Financial Sustainability Report: April 2020
The April issue of the Financial Sustainability Report, sponsored by Kaufman Hall, offers insights that can help healthcare finance leaders guide their organizations through the COVID-19 crisis and develop long-term solutions in preparation for a new healthcare landscape in the aftermath.
Drive behavioral change in your surgeons with the concept of ‘social proof’
"Social proof" is a critical psychological principle that savvy hospital administrators can use to solve complex business issues and dramatically increase their organization's operating performance.
White House appeals for hospitals and health systems to use official COVID-19 portal daily to track PPE needs
HFMA's Todd Nelson says the shortage of personal protective equipment is not going to get better if hospitals and health systems don’t do their part to provide PPE use and shortage data on the U.S. Healthcare COVID-19 portal.
A 5-step process to achieve and sustain physician preference item cost reduction
To identify and reduce the costs of physician preference items, hospitals and health systems should use a five-step process that begins with cleaning and organizing PPI cost and utilization data.
5 high-leverage areas for improving medical group financial performance
By examining five high-leverage areas within medical group operations, health systems can identify improvement opportunities.
Virginia Mason Institute transformation expert says healthcare systems can reduce waste and improve their margins
Virginia Mason Institute’s Rhonda Stewart shares how healthcare systems can reduce costs and improve patient and worker metrics by eliminating waste.
Make your cloud transformation endure: 5 steps for a lasting enterprise cloud strategy
A strategy-focused article about implementing a cloud-based enterprise resource planning (ERP) solution, which focuses on the role of planning, teamwork, communication and continuous performance monitoring.
How hospitals should capture COVID-19 costs to maximize grants from FEMA, CARES Act
To ensure their organizations get a fair share of the billions of dollars in reimbursement and grants available to healthcare providers during COVID-19, finance leaders need a plan for accurately capturing costs.
Survey: Hospitals overspending on corporate services could reduce costs without impacting quality
Important learnings from a November 2019 HFMA-conducted survey about corporate services spending patterns and how organizations could be more efficient and effective with their spend.
Hospitals need engaged physicians to manage supply preferences
Gainsharing and co-management are two strategies hospitals and health systems can employ to effectively engage physicians in organizational efforts to manage costs of physician preference items.