Financial Health: A Hospital's Top Priority in a Post-COVID World
TractManager Outlines Steps Healthcare Organizations Can Take to Improve Financial Wellness
DALLAS, June 30, 2020 (Newswire.com) - TractManager, the leader in strategic sourcing, contract lifecycle management, and provider management, today 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.
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.
The white paper, Measure It to Manage It: Beginning the Journey to Hospital Financial Wellness, was created by Devanny and Mark Kestner, MBA, MD, Chief Medical Officer. This paper outlines the necessary steps for improving a healthcare organization’s financial wellness by measuring and analyzing supply chain spend, contract discrepancies, revenue cycle optimization opportunities, and compliance irregularities. Healthcare executives are invited to download the white paper here.
In addition to the white paper, TractManager will publish a series of monthly blogs to help healthcare organizations improve their financial health by taking advantage of the wealth of information hidden in the data they already possess. The blog series is available on tractmanager.com throughout the remainder of 2020.
TractManager’s healthcare-specific application suite serves three out of five U.S. hospitals. Serving the healthcare industry with integrity for more than 30 years, TractManager is the first mover in strategic sourcing, enterprise contract lifecycle management, provider management and evidence-based data. The company’s more than 450 highly skilled and experienced professionals help clients to improve cash flows by reducing their capital and nonlabor costs and to conform their contract, policy, and procedure management to meet regulatory requirements. For more information, visit tractmanager.com.
Sandra L. Taylor, Ph.D.
Chief Marketing Officer