Facing constant change and dwindling profit margins, healthcare organizations consistently rely on financial management in response to market changes. While a financial focus is crucial for survival, healthcare leaders should realize the power of clinicians as change agents in driving meaningful clinical improvement and curbing rising costs. Providers’ dedication to delivering first-class care and eagerness to continually discover the most effective care delivery methods—powered by analytic insight—is the foundation of clinical improvement. This powerful combination of clinical passion and relevant data is key to successfully surviving and thriving in an ever-changing industry, in which financial rewards depend on patient outcomes.
There is an opportunity facing us, an opportunity to embrace more equitable and efficient healthcare. In a world that is driven by market forces, we cannot be constrained by the status quo and instead, must lean into a true, sustainable shift to population health. Population health – the identification and management of the drivers of […]
Treating mental health is often a low priority for health systems because of its high costs and low reimbursement rate. But health systems should not underestimate the impact mental health has on one of their costliest areas—treating chronic diseases. As research links higher costs to patients with chronic disease and a mental health disorder compared to patients without a mental health disorder, organizations should consider mental health treatment a key part of chronic disease management. By following four steps, providers and care teams can address patients’ mental health, thereby improving chronic disease outcomes and lowering costs: 1. Identify the patient population. 2. Identify the financial impact. 3. Develop a plan with experts. 4. Measure the impact and show ROI.
With COVID-19 sending health systems reeling, leaders understand the only way organizations can survive the pandemic is by driving improvement in three key areas: revenue, cost, and quality. Many traditional healthcare delivery methods, such as in-person visits, are on hold, leaving health system leaders considering how telehealth solutions allow organizations to excel in the new industry normal.
Medicare patients make up the majority of health systems’ revenue; yet, organizations earn only a one percent profit while caring for this population. Despite historically low profit margins, Medicare can be lucrative for health systems, and through the Medicare Shared Savings Program, healthcare organizations can increase revenue with four tools:
1. The ability to aggregate and analyze data. 2. The ability to align financial incentives between payers and providers. 3. The ability to engage patients in behavior or lifestyle modifications. 4. The ability to garner support from clinicians and encourage them to lead the shift to VBC.
Medicare patients make up the majority of health systems’ revenue; yet, organizations earn only a one percent profit while caring for this population. Despite historically low profit margins, Medicare can be lucrative for health systems, and through the Medicare Shared Savings Program, healthcare organizations can increase revenue with four tools: 1. The ability to aggregate and analyze data. 2. The ability to align financial incentives between payers and providers. 3. The ability to engage patients in behavior or lifestyle modifications. 4. The ability to garner support from clinicians and encourage them to lead the shift to VBC.