03.28.2017 Healthcare IT News
Health Catalyst launches Bloomberg-like decision support system
Health Catalyst has released Leading Wisely, a new online executive support tool it says can distill various performance measures from multiple departments to help leaders at hospitals and health systems make smarter decisions.
"Unlike traditional dashboards or static reports, Leading Wisely helps executives and their teams avoid being blindsided by unexpected information and gives them control over their data with self-service alerts and notifications that they can customize for any purpose," said Dale Sanders, executive vice president of product development for Health Catalyst, in a statement.
"Now they can filter through the thousands of measures available to easily find, track, follow-up on, and share those measures that are most meaningful to their roles or their teams, and that will have the greatest impact on performance," he said.
Dorian DiNardo, vice president and product line manager for operations and performance management at Health Catalyst, likens the system to a Bloomberg terminal for healthcare – offering execs visibility into key metrics to coordinate via a "single source of truth."
With Leading Wisely, healthcare decision-makers can choose, configure and display the measures that best suit their objectives, easily set alert thresholds and configure push notifications across teams for when data changes, enable project integration and collaboration through embedded communication and social sharing features, drill down to department-level data to spot variations and more.
Officials say the technology can benefit an array of healthcare C-suite roles. A hospital CIO, for instance, could be notified when costs on a large EHR implementation are brought back to their target range. Leading Wisely can show where the improvements were realized and allow him or her to share the knowledge with directors of IT to put that knowledge to work in other area.
A CEO could set alerts to be informed of real-time downward trends in days of cash on-hand, meanwhile. A CFO can mine data from various departments to find our why accounts receivable are on the rise. A COO who notices an upward trend in revenue could use the tool to find out where and why, and then communicate best practices to use system-wide.
"Collecting and synthesizing the data required for quarterly and annual planning can be an extremely time-consuming and frustrating process that often leaves executive teams struggling to make critical strategic decisions based on incomplete information,” said Timothy Sielaff, MD, chief medical officer at Allina Health, Minnesota’s largest health system and a Health Catalyst partner.
Leading Wisely, he said, could "completely transform the decision-making process by giving each member of the executive team immediate access to the insights that are critical to their success."