Dashboards are the number one BI technology, according to Software Advice, a comparison site for Business Intelligence (BI) tools. Their research zoomed in on software for CFOs, and the results confirmed that dashboards, scorecards, and performance management software are king for today’s financial executives. If you are part of the management team for a healthcare company, you know the pace of business today is nothing short of fast. Dashboards provide quickly accessible, easily digestible analytics. Data visualizations are graphs, charts, and scorecards that showcase data trends, opportunities, and challenges with key performance indicators (KPIs) for departments, projects, and/or the entire corporation.
As a professional in the healthcare world, whether that be at a family physician clinic, in a hospital setting, a retirement home, and/or home medical care, it might seem frustrating to tend to the overwhelming amount of financial data management and analysis. With regulations, standards, customer service, and most importantly, patient care on your plate, financial reporting and budgeting might be processes that you’d like to put on the backburner. However, a strong financial spine can and should lay a foundation of efficiency and professionalism that greatly and positively affects the rest of your bigger picture to-do list for your organization. This article will zoom in on the impacts that modern, business user friendly financial reporting and budgeting solutions can have on your healthcare business.