Identifying Cost Savings Opportunities in Your Organization Without Reducing the Workforce
Director of Finance
Industry Vice President, Healthcare
Provider organizations are facing flat or shrinking revenue, rising uncompensated care expenses, and increasing pressure to cut costs. As a result, virtually every organization is undertaking the arduous task of analyzing performance and processes in an attempt to secure real savings.
During this webinar, Sentara Healthcare shares its finance team's approach for identifying opportunities to implement cost-cutting strategies, using reporting and analytics combined with budgeting and costing data. While most provider organizations immediately look to reduce headcount to achieve significant savings, Sentara was able to maintain their 125-year practice of never reducing its workforce. Sentara's COO commissioned the finance team to find a way to cut tens of millions of dollars from their budget with one big caveat: no layoffs.
Sentara Healthcare is a not-for-profit health system which operates more than 100 sites of care, including 11 acute care hospitals, advanced imaging centers, nursing and assisted-living centers, outpatient campuses, a home health and hospice agency, a 3,800-provider medical staff, and four medical groups.
After This Webinar You'll Be Able To:
- More effectively leverage performance reporting and impact analysis to reduce costs or increase revenue.
- Identify and create reports your organization can use to understand cost savings opportunities.
- Determine cost savings opportunities.
Tools & Takeaways
- Five Approaches to Effective Budgeting and Forecasting in Healthcare (eBook)
- Specific examples of how you can identify areas for cost savings within your own organization
CFOs, finance executives and directors, accounting directors, and decision support staff responsible for financial and operational performance at provider organizations
Field of Study: Provider organization finance including budgeting and cost containment
Delivery Method: Group Internet
Pre-requisites: Familiarity with hospital finance including budgeting and reporting concepts
HFMA members: Free
Note: This on-demand webinar is available until April 7, 2015.