The rising cost of healthcare has been a constant theme in the industry for many years. The topic has also taken center stage at presidential debates and our dinner tables, with everyone asking the same general question, “How do we better manage healthcare costs, while simultaneously improving patient care?”
To start, we must consider every healthcare expense, every facet of the healthcare organization, as an opportunity ripe for disruption and improvement. We must tackle the greatest healthcare operating expense: labor management.
Labor encompasses nearly 60 percent of hospital costs, and, as the greatest healthcare operating expense, understanding and managing this cost is critical. Increasing financial pressures—heightened by the pandemic—only serve to highlight the urgency of controlling escalating labor costs. Still, many healthcare leaders are bound by the limits of existing labor management systems that simply cannot keep pace with today’s workforce demands.
Change comes today.
Today we’re announcing PowerLabor™. Part of the Health Catalyst Financial Empowerment Suite™, PowerLabor aims to provide a comprehensive augmented intelligence (AI)-enabled view of labor data by organization, department, team, and job role.
PowerLabor gives department and unit managers the ability to view comprehensive labor data in one place. Leaders will also have the ability to analyze labor costs with an integrated view of all labor productivity data, including cost and hours, by system, location, department, team, and job role in one location
With PowerLabor, decision makers have a complete view of categorized labor hours in relation to costs (e.g., regular, overtime, premium, contract labor, and staffing mix) and can easily identify labor trends, comparisons, and rollups across departments to accurately predict labor needs, plan for changes in staffing, and optimize staff-to-patient ratios.
Further, healthcare decision makers no longer must rely on outdated tools or homegrown labor management systems that lack the infrastructure to aggregate large amounts of labor data from disparate sources. Health Catalyst experts help categorize and refine data through an initial assessment and data integration from multiple data sources. Experts can also show users how to optimize labor resources, improve operations, and ultimately, reduce overall labor spend.
By combining advanced technology, AI, and expertise PowerLabor ensures organizations have optimal resources to deliver excellent patient care. Now, who could ignore that?