FTI Consulting Health Solutions Provides Game-changing Insights with Spotfire
Competitive advantage using actionable insights, faster implementations, higher productivity
With rapid change in healthcare, FTI wanted to provide fast, easily digestible, actionable data analytics. “We were looking to build automated solutions for our clients to reduce consulting implementation times as well as assist them in monitoring their operations,” says Mitchell Goldstein, director in FTI Consulting’s Health Solutions practice. “It was not uncommon for clients to call us back two to three years after our engagements because operational improvements were slowly eroding, and inefficient processes were becoming the norm. By building solutions to continuously monitor the client’s data, we could limit that risk as well as provide new clinical and operational insights for our clients.
“Our objectives were to increase revenue and decrease customer inefficiencies using new technologies,” continues Mr. Goldstein. “To grow our customer base, we had a couple of key objectives around our Analytics@Work solutions and services.
“There are many excellent BI tools for analytics; however, most of our endusers do not have the technical skills or the time necessary to build healthcare data warehouses and robust tools for analysis. Our goal was to build turn-key, web-based solutions, which would quickly reveal performance improvement opportunities and guide clients to them.”
FTI spent several months researching, interviewing, and analyzing the top BI tools. “As we narrowed down our search, we performed several proof of concept exercises. We chose TIBCO Spotfire® and its robust API library and predictive modeling engine. We used it to quickly bring new, secure web solutions to market.” FTI’s Analytics@Work team quickly launched Labor Analytics and Provider Analytics, the latter an interactive tool that models, measures, and manages physician performance. Additional solutions are being built for perioperative services, revenue cycle, and data warehousing for more in-depth data analysis of operational performance. The company also performs consulting services for clients who require analytics strategy, data governance, predictive analytics, and in-house analytic implementation services.
Competitive Advantage with Actionable Insights
Analytics@Work is producing incredible results and a competitive advantage for FTI, says Goldstein. “Our Analytics@Work solutions help users gain insight and identify actions that position them for success. Clients can interact with the data versus flat Excel or PDF reports. We help them analyze vast amounts of their data by augmenting it with FTI and industry benchmarks that help guide them to take actions for better performance.
“Our Labor Analytics Solution clearly identifies under-performing departments and guides users to the reasons why they are underperforming,” continues Goldstein. With guidance from FTI’s Labor and Process Innovation Consulting Team, and using Labor Analytics, a 300-bed hospital client realized $8 million in savings by increasing productivity 9%, and reducing overtime 14%. Labor Analytics is also providing insight into potential issues before they arise, allowing clients to proactively manage their labor resources.
“Using Spotfire to build guided analytics solutions, we’re able to help our clients identify and quantify problems, point out why the problems occurred, and also how to correct them. This is invaluable in the healthcare industry,” says Goldstein.
Faster Implementations, Higher Productivity Using Spotfire
FTI is increasing productivity for both clients and FTI consultants. “Our solutions are effective for executives and department managers alike,” says Goldstein. “Through their KPI dashboards, executives can measure dollar impact, and through a very easy interface, department managers are guided to the answers they need. With our service line experts using easily digestible analytics, implementation time for our recommended operational improvements is faster, and we can handle more clients with the same number of consultants.”
Stronger Client Relationships, Cost Savings, More Sales Opportunities
“Cloud-based solutions are an absolute requirement for strengthening client relationships,” says Goldstein. “Our cloud environment is secure, accessible, and cost-effective to develop, support, and maintain. There are clear savings from building, deploying, and maintaining cloud versus desktop solutions. “Clients need only a web browser and Internet access. Today, we have 50 internal health solutions users and over 600 client users. We’re expecting both of these numbers to double by the end of the year.”
“Our Analytics@Work cloud-based solutions have expanded our ability to help clients with these new solutions as well as with our analytics consulting services. Our plan is to continue to grow our services so we can assist clients in meeting the challenges they face in today’s dynamic healthcare environment,” concludes Goldstein.