Workday Sees Continued Momentum in Healthcare, Empowering Organizations to Accelerate Digital Transformation

Rhea-AI Summary

Workday, Inc. (NASDAQ: WDAY) announced new customer agreements with major healthcare organizations, including Medical University of South Carolina and Northeast Georgia Health System, to adopt its finance, HR, and supply chain solutions. This shift aims to enhance operational efficiency amid rising healthcare demands exacerbated by the pandemic. Notably, Workday's unified approach helps organizations manage financial performance and improve supply chain resilience. The company is positioned to support the healthcare sector's ongoing digital transformation and supply chain management challenges.

Positive

• New contracts with major healthcare organizations enhance Workday's market presence.
• Workday's integrated solutions improve operational efficiency and supply chain resilience.
• Healthcare organizations report better financial insights and agile operations using Workday.

Negative

• None.

Medical University of South Carolina, Northeast Georgia Health System, Sentara Healthcare, and Sharp HealthCare Adopt Workday to Manage Finance, HR, and Healthcare Supply Chains

PLEASANTON, Calif., June 01, 2021 (GLOBE NEWSWIRE) -- Workday, Inc. (NASDAQ: WDAY), a leader in enterprise cloud applications for finance and human resources, today announced continued momentum, with its healthcare solution, including supply chain management. New customers including the Medical University of South Carolina, Northeast Georgia Health System, Sentara Healthcare, and Sharp HealthCare have selected Workday to help transform operations to support new business models and improve care delivery. In addition, organizations such as Allina Health, Bon Secours Mercy Health, South Shore Health, and Spectrum Health were able to shift to virtual deployments amid the COVID-19 pandemic, going-live on schedule, helping maintain business continuity and improving medical supply management to support patient care.

Helping Healthcare Organizations Strengthen Supply Chains
Healthcare organizations have faced talent and supply chain challenges for years, which were further amplified by the pandemic. As a result, many are accelerating their business and digital transformation efforts to meet the dynamic environment head on. This includes the adoption of cloud-based technologies like Workday to help them gain the insights and agility needed to adapt and respond.

“The healthcare industry has experienced immense growth and innovation, as a result of new demands and technologies,” said Dan Hurry, chief supply chain officer, Bon Secours Mercy Health. “To navigate this, we needed Workday to support our business operations transformation, including scaling to support future growth and getting a holistic view of our supply chain. Workday provides the real-time reporting and mobile capabilities that give us the insights and efficiencies we need to both improve supply chain operations and reduce friction for patient-facing staff, helping us to retain top talent and deliver unmatched patient care.”

Workday Delivers a Unified, Industry-Specific Solution to Help Support the Future of Healthcare
To address the unique challenges in the healthcare industry, Workday brings together finance, human resources, and supply chain in a unified, purpose-built solution. Workday Financial Management, Workday Human Capital Management, and Workday Supply Chain Management combine to help customers mitigate risk, control costs, reduce clinician burnout, and create a more resilient supply chain. For example, organizations like Dayton Children’s Hospital, which adopted and deployed Workday prior to the pandemic, felt better prepared for the new challenges brought on by the pandemic.

“From navigating new healthcare regulations to streamlining medical supply ordering, healthcare organizations were already experiencing challenges before the pandemic hit,” said David Farrall, corporate director of supply chain, Dayton Children’s Hospital. “Even as we moved some staff to remote work, we were able to maintain business operations using Workday to securely access data remotely and deliver real-time reports on inventory management, making for a more resilient supply chain during a very challenging time. Prior to Workday, we waited 15 days to view monthly financial statements, now we have instant, real-time access -- providing the agility we need to navigate and plan for the unexpected both during and after the pandemic.”

Furthermore, Workday enables healthcare customers to:

• Create a More Resilient Supply Chain to Manage Uncertainty. Real-time insights into supplier performance and automated notifications on inventory and supplier performance help organizations respond to shifts in demands so they can more easily navigate the unexpected and remain resilient. For example, Dayton Children’s Hospital faced challenges securing personal protective equipment, hand wipes, and more during the pandemic. Real-time data in Workday alerted the hospital on low inventory so that alternative sourcing could begin, helping to ensure the necessary supplies for frontline clinicians.
• Gain Better Visibility into Financial Performance. Workday helps enable healthcare organizations to securely access a complete picture of financial performance — any time, from any device — and optimize labor and supply spend to balance the cost, quality, and outcomes of patient care. For example, at Sentara Healthcare, disconnected systems required integrations and manual processes that became burdensome for staff over time. Workday will allow Sentara to streamline, standardize, and automate financial processes. As a result, the organization will be able to improve financial reporting, helping free up resources to devote more time to strategic activities such as quality patient care.
• Adapt Quickly to Stay Ahead of Ongoing Industry Change. Workday enables scenario-based planning that helps healthcare organizations make informed decisions, operate with agility, and encourage collaboration. For example, when the pandemic began, Bon Secours Mercy Health used Workday to scenario-plan for leaves of absence and manage the deployment and redeployment of its workforce. In addition, the organization was able to conduct daily reporting using real-time data to keep leadership informed on staffing capacity and needs.
• Improve Employee Experience to Retain Talent. Workday matches employees to open opportunities and career paths, helping recommend development and growth opportunities within the organization. In addition, mobile self-service capabilities in Workday help minimize time spent on administrative tasks such as requesting time off or ordering supplies, helping reduce clinician burnout. For example, at South Shore Health, improved periodic, automatic replenishment of medical supplies and mobile capabilities in Workday Supply Chain Management gave clinical staff time back in their day to focus on patient care.

Additional Comments on the News

“Healthcare organizations are continuously evolving, and with the pandemic accelerating their digital transformation efforts, they need innovative solutions that can help them support employees and adapt operations,” said Indy Bains, vice president, Industry Solution Marketing, Workday. “With Workday, healthcare organizations can advance their mission-critical business operations to manage financial pressures, secure clinical talent by creating better employee experiences, and strengthen their supply chain to help ensure stability as they continue to grow.”

About Workday

Workday is a leading provider of enterprise cloud applications for finance and human resources, helping customers adapt and thrive in a changing world. Workday applications for financial management, human resources, planning, spend management, and analytics have been adopted by thousands of organizations around the world and across industries – from medium-sized businesses to more than 45 percent of the Fortune 500. For more information about Workday, visit workday.com.

© 2021. Workday, Inc. All rights reserved. Workday and the Workday logo are registered trademarks of Workday, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders.

Forward-Looking Statements

This press release contains forward-looking statements including, among other things, statements regarding Workday’s plans, beliefs,and expectations. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to, risks described in our filings with the Securities and Exchange Commission (“SEC”), including our Form 10-Q for the fiscal quarter ended April 30, 2021, and our future reports that we may file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.

Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday’s discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available.

Media Contact:
Vanessa McNulty
media@workday.com

FAQ

What recent contracts has Workday secured in healthcare?

Workday has signed contracts with Medical University of South Carolina, Northeast Georgia Health System, Sentara Healthcare, and Sharp HealthCare.

How does Workday help healthcare organizations during the pandemic?

Workday provides cloud-based solutions that improve financial management and supply chain operations, crucial for navigating pandemic challenges.

What are the benefits of Workday's unified solution for healthcare?

Workday's unified solution offers real-time reporting, improved supply chain resilience, and better visibility into financial performance.

What impact does Workday have on healthcare staff operations?

Workday streamlines processes, enhances data access, and reduces clinician burnout, helping healthcare organizations manage operational efficiency.

What is the stock symbol for Workday?

The stock symbol for Workday is WDAY.