Building the case for data analytics in the aged care sector
The pace of change in the aged care sector, combined with processes that are out of alignment with the role and importance of analytics, may threaten operator's ability to meet patient demand and impact the overall quality of care provided. In order to keep up to speed of these increasing demands, you need to be more strategic and efficient when it comes to decision making. The ability to demonstrate how strong analysis influences stability, increases operational efficiencies and improves patient services; will strengthen the business case for data analytics.
Epicor data analytics works seamlessly with Epicor Senior Living solution
In the course of your daily processes, your aged care operations generate a great deal of information that can be used for a variety of business benefits, from managing your government funding and profit margins, to gaining measurable improvements in your purchasing decisions. This data, which is created from across your business, and likely aggregated in a central Enterprise Resource Planning (ERP) system, includes information about residents, billing, product procurement, CRM, financials, employees and more.
Working with ERP systems and data often requires IT support or trained internal champions, while the process of requesting and receiving reports can take days.
Epicor Data Analytics (EDA) powered by Phocas, works seamlessly with the Epicor Senior Living System (SLS) to serve as a single source of truth for all your business data. EDA takes the information that is managed in SLS and combines it with data from other programs and departments in your business to create a more comprehensive and holistic picture of your business. The information is then converted into easy-to-understand charts, graphs and tables and then delivered to those who need it and is accessible on any preferred device.
EDA comes with pre-built content packs that allow you to analyse whatever data is vital to your operations.
Track key metrics and achieve new levels of efficiency
Epicor Data Analytics powered by Phocas is an easy-to-use cloud service with powerful tools to help measure key metrics. Your managers and front-line teams can access and analyse a shared understanding of information that drives your business, while tracking metrics that are important to their roles and responsibilities.
Examples of metrics for different job roles:
- Total revenue
- Revenue vs. forecast
- Profit margin
- Occupancy by location
- Products used per facility per month
- Products on hand
- Supplier delivery in full, on time
- Price comparison per product
- Funding changes by week, month, quarter
- Profitability per patient
- Profitability per bed
- Profitability per location
- Value of outstanding purchase orders
EDA enhances internal analytical capabilities and eliminates the “gut-feel” approach to decision making. When your data is organised into one view of the truth, it can be used to uncover new opportunities, evaluate outcomes, and predict future trends. As you empower your team with fact-based insights, they can build resilience, improve patient care and drive efficiencies.
Epicor Data Analytic solutions can adapt and grow with your aged care operation
Among those with little experience in data analytics, there is a fear of the unknown, uncertainty of the true value of data analytics, and concern of unfulfilled technology promises. You must work to overcome stakeholder objections helping to eliminate the fear, uncertainty, and doubt coming from business leaders and prospective users regarding something so critical to operating a successful aged care operations today.
The right data analytics solution will make it easier for your team to use your company information to draw actionable insights. You will no longer wonder what is contained in your raw data, and you can finally empower everyone with the ability to make data-driven decisions.
To learn more about how to get insights from your data in the aged care sector, sign-up for this free webinar: Building the case for data analytics for Aged Care providers onThursday 14 May 2020 AEST 11.00-11.45am
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