FTI Consulting Health Solutions Provides Game



FTI Consulting Health Solutions Provides Game
FTI Consulting Health Solutions Provides
Game-changing Insights with Spotfire
Competitive advantage using actionable insights,
faster implementations, higher productivity
“Using Spotfire to build
guided analytics solutions,
we’re able to quickly
identify and quantify
problems, point out why
problems occurred, and
also how to correct them.
This is invaluable in the
healthcare industry.”
— Mitchell Goldstein, Director
in FTI Consulting’s Health
Solutions practice
Savings identified for one client
in just one year
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 [email protected] 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 CONSULTING is a global
business advisory firm that
provides multidisciplinary
solutions to complex challenges
and opportunities. Its Health
Solutions advisory services
are dedicated to helping
hospital and healthcare
systems drive high impact
operational and clinical
performance improvements.
Employees: 4,400 in
26 countries
Expertise: 80 disciplines
Rank: Advisor to 47 of the
world’s 100 largest companies
2014 revenue: $1.76B
Ticker: FCN (NYSE)
FTI’s [email protected] 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.
[email protected] is producing incredible results and a competitive advantage for
FTI, says Goldstein. “Our [email protected] 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.
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.”
“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 [email protected] 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.
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©2015, TIBCO Software Inc. All rights reserved. TIBCO, the TIBCO logo, TIBCO Software, and Spotfire are trademarks or registered trademarks of TIBCO
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their respective owners and mentioned for identification purposes only.

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