{"id":10070,"date":"2020-06-30T15:12:13","date_gmt":"2020-06-30T20:12:13","guid":{"rendered":"https:\/\/www.osfhealthcare.org\/blog\/?p=10070"},"modified":"2021-12-16T08:56:13","modified_gmt":"2021-12-16T14:56:13","slug":"data-shows-financial-impact-of-covid","status":"publish","type":"post","link":"https:\/\/osf-blog.live.imagescape.com\/blog\/data-shows-financial-impact-of-covid\/","title":{"rendered":"Data shows financial impact of COVID-19"},"content":{"rendered":"

As part of the Financial Planning and Analysis department for OSF HealthCare<\/a>, Kirsten Largent and Mary Beth Brown advise the integrated health care system on financial performance and what countermeasures might need to be taken to adjust to changing financials. Like many businesses across the nation, Largent and Brown wanted a better idea of how the novel coronavirus (COVID-19)<\/a> might impact the organization.<\/p>\n

\"\"<\/p>\n

\u201cSurgery cancellations were the first indication the hospital system was headed toward seeing major declines in patient volumes, which has a direct effect on our revenues,\u201d said Brown, director of Financial Analysis. \u201cWe needed an easy way to track activity across the Ministry to make informed financial forecasts and decisions.\u201d<\/p>\n

Much of this information was readily available in a variety of analytical tools, but none of it was in the same place. Financial Planning and Analysis worked with Healthcare Analytics to create the Daily Activity Summary, a one-stop-shop that shows patient volume trends at every level of care.<\/p>\n

Daily Activity Summary<\/h2>\n

\"\"The Daily Activity Summary tracks daily volumes in key areas across the Ministry, including primary care, hospitalizations, emergency department visits and imaging. Users of the tool can compare patient activity the last 7, 30, 60 and 90 days to a previous period of the same length, as well as the same timeframe from the previous year. The summary showed an obvious trend at the start of the COVID-19 pandemic.<\/p>\n

\u201cYou can see in the middle of March that we were still engaging in a very normal level of activity,\u201d said Bryan Kaiser, director of Analytics and Reporting. \u201cWhen the stay at home order was issued, volumes plummeted in some areas \u2013 dropping to half of what they were prior.\u201d<\/p>\n

This reflects the shutdown of certain services across the Ministry, as well as individuals choosing not to risk social contact with others by going to OSF OnCall Urgent Care<\/a>, OSF PromptCare<\/a> or the Emergency Department<\/a>. But the Daily Activity Summary also shows how OSF HealthCare has responded to ensure patients still get the care they need.<\/p>\n

\u201cShortly after the pandemic began impacting our organization, we start to see volumes tick up as the health care system adapted to the \u2018new normal,\u2019 and quickly ramped up digital services such as video visits, telemedicine and telemonitoring,\u201d said Kaiser.<\/p>\n

Putting financial plans in place<\/h2>\n

For the Financial Planning and Analysis team, this information has helped to advise the setting of staffing level targets to match changes in volume. They have also used the tool to project the impact on the health care system\u2019s operations as well as liquidity levels.<\/p>\n

\u201cThis gave us a head start on putting financial plans place,\u201d said Largent, senior vice president of Financial Operations. \u201cWe needed to be prepared to enact appropriate levels of financial countermeasures.\u201d<\/p>\n

The Daily Activity Summary has also been beneficial in supporting the need for state and federal financial assistance. As OSF HealthCare works to re-open services across the Ministry, the tool is being transitioned to visualize the impact of bringing operations back online as well as the addition of video visits throughout the Ministry.<\/p>\n

However, the Daily Activity Summary won\u2019t stop with its intended purpose of monitoring COVID-19 volume trends and their influence on financial performance. This will allow the organization to easily make informed financial decisions in the future.<\/p>\n","protected":false},"excerpt":{"rendered":"

A new healthcare analytics tool helped OSF leaders make financial decisions for the future as COVID-19 cases started popping up in Illinois.<\/p>\n","protected":false},"author":23,"featured_media":10141,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[969,355],"tags":[635],"coauthors":[682],"class_list":["post-10070","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-covid-19","category-innovation","tag-advanced-analytics"],"yoast_head":"\nData shows financial impact of COVID-19<\/title>\n<meta name=\"description\" content=\"A new healthcare analytics tool helped OSF leaders make financial decisions for the future as COVID-19 cases started popping up in Illinois.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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