Healthcare organizations seek cure for data analysis paralysis

by | Jul 19, 2022 | Technology

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The COVID-19 pandemic has proven that hospitals and healthcare systems can be much more agile than many executives realized. This may be key to better using healthcare data to drive decision making. Which could help many organizations recover from analysis paralysis due to outdated systems and untrustworthy data.

These are among the findings of a new study, “2022 CFO Outlook for Healthcare: Finance Leaders’ Priorities for Addressing Workforce, Data, and Costing Challenges,” from Syntellis Performance Solutions. Syntellis surveyed 420 healthcare finance leaders on how they view the financial outlook for their organizations, and their plans for adopting analytics tools and advanced technologies.

The bad news: a vast majority (82%) of respondents said their organizations should do more to better leverage financial and operational data. Worse still, most organizations are using inadequate systems for decision-making. Nearly two-thirds (61%) are still relying on outdated tools such as spreadsheets.

“Procuring accurate data — and using that data to drive decision-making — is the key to healthcare organizations bouncing back after a tumultuous few years,” notes Flint Brenton, CEO of Syntellis. “Despite having greater access to an abundance of data than ever before, many healthcare finance executives still struggle to utilize this data.”

Data is plentiful, but insights not so much

As evidence, most respondents said their decision support systems gather data from across the enterprise, inside and outside of hospital walls. But less than half (44%) have visibility across the entire ent …

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