From the Winter Issue 2017
Financial performance in an uncertain environment
continues to dominate the concerns of healthcare executives. Many
hospitals and health systems are struggling to remain viable amid
mounting pressure to create value—higher-quality care at a lower cost. A
solid and sustainable financial position is vital for survival. What
innovative strategies and solutions are organizations employing to grow
revenue, decrease costs, and improve safety and the quality of care?
The list of financial challenges that hospitals and
health systems face is monumental. Their leaders are confronting hurdles
such as transitioning to value-based models, risk contracts, bundled
payments, and population health management while dealing with
reimbursement cuts, declining inpatient volumes, and rising expenses for
labor and supplies.
To strengthen their financial positions and achieve
quality and cost goals, organizations have developed or are evaluating
partnerships and are implementing financial and clinical integration. In
addition to collaborative arrangements to attain value, other crucial
actions involve redesigning processes to eliminate waste and variation
in care, to produce operational efficiency, and to develop best
practices for superior outcomes.
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