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.
This summary captures the key points and data from the provided text, focusing on the main themes and findings discussed in the document.
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