Written By:  Kylee Savage, Marketing Manager, ksavage@spendmend.com

The Three C’s

The healthcare industry experiences some of the highest rates of financial leakage and (subsequent profit recovery) due to three key pressure points:  Complexity, Compliance and Change.

Departments throughout the P2P cycle of a healthcare system are typically asked to function independently and must navigate through a host of competing global rules and local exceptions.  The result is a never-ending series of complex policies and procedures. In addition to the host of complex and high-stress job tasks, healthcare associates are expected to comply with internal controls and external regulations. And finally, Hospitals and Healthcare systems face constant change regarding staff, management, software systems and even all the way down to which locations are in or out of their network at a given time.  It’s never-ending.

The Impact of Dark Data on Healthcare

“Dark Data” is a major cause in why financial leakage occurs, and is particularly rampant in healthcare due to the pressure points listed in the section above.  In the simplest terms, “Dark Data” can be defined as the information embedded in the P2P cycle and the cost-cycle that is not easily visible, sometimes not accessible, and rarely timely.

The inability to see this data is costing hospitals in significant ways. In a 2017 article, MedCity News offered the following observation, “Only 10% of collected data is analyzed and put to use. The resulting 90% of untouched information is known as dark data, or data that companies have recorded but failed to incorporate into their initiatives.”

For more information on navigating the Three C’s while also illuminating the Dark Data in your cost-cycle, contact SpendMend today.