5 tips for building an effective cost reduction program
An HFMA-Strata survey found only 6% of hospitals characterize the effectiveness of their cost reduction programs as extremely effective. One commonality among the most successful programs? Formal, ongoing cost reduction processes.
Digestive diseases led increase in treatment costs over the last two decades, analysis finds
A new study quantifies the extent to which treating disease has become increasingly expensive since just before the turn of the century.
Providers implement automation and explore staffing options to streamline revenue cycle
In this roundtable, finance leaders discuss tactics they’ve used to implement automated tools and extend their workforce to reduce waste in their revenue cycle processes, aiming to improve patient experience and control costs.
Cost-Reduction Strategies Boost, Sustain Recovery
Persistent pandemic conditions are forcing hospitals and health systems to stretch their thinking as they set strategic goals. They are adjusting to managing fluctuating levels of care along with addressing shifts in payer mix, consumers’ demands and increasing cost pressures. These changes, combined with the challenge of inconsistent patient volumes, is putting unprecedented financial pressures…
Healthcare News of Note: Medicare would save $8 billion a year if all hospitals achieved the outcomes of the most cost-efficient performers, says Lown Institute
Healthcare News of Note for healthcare finance professionals is a roundup of recent news articles: America’s most cost-effective hospitals are identified, employers have boosted telemedicine and mental health benefits during the pandemic, and risk-based Medicare Advantage models gain popularity with health systems.
Currance: Transforming revenue cycle outcomes using AI technology
One company’s AI technology solution helps revenue cycle teams with tools to deliver 2% to 6% additional earned revenue to healthcare systems’ bottom line.
Addressing U.S. healthcare system challenges requires a focus on improving health, not just care
If we are to effectively address the huge cost challenges facing the U.S. health system, we must begin to better address the cost effectiveness of health, says Todd Nelson, HFMA’s director of professional practice and partner relationships. And it has to be through a collaborative process involving all stakeholders, he says, including not just hospitals and health systems, physicians and health plans but also patients and their communities, as well as society overall.
Study shows reduction in hospital readmissions, costs for medically complex patients seen in an outpatient critical care transition clinic
In a recent study, a large group of patients with medically complex chronic conditions were referred to and seen at an Indianapolis-based outpatient critical care transition clinic saw fewer posthospital inpatient admissions and realized decreased costs of care when compared with those who were referred but did not attend the clinic. HFMA’s Shawn Stack provided insight into the importance of the study.
Autonomous coding, it won’t hurt a bit with CodaMetrix
Coding at hospitals and health systems can take hours each day and can cost up to $7 billion in one year. However, one company encourages its use of artificial intelligence technology to reduce both cost and time of coding.
Survey: Hospitals and health systems prioritize automation technology and cybersecurity to battle pandemic
Most hospitals and health systems have yet to fully utilize automation technology, per an HFMA survey. Based on this research, one company broke down key takeaways such as top priorities for reduced spending including supply chain, IT and revenue cycle management.