A survey of more than 150 hospital and health system executives found that 75 percent of healthcare executive respondents rate their cost transformation success as average to below average. Additional findings from Kaufman Hall’s research report, 2017 State of Cost Transformation in U.S. Hospitals: An Urgent Call to Accelerate Action , are as follows:
- More than half of respondents have no cost-reduction goals for the next five years, or have goals of only 1-5 percent.
- The top impediments to more effective cost transformation efforts are a lack of good data and insight into costs to identify savings opportunities.
- Only 25 percent of survey respondents have confidence in the accuracy of their cost accounting results.