SALT LAKE CITY, July 28, 2020 — Health Catalyst, Inc. (“Health Catalyst, “Nasdaq: HCAT), a leading provider of data and analytics technology and services to healthcare organizations, today announced the release of its Financial Impact Recovery applications. Designed to support hospital and healthcare systems’ COVID-19 financial recovery as they navigate the dynamics of patient care during a pandemic, these applications provide meaningful ways to prioritize and monitor progress on elective surgery backlog, outpatient visit backlog and revenue cycle. These solutions, which have rapid implementation timelines, are built on the Health Catalyst Data Operating System (DOS™).
Dan Unger, Senior Vice President and General Manager, Health Catalyst Financial Transformation Business, said, “The pressure of COVID-19 has amplified the need for visibility into revenue capture and cash acceleration. The Financial Impact Recovery: Revenue Cycle Launch application provides targeted insights for revenue cycle operations and enables analysts to create patient-level worklists focused on the greatest opportunity for revenue recovery. Revenue cycle leadership can monitor opportunities and track progress of revenue recovery over time.”
Fifteen Health Catalyst clients are already using these applications, including Banner Health, a leading non-profit health system for clinical quality, headquartered in Phoenix, Arizona. Banner operates 28 hospitals, including three academic medical centers, and other related health entities and services in six states. While well prepared to respond to the pandemic, Banner suspended elective surgeries to ensure adequate resources were available for COVID-19 patients. The organization needed to better understand the financial impact of COVID-19 before developing a recovery plan allowing for resumption of high-quality surgical care while monitoring financial performance. The needed data for analysis was buried in the EMR and financial systems, making it challenging to gather, view and analyze.
“To best support our system’s return to post-pandemic operations, we needed a data-informed recovery plan that integrated clinical, financial and operational data and analytics. Using the Financial Impact Recovery applications, we eliminated hundreds of hours of manual data aggregation and reporting, allowing us to move both expeditiously and wisely, while maintaining our continuous and relentless focus on improving patient outcomes and service,” said Dr. Nirav Patel, Medical Director for Surgical and Procedural Services. “In just two weeks, in partnership with Health Catalyst and thanks to enterprise-wide executive support, we were able to understand in near real-time our backlog of elective surgeries, strategically develop a reactivation plan and now evaluate our performance on an ongoing basis.”
Dan Burton, Health Catalyst Chief Executive Officer, said “These Health Catalyst applications are part of a bigger path to recovery. Building recovery plans is as complex as fighting the pandemic. We are grateful to our clients for continuing to trust and turn to Health Catalyst to improve the understanding of the relative clinical implications of reintroducing certain procedures, assess the related costs and determine which procedures will help recover losses the most quickly without propagating the spread of the coronavirus.”
About Health Catalyst
Health Catalyst is a leading provider of data and analytics technology and services to healthcare organizations, and is committed to being the catalyst for massive, measurable, data-informed healthcare improvement. Its customers leverage the cloud-based data platform—powered by data from more than 100 million patient records and encompassing trillions of facts—as well as its analytics software and professional services expertise to make data-informed decisions and realize measurable clinical, financial and operational improvements. Health Catalyst envisions a future in which all healthcare decisions are data informed.
About Banner Health
As one of the largest nonprofit health care systems in the country, the team at Banner Health is committed to ensuring all Banner locations are a safe place for care. Headquartered in Phoenix, Banner Health owns and operates 28 acute-care hospitals and an array of other services, including: Banner Imaging, Banner Telehealth and Banner Urgent Care. Team members are dedicated to protecting the health and safety of patients, be it a routine checkup, elective surgery or an urgent health service. Waiting room and employee workstation layouts maintain proper social distancing; screenings are conducted at hospital entrances to verify that all employees and visitors are well; and, all Banner physicians are equipped to visit patients remotely. Learn more about Banner's commitment to safety at bannerhealth.com/safecare.
