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HEALTHCARE ANALYTICS

High-quality performance is rarely the result of chance or intuition. The complex transformation happening in today’s healthcare environment requires the coordination of scarce human, technical and facility resources. Strategic, Operational, and Financial Planning must all be coordinated to effectively develop a plan that can be executed with demanding timelines and other constraints. Engaging outside assistance for planning requires professionals who can grasp the organization’s vision and resources quickly. Spectrum Health Partner professionals have the strategic vision and the tactical skills to bring multiple levels of planning together in a seamless and highly efficient manner.

Spectrum’s team of experts work with a hospital’s decision-makers to translate data to support decision making on a project-by-project basis and for ongoing initiatives. Our expertise can extend your own team’s breadth and depth to provide not only the analysis of financial and operational data, but also provide insights on how to execute focusing in the following areas:

SCOPE OF SERVICES

STRATEGIC PLANNING: Best performing organizations engage in some form of strategic planning that forms the basis for all strategic initiatives and capital funding for a reasonably projected horizon. The financial plan should focus not only on the work being done to support the strategic goals and operating performance, but also contemplate external business development consistent with existing business plans.

BUDGETING SUPPORT: As the primary operational goal setting tool, the organization’s annual operating budget is critical to facility performance. Spectrum has professionals who can jump into the trenches to help when you need assistance to augment or lead your staff. We can also provide guidance toward development of operating and capital budgets consistent with established strategic planning targets.

PHYSICIAN RELATIONS: As the range of physician alignment models evolve, so does the need to understand the true value of each physician relationship. These relationships must ultimately be expressed in metrics that allow analysis on a wide range of contributions to the organizations clinical integration, quality, and financial health. Spectrum has a team of professionals who can assist an organization developing the tools necessary to improve physician relations.

PAYOR ANALYSIS: Enhancing the payor portfolio requires comprehensive analysis to effectively negotiate optimal payment rates and contractual terms. Spectrum has the technical skills to review a client’s payor profile, evaluate the relative profitability of each specific contractual relationship, and provide specific recommendations to improve net reimbursable revenue.

SERVICE LINE ANALYSIS: Service Line performance analysis requires the application of business intelligence. The compilation and analysis of information from a variety of sources to plan, develop and manage the organization’s service lines will work to ensure maximum profitability. Typical measures of performance include:

  • Profit & Loss Metrics. Outpatient revenues, inpatient revenues, reimbursement rates, adjustments, writeoffs, costs of labor, materials, overhead, direct contribution margins, and indirect contribution margins
  • Investment Measures. Facility purchases, equipment purchases and cost of various forms of capital.Operational Statistics and Ratios. Cases, clinic visits, discharges, patient days, average length of stay.
  • Operational Statistics and Ratios. Cases, clinic visits, discharges, patient days, average length of stay (ALOS), case mix index (CMI), emergency room (ER) visits, admissions and productivity measures.

A well-prepared Service Line analysis will indicate those service areas which should be expanded, contracted or possibly closed. Service lines that are not accretive to the organization should be scrutinized closely because of their negative impact on the organization.

Would you like more information?

For more information on how Spectrum Health Partners can assist your company with Lender Services, please contact…

Seth Sharpe
Principal
Cell Phone: (615) 334-6397
Email: ssharpe@spectrumhpllc.com
Ken Doran, CPA
President and CEO
Cell Phone: (615) 715-8947
Email: kdoran@spectrumhpllc.com
Spectrum Health Partners

109 International Drive
Suite 140/150
Franklin, TN 37067
Office: (615) 778-4650