With the most extensive installed base of financial decision support and budgeting solutions for healthcare facilities, EPSi is an industry leader in integrated healthcare decision analytics, budgeting, and planning solutions. The company’s holistic approach includes capital management, operational budgeting, strategic planning, cost accounting, labor productivity, and decision support modules. Each component contributes to faster identification of fundamental business issues and helps avoid costly missteps. Together with that, the suite provides industry-leading innovation for enterprise-wide business processes. “Healthcare systems face increasingly complex demands on their financial organizations. New requirements such as bundled payments, accountable care organizations, and population health initiatives are forcing hospitals to analyze more data than ever,” says Ralph Keiser, CEO of EPSi. “Our company provides the tools clients need to incorporate analyze and utilize data to drive the organizational transformation required to succeed in the transition from volume to value. We are powering the value equation in population health management.”
EPSi overcomes the challenge of a non-integrated and disjointed healthcare system through a consolidated database solution combining patients, encounters, products and service lines to deliver a single view of performance for executives, managers, and analysts. The strategic product budgeting capability of the company takes healthcare financial planning to the next level by using patient-level data to drive finance forecasting and modeling. It integrates product line analysis with long-range planning and links the strategic assumptions in a very tangible way to the operating expense. EPSi browser-based analytic and reporting solutions create and disseminate comprehensive information to everyone who can make a difference, advancing enterprise best practices and leading to better financial and clinical outcomes.
Our company provides the tools clients need to incorporate analyze and utilize data to drive the organizational transformation required to succeed in the transition from volume to value
Recently EPSi partnered with Ilerasoft to leverage Ilerasoft’s algorithm to extract relevant data from purchasing, asset management solutions, and utilization to determine the efficiency score for any given medical equipment that can serve as a “value score” for medical equipment. Once providers know this score, they can better analyze and make decisions to improve utilization and operational efficiency and make way for informed capital budgeting. Organizations can aggregate the efficiency score at the equipment category or hospital department level and benchmark scores internally or against hospitals with a similar profile and evaluate the instrument efficiency and maintenance requirements.
Simultaneously, EPSi has forged into collaboration with the Healthcare Financial Management Association (HFMA) to research how health systems use data to manage increasing costs of care. Results of the three-phase research project will be published throughout the next year and aim to help health systems achieve enhanced analytics return on investments. Using its single-source solution for patient financial and clinical data, EPSi will assist the HFMA in reporting on the challenges and opportunities providers deal with when accessing data analytics to support strategic decision-making. “Emerging technologies such as artificial intelligence, machine learning, and predictive modeling will play a pivotal role in the changing landscape of healthcare analytics,” comments Keiser. “Providers must understand how to yield the best ROI of their technology investments and data usage.”
EPSi Partners with HFMA on 'Return on Analytics' Content Series
Chicago, Illinois: The Healthcare Financial Management Association (HFMA) has partnered with one of Allscripts (NASDAQ: MDRX) businesses, EPSi, an industry leader in integrated healthcare decision analytics, budgeting and planning solutions, on an ongoing research and content series focused on analytics to help healthcare finance leaders lead their organizations in executing value-enhancing strategies.
HFMA will conduct a three-phase research project and will publish the results throughout the coming year. HFMA members have consistently named data analytics as a topic of high interest according to the HFMA annual Member Needs Survey.
HFMA’s content series sponsorships are designed to connect HFMA members with innovative content tied to specific areas of the healthcare finance ecosystem. Members are provided access to benchmarking through research, strategies and case studies to help them overcome challenges and drive results in their organizations.
As part of the HFMA Return on Analytics™ content strategy for members, HFMA along with EPSi will report on the results of research on how health systems utilize data to sustain operational excellence and address rising care expenses, including how to achieve the best possible return on their analytics investments and fuel the strategies that move them past the data connection chasm. The research will explore how providers plan to use data to achieve better results both clinically, operationally and financially.
“The pressures on today’s healthcare industry dictate that we dedicate more time to data analysis than ever before,” said Mary Mirabelli, HFMA Senior Vice President of Content and Delivery. “Our goal with this project is to help finance leaders better apply the vast amounts of data increasingly available to them in ways that will improve operations and help them better serve patients.”
“The time for change is now. Healthcare organizations are seeking better data and analytics technology to drive informed financial decisions. Emerging technologies such as AI, machine learning and predictive modeling will play a pivotal role in the changing landscape of healthcare analytics. Providers must understand how to yield the best ROI of their technology investments and data usage. EPSi is taking the lead by partnering with HFMA on this important work to discover and report the opportunities and challenges providers face related to data-driven strategic decision-making. We know how risky it can be for providers to go down the wrong path with the wrong technology, data and process. With this partnership, we have committed to contributing to the healthcare industry’s movement toward a more strategic application of what we are branding “Decision AnalyticsTM,” said EPSi CEO Ralph Keiser.