In today's competitive marketplace, it is critical that health care executives, leaders and providers possess the tools and resources necessary to monitor their organization’s performance to ensure favorable positioning compared to the market. For most of recent history, visibility of these insights has been very difficult to attain.
There is a wealth of data available to senior living organizations, both internal and public, begging to tell a story. The problem is, it’s not organized in a way that allows for consumption. Data must be organized and delivered in a manner that allows leaders to effectively utilize it, improve processes and drive organizational growth.
Business intelligence, which leverages technology for better presentation of information, has significantly improved the way organizations can evaluate and compare themselves against select peers or the broader industry as a whole. As the industry becomes more and more data-driven, the ability of organizations to embrace and mobilize data will become increasingly important for improved competitive positioning.
Consider the following questions:
How is my organization doing right now?
How are we doing compared to the industry?
If our numbers seem out of line, what opportunities does that present?
If our numbers are favorable compared to those of our peers, how do we ensure we don’t lose that positioning?
How confident would you be answering those? Without a firm grasp of your organization’s data and that of the industry, these can be challenging questions.
Business intelligence with publicly available data and benchmarking can provide facilities with more powerful, timely and relevant data to improve operational and financial performance. It can also eliminate the need for hours of analysis and filtering through massive databases, in hopes of arriving at meaningful conclusions.
For example, the Centers for Medicare and Medicaid Services (CMS) collect a vast amount of data from over 15,000 skilled nursing homes nationwide. When analyzed appropriately, this can be truly valuable information. At Eide Bailly, we have developed a benchmarking tool that leverages this data and can equip facilities with the data you need to make crucial decisions and drive growth and improvement in your organization.
Business intelligence truly allows leaders to work smarter. A quote from Suhail Doshi, CEO of Mixpanel,is very appropriate in this day and age: “Most of the world will make decisions by either guessing or using their gut. They will be either lucky or wrong.” Let’s move away from guessing and toward knowing.