In healthcare, the timely delivery of patient-activity level cost metrics to clinical, financial, and operational leaders is critical; it allows the organization to respond to internal and external shifts and challenges to positively impact financial performance without negatively impacting patient care and the patient experience.
UPMC determined that the amount of manual effort needed to overcome the deficits of a suboptimal technical infrastructure and database supporting its cost management system drove many of the delays built into its closing process. After exploring the options to enhance and commercialize its cost management intellectual property, UPMC partnered with Health Catalyst to use the Health Catalyst® Data Operating System (DOS™) to co-develop and commercialize the CORUS™ suite activity-based costing module.
The new, analytics-driven cost management system supported a 50 percent reduction in the time needed to complete month-end close:
Three-day reduction in time to close.
Monthly preliminary results are typically reviewed within one business day, affording more time for validation and analysis.
Executives receive financial data up to three days sooner.
Reduction of 3.5 FTEs needed to complete the monthly close.
Reduced 60 human touchpoints and opportunity for error.
Multiple months of data can now be run simultaneously.
Provided support for new data-driven governance structure.