Illuminating Dark Data
Every health system suffers from Financial Leakage on some level. Based on our work with over 250 healthcare systems (spanning over 4000 hospitals, clinics, locations, etc.) over the past 28 years, we have not seen a single exception to this rule. Financial Leakage is particularly bad in the healthcare industry because health systems face “The Three C’s” – Change, Complexity and Compliance – and they all lead to Dark Data! Dark Data is the data that gets lost between systems, in silos, within supplier dark data, between departments and more. Bringing light to Dark Data is imperative for your system. By illuminating your Dark Data, you gain more control, clarity and cashflow.
Transcript
Every organization suffers from financial leakage and lost opportunities. Throughout the cost cycle this leakage is most prevalent in the health care industry because of the three c’s.
Health care systems are overwhelmed with high complexity; they’re comprised of multiple divisions that often lack integration and function like unique organizations.
At the same time employees must maintain compliance with rules and regulations while navigating through never-ending change including mergers, staff turnover, new systems, and more. And in the last year we’ve seen a fourth c, COVID. Despite our knowledge of why financial leakage occurs, the problem persists because of dark data.
Dark data is critical information that gets lost in the healthcare cost cycle and becomes embedded and concealed in a hospital system; or it may remain outside of the system, trapped in vendors records and in unseen industry trends.
It’s only when dark data is widely revealed that a health system can implement their most effective strategies and process improvement initiatives. By offering a complete suite of cost-saving solutions across the hospital’s entire cost cycle SpendMend will illuminate the dark data that is holding the hospital back. By working with SpendMend your hospital will gain insight and visibility to help run more efficiently, make better decisions and save significantly on costs. In the health care cost cycle the three cs are a problem financial hardship from COVID19 is a problem, dark data is a problem. SpendMend is the solution.