Healthcare’s changing business environment requires CFOs to measure and monitor a broader set of initiatives and dimensions. Kaufman Hall’s 2019 CFO Outlook: Performance Management Trends and Priorities in Healthcare reports that 80 percent of senior financial executives cited quality of care & clinical outcome and patient experience as dimensions of management almost as frequently as they did financial health (85 percent). Other areas managed by more than 50 percent of respondents included operational efficiency (69 percent), strategic growth (62 percent), and employee growth/retention (52 percent).
CFOs recognize the important role data and analytics, as well as other advanced technologies, play in elevating organizational performance. Yet they have many concerns in this area: Ninety-six percent believe their organizations should be doing more to leverage financial and operational data to inform strategic decisions; at the same time, 94 percent are experiencing increasing pressure to have greater insight into how financial results impact business strategy
In terms of financial reporting challenges, 67 percent want to be able to create better dashboards and visuals, while 64 percent need an improved ability to pull data from multiple sources into a single report; additionally, fewer than one-half believe they are able to access clean, consistent, and trusted data. The result is only 7 percent are very satisfied with the performance management reporting at their organizations.
Only 13 percent of respondents said their organizations are very prepared to manage evolving payment and delivery models with their current financial processes and tools, down from 15 percent in the 2018 survey.
