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David Murray joined Richmond University Medical Center as CFO in the middle of the pandemic. A Teamwkrs User at his previous organization, Inspira Health Network, he saw the hospital health system (using a Value Enhancement Plan) realize $54M in opportunity, over a 3-year period. As a new CFO, starting mid-pandemic David needed to quickly familiarize himself with the financial impacts of current operational practices. He had three goals in mind: 1. Analyze & continually monitor the financial health of the organization 2. Identify opportunities at each department and service level. 3. Introduce Productivity Initiatives to improve their financial position without causing friction.
We worked with RUMC to collect data on the entire organization and prepared two separate analyses; Clinical Variation—to identify opportunities related to Avoidable Days of Length of Stay—and Workflow (Productivity Assessment).
We collected 12 months of DRG data analyzing each DRG from both a provider as well as a department perspective to identify root causes and contributing factors for clinical variability that contribute to Avoidable Days of Length of Stay in a manner that fosters healthy conversations.
In parallel we analyzed 12 months of payroll and volume data for variability in staffing to identify Operational Achievable Targets and the Opportunity Gap for each department in the organization. We applied pattern recognition to identify root causes; our Insights Engine identified common themes affecting the organization.
We then worked with the Operational Leaders to refine both an Executive Level Command Center and Department Level Dashboard (HomeBase).
I can not understate the value of the Teamwrks partnership in helping our hospital identify areas of saving, opportunity and collaboration during a period of remarkable stress in the pandemic.
— Dave Murray, CFO
Clinical Variation analysis identified an opportunity of $X (discounted to remove labor costs). Workflow Analysis identified an opportunity of $X in labor savings.
Projects initiated to address common themes (Rising Agency, Rising Overtime and Flexing staff to changing volumes) are expected to yield $8M in year one.
The Finance Team also identified value in leveraging the technology to create and standardize monthly reporting and operational feedback, negating the need to hire additional resource team – a labor savings of an additional $400k annually.