Collaborative Reporting Analytics
for Financial Transparency
Better Insight Made Actionable
INTRODUCTION
Hospitals and health systems continue to face intense pressure on staffing and resources while also dealing with rising expenses for supplies, drugs, equipment, reduced patient volumes, the shift to outpatient services, ongoing staffing issues and rising inflation. Without attention, these financial challenges will continue to jeopardize access to essential healthcare services for patients and profitability for hospitals.
The Collaborative Reporting Analytics for Financial Transparency (CRAFT) Report provides near, real-time data-driven insights via Financial and Performance/Competitive Benchmarking. One of the goals of any competitive business is to identify areas for improvement and pinpoint performance gaps. Understanding where hospital or healthcare facilities excel and where they may be falling behind is mission critical. The CRAFT Report can also identify statewide, aggregate data and trends related to Pennsylvania hospital finances to support advocacy for hospital and health system priorities.
WHAT IS THE CRAFT REPORT?
THE CRAFT report is comprised of six comprehensive sections, including:
WHAT MAKES THE CRAFT REPORT DIFFERENT
FROM OTHER FINANCIAL REPORTS?
Oftentimes, large national consulting organizations provide high-level data from disparate hospital systems in an effort to provide a generalized overview. These reports are often more than a year old and contain outdated statistics. The CRAFT Report, however, provides detailed, homogenous data from contiguously located healthcare organizations to provide a comprehensive detailed report with analytical review coupled with expert commentary.
The Right Information Now:
Near, real-time data-driven insights harnessing financial, performance and competitive benchmarking representing contiguous, regional and national hospitals across numerous categories.
High-security:
Best practices used for data transfer and storage.
Trusted Advisors:
A trusted team of experienced and respected healthcare, data, information technology, finance and analytical professionals delivering
expert advisory services.
THE PROCESS
Step 1:
Fifteen days after the end of the quarter, HAP will notify hospitals to start submitting survey data using the online web portal. The online data submission is completed within 30 days of receipt. Each facility assigns an internal point of contact to serve as survey liaison, who collaborates with HAP to complete data collection, the data-validation process and any other required liaison responsibilities.
Step 2:
Once the data is received from a respective hospital, it is validated for reasonableness and imported into the CRAFT database.
Step 3:
When data from all participating healthcare organizations is gathered, processing occurs and The CRAFT Report(s) are ready for evaluation and commentary.
Step 4:
The CRAFT Report is delivered to CEO/CFO within 45 days of RFI.
THE STRENGTH OF CFHS/HAP
Whether your challenges are organizational, technological, governmental, or financial CFHS/HAP can help. With our extensive experience and knowledge, we are committed being a trusted resource and partner to our leaders and communities by:
Providing Real-Time, Actionable Analytics
Descriptive and Predictive Analytics:
Identifying Opportunities for Improvement
Recommending Solutions Through Internal Resources or Select Partners
Discovery and Predictive Analytics:
Measuring Results to Ensure Ongoing Viability and Sustainability