and it allows them
to instantly differentiate performance."
As little as a year ago, acquiring meaningful business intelligence was a potential strategic
choice intended to transform a healthcare organization from average to excellent. Waiting did not carry a penalty.
Today, healthcare is so challenged and the headwind factors are so strong that acquiring business intelligence in
no longer a luxury - it is a necessity. Those who wait will most certainly pay a price.
A hospital's measurement practices are considered mature when they:
- Identify the right and most important measures to monitor
- Collect the information consistently at intervals that are timely
- Share the information with transparency to all stakeholders
- Act in a structured way to drive changes and improve with the information compiled
A hospital's measurement practices are considered sophisticated when they:
- Accurately differentiate performance by leader and by business unit
- Understand the cause and effect relationship that exist between leading and lagging indicators
- Align and connect the activities and performance metrics to the organizations' strategies
- Use the information to best predict what will most likely happen in the future
If your organization has true business intelligence, it will allow your leaders access to the most relevant information at the time of decision making. They will be able to differentiate performance one leader at a time, understand what activities leverage the best outcomes, predict what might happen, and better predict the odds of success on what can best occur with the decisions they make every day – every week – every month.
About Healthcare Performance Solutions (HPS)
Healthcare Performance Solutions is an advisory services firm that helps hospitals and health systems
improve organizational performance. Established in 2002, HPS has been retained by over 200 hospital systems to
improve workforce optimization, employee engagement, patient outcomes, productivity, and the net operating margin.
The core purpose of HPS is to improve the health of healthcare, one organization at a time.
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