HFMA will host a virtual Cost Effectiveness of Health Summit to address the industry’s trajectory of continuous spending growth and discuss strategies healthcare organizations can use to move toward a more sustainable model of providing quality healthcare. I sat down with Katie Gilfillan, HFMA’s director of professional practice and clinical relationships, to discuss what attendees can expect during the Summit held during two half-day sessions May 6-7.
What is the cost effectiveness of health event, and why is HFMA holding it now?
Katie Gilfillan: The Summit is a virtual conference bringing together some of the best minds in healthcare and healthcare finance to determine how to transform the industry from its path of continuous growth to becoming more cost effective. How we get there will be the focus of sessions and conversations. It’s a first step in getting the healthcare industry to collaborate on this long-term goal.
Essential to the event’s theme of lowering the cost of care is recognition that the healthcare system must expand from addressing patients’ acute care needs to managing all aspects of patient health. That includes going beyond just treating patients’ physical needs when they are sick to moving interventions upstream through preventive health initiatives and addressing social and behavioral health needs as well. It’s about creating a system with a sharpened focus on connecting the care system, reducing complexity and creating efficiencies.
What type of content can members expect during the two half-day sessions in May?
Gilfillan: Sessions will focus on several strategies, including eliminating cost from the system through workforce efficiencies and reduced clinical variation. We will also review a variety of efforts to bolster financial sustainability, such as revenue integrity initiatives to reduce compliance risk and revenue loss, the payoff from investing in patients’ evolving health needs, having several healthcare delivery methods and renegotiating value-based models and payments.
Who should attend and why?
Gilfillan: This event is for healthcare leaders — from vice presidents to the C-suite — who are working on steering their organizations toward a financially sustainable future and those committed to transforming the system to better meet the health needs of patients. Having successfully navigated their organizations through the worst of the pandemic, these forward-thinking individuals are now setting their sights on stability, resilience and growth.
The summit will create cross-discipline conversations among those leading finance, revenue cycle, clinical, and data and technology teams within hospitals and health systems, and also those working for other organizations focused on optimizing health and streamlining costs.