As the healthcare industry continues to undergo major shifts in how quality care is delivered, measured and valued, many healthcare organizations feel uncertain about what the future may hold.
While we're often told that the only constant in life is change, as pressure mounts for healthcare organizations to improve quality, access and outcomes—another emerges:
To thrive and survive, effective and efficient financial management is key.
From tackling operational efficiency to cost accounting to embracing alternative payment models, hospitals and health systems, payers and pharmacies all have a myriad of opportunities to enhance their financial viability and, ultimately, improve margins.
To help you identify and harness opportunities that exist for your organization, we invite you to explore these resources, featuring perspectives and discussions with healthcare financial experts across key segments of our industry.
Hot Topics in Financial Management
In conversations centering around financial management in the healthcare industry, several related topics are also relevant:
As part of the Centers for Medicare & Medicaid Services (CMS) Shared Savings Program, doctors, hospitals, and other healthcare providers now have the opportunity to work together to coordinate better care through Accountable Care Organizations (ACOs).
While ACOs challenge the traditional paradigm of how organizations achieve financial success, many early adopters are finding that they are able to deliver better care and improve outcomes, and do so at reduced costs.
Further reading on ACOs:
What Is an Accountable Care Organization (ACO)?
ACO 2.0: How to Make the Most of Alternative Payment Models
Revenue Cycle Management
As healthcare organizations are dealing with financial pressures, the revenue cycle continues to be a focus for change. From patient access to billing, the revenue cycle is full of opportunity for greater efficiencies and savings.
Further reading on Revenue Cycle Management:
4 Steps to Improve Self-Pay Collections
Six for Success: Six Revenue Cycle Management Priorities
Healthcare organizations aren’t the only ones feeling the effects of industry changes. With the implementation of the Affordable Care Act, patients are now taking on an active consumer role in their health. As a result, patients must have meaningful and transparent pricing information in order to make financial decisions.
Further reading on Pricing Transparency:
Six Steps to Price Transparency–Boosting Collections and Improving Patient Satisfaction
Improve Patient Safety by Increasing Transparency