Healthcare Financial Alignment
With 2019 coming to a close, cutting costs will be top of mind in 2020 for most healthcare organizations. This week’s news roundup focuses on financial alignment: three strategies for healthcare financial transformation; managing the most expensive patients; tactics to drive revenue cycle efficiency; and healthcare’s pricing problems explained in four charts.
Three Key Strategies for Healthcare Financial Transformation
To succeed in today’s rapidly evolving business environment, healthcare organizations must have accurate financial data. Approximately 50 percent of CMS payments are now tied to a value component; hospital operating margins are at an all-time low; and consumer demands are rising with their costs. In order to meet these new challenges, health systems must shift their strategy or risk being left behind. Read More
Managing the Most Expensive Patients
When corporate executives, healthcare leaders, and policy makers discuss the challenge of curbing U.S. healthcare costs, the conversation invariably turns to the sickest percent of the population, who consume 50 percent of healthcare spending. For a long time the hope has been that improving the efficiency and quality of their treatment would significantly reduce the $3.5 trillion that the United States lays out annually for healthcare. Read More
Tactics to Drive Revenue Cycle Efficiency and Reduce Cost to Collect
While hospital executives say developing a high-functioning revenue cycle is essential, many factors hold them back from making it a reality. Managing a healthcare organization’s revenue cycle is increasingly difficult due to ever-changing payer contracts, complex payment models, and growth in self-pay … Read More
America’s Healthcare Prices Problem, in Four Charts
It’s one thing to understand in the abstract that America has the highest healthcare prices in the world. It’s quite another thing to see the price of services, from C-sections to MRIs, compared to other healthcare systems. The Health Care Cost Institute put out a new report showing how the prices paid for medical services by private insurance in the United States stack up against prices in other countries. Read More
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