- Viable strategies for growing healthcare revenue are especially important amid the COVID-19 pandemic, and hospitals should consider how they can adopt an offense-oriented approach.
- Creative, synergistic partnerships can help legacy providers find new opportunities for long-term growth without sacrificing revenue in the short term.
- A featured presentation June 26 during HFMA’s Digital Annual Conference will examine how hospitals can pursue dynamic, forward-looking strategies.
With the COVID-19 pandemic’s drastic effect on revenue, healthcare providers may be tempted to retrench and focus on their core business. But that approach is not ideal.
Instead, providers should go on the offensive by utilizing growth strategies that will generate new and diversified revenue streams, say Kyle Hathaway and Jami Youmans, managing partners with HealthEco.
That will be a central message in a presentation by Hathaway and Youmans on Friday, June 26 as part of HFMA’s Digital Annual Conference. Their session is titled “What’s your (new) financial persona?” and will lead off the day's content.
In a Q&A, Hathaway and Youmans described some of the key themes they’ll be exploring.
Q: Your presentation is titled “What’s your (new) financial persona?” What does that refer to?
Kyle Hathaway: We look at different personas of organizations based on how they identify from a business perspective.
In an offensive model, these are health systems that have developed very robust innovation programs. They've developed venture programs. They’ve launched businesses. They've maybe even exited businesses and are seeking revenue diversification through any means necessary.
On the defensive side, we're seeing health systems that are highly protective of their core business. They maybe have some concerns around the opportunity costs of pursuing growth-oriented strategies and taking focus away from the core. Those entities are typically going to be looking at revenue cycle strategies, they're going to be looking at cost containment. They're going to look at growth maybe by merger-and-acquisition — less innovative ways of growing themselves.