Analysis Tools Now Include Non-Acute Data and Information from All Budgeting Systems, Plus Rolling Forecasting and Enterprise Decision Support Enhancements that Drive Usability and Agility
In a major initiative to further support finance teams confronting the COVID-19 crisis, Syntellis Performance Solutions announced today the inclusion of data from non-acute entities to the Axiom Comparative Analytics solution, as well as availability of the solution for use across all budgeting systems — in addition to Axiom Budgeting in the cloud. It also added a set of enhancements to its Axiom Rolling Forecasting and Axiom Decision Support modules. The updates are all part of the company’s Axiom Healthcare Suite version 2020.3.
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Syntellis, previously Kaufman Hall Software, helps clients acquire insights, accelerate decisions and advance business plans so they can elevate organizational performance and transform their vision into reality.
Syntellis’ Axiom Comparative Analytics provides healthcare organizations with a wide array of financial metrics across all areas of their business so they can quickly compare their financial performance against peers, pinpoint problem areas, and develop corrective strategies. It is also the powerful technology behind Kaufman Hall’s monthly National Hospital Flash Report.
The software is now available to every healthcare organization — regardless of whether its budgeting solution is in the cloud or on premise. Furthermore, the software now includes data not only from acute care hospitals but also from skilled nursing facilities (SNFs)/nursing homes, home care/home health facilities, ambulatory surgery centers (ASCs), hospice and palliative care, imaging centers, retail pharmacies, retail clinics/urgent care, and parent companies.
These enhancements provide the benefit of quickly available, data-normalized comparative data to more healthcare organizations, giving them market-based insights to help identify financial and operational opportunities, as well as the confidence that their actions will make a positive impact.
“COVID-19 has accelerated the shift of patients visiting outpatient settings, so we’re expanding the Comparative Analytics data set and accessibility to make it easier for more healthcare organizations to use data to make decisions that align with market changes and their own strategic goals,” said Kermit S. Randa, CEO of Syntellis. “While an organization’s data may be ready for internal comparisons at month’s end, external comparisons usually aren’t possible for months after that. Comparative Analytics changes the paradigm by using artificial intelligence and machine learning automation to make near real-time data available to every budgeting prospect in the market, regardless of its budgeting solution.”
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Comparative Analytics already leads the market in innovation, reliability of data and alignment with strategic goals, among many other key categories in healthcare benchmarking according to client satisfaction data.
“Syntellis’ Axiom Comparative Analytics ranked No. 1 in our Black Book Research Survey and far-outperformed the competition as the highest-rated solution in 10 categories according to user ratings,” said Doug Brown, president of Black Book Market Research. “These innovations and expansion of the data set will further cement Comparative Analytics’ leadership in the market, as no one else is delivering the same breadth, depth, timeliness or accessibility of healthcare comparative performance data.”
In response to the increased importance of rolling forecasting to the budgeting process during the pandemic, Syntellis also added several client-requested features to Axiom Rolling Forecasting to enhance ease of use and rollout. They include a rapid-install approach, intuitive role-based dashboards, and the integration of financial planning principals and scenario modeling into additional areas of the application.
“In response to the unforeseeable revenue losses hospitals and health systems experienced in 2020, more healthcare finance teams realize the value of rolling forecasting, which reexamines financial information on a regular cadence to provide timely information on changing financials,” Randa said. “The agility and visibility of rolling forecasting helps healthcare leaders adjust strategies quickly as financial conditions change — not just during the pandemic, but over the next year or two, as the aftershocks are felt.”
In addition, as a next step toward expanding the functionality and value of its Enterprise Decision Support suite of solutions, Syntellis introduced web-based features to Axiom Decision Support to make the product more intuitive and easily onboard new finance team members. A new web-based homepage provides overall navigation by pulling together all the functions of Enterprise Decision Support, and significant enhancements have been made to service line management and other Decision Support features.
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