Achieving Operational Excellence: Transforming Operations for the Future of Health by Harnessing Innovation

Achieving Operational Excellence: Transforming Operations for the Future of Health by Harnessing Innovation

Key Findings and Insights

1. Overview

• Title: Achieving Operational Excellence: Transforming Operations for the Future of Health by Harnessing Innovation
• Sponsor: Workday
• Date: August 2024
• Source: IDC #US52425924

2. Executive Summary

• Healthcare Provider Executives: 186 executives from the United States, Canada, and New Zealand participated in the study.
• Top Priorities:
  • Addressing social determinants of health, including environmental impact (47%)
  • Expanding market presence and patient base (44%)
  • Attracting and retaining workers (44%)
  • Promoting diversity and expanded access to care (35%)

3. Current Challenges

• Confidence and Concern:
  • 48% believe the healthcare industry is thriving and ready for future challenges.
  • 31% are concerned about the industry's ability to pivot and adapt.

4. Operational Challenges

• Top Challenges:
  • Rising labor costs and the scarcity of licensed/certified professionals (41%)
  • Significant costs and disruptions hindering AI and ML innovation adoption (38%)
  • Costly, cumbersome manual processes across various operational areas (37%)

5. Strategies for Improvement

• ERP Systems:
  • HR ERP:
    • Enhancing HR module usability (53%)
    • Using analytics for workforce planning and performance insights (49%)
    • Streamlining recruitment and onboarding processes (49%)
  • Finance ERP:
    • Deploying ERP features to reduce costs and increase efficiency (39%)
    • Ensuring scalability for future financial challenges and technological advancements (38%)
    • Enhancing capital management tools for long-term planning (38%)
  • Overall ERP System:
    • Optimizing supply chain tools for efficiency and waste reduction (54%)
    • Enhancing workforce and human capital management for better talent management (49%)
    • Implementing financial tools for improved cost management (54%)

6. Revenue Cycle Management (RCM)

• Performance:
  • 26% believe their current systems work well.
  • 44% say their budgeting and forecasting systems need updates.
  • 33% state their RCM systems work well.
• State of Cost Accounting and Management:
  • 28% rate their capabilities as world class.
  • 30% feel their cost accounting and management systems work well.
  • 12% see a need for major updates.

7. Talent Management

• Pipeline Leaks:
  • Improvements are needed at every stage of the talent management lifecycle.

8. Technological Advancements

• AI Adoption:
  • AI adoption trends are upward, driving impact in every business area.
• Cloud Services:
  • Cloud services offer a secure and efficient backbone for healthcare operations.
• Healthcare Supply Chains:
  • Embrace AI as a catalyst for efficiency and resilience.

9. Conclusion

• Embracing a culture of continuous improvement and integrating cutting-edge technologies like generative AI can help healthcare providers accelerate the future of health.

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