TractManager, the leader in strategic sourcing, contract lifecycle management, and provider management, announced the public release of a white paper on hospital financial wellness in a post-COVID world. The white paper explains why the financial health of a healthcare organization must remain its top priority and outlines the necessary steps for improving financial wellness.
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Healthcare organizations have rallied to promote healthy habits with preventive strategies for common threats to individual and population health, but many have struggled to maintain their own financial wellbeing. The COVID-19 pandemic has further exacerbated the financial threats to healthcare organizations. Many have purchased equipment and supplies at premium rates while simultaneously losing revenue from canceled elective procedures. As a result, already-thin margins plunged deeply into the red.
While these threats can seem overwhelming at times, they offer genuine wellness opportunities for organizations prepared to embrace necessary change. That change involves accessing and analyzing the right data. A strategic approach to change management can empower health systems to dramatically improve their financial health, even as they improve the care they deliver to patients.
“By examining clinical, financial, and operational data, organizations can uncover opportunities to improve systems, processes, and, ultimately, their bottom lines,” said Trace Devanny, Chief Executive Officer of TractManager.
Analyzing clinical, financial, and operational data is the key to measuring and understanding a healthcare organization’s financial health—or lack thereof. Unfortunately, many healthcare organizations do not have a full grasp on their operational data, nor are they prepared to use insights from that data to improve their systems and processes.
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