Big hospital systems are doing it. And so are smaller ones. Hot on the heels of the Affordable Care Act, healthcare providers are shining a spotlight on integration, making it a key part of strategic planning. They're building complex care coordination strategies and sophisticated electronic health record systems (EHRs), knowing all too well that under reform's heavy mandates, quality and efficiency are driving reimbursement.
Gwinnett Medical Center has been a fixture in the Atlanta area for more than seven decades and has an incredibly loyal following. Yet as a healthcare provider for one of the nation's fastest growing counties, Gwinnett Medical Center's leadership knows to keep that trust requires close attention to patients and the community at large.
Self Regional Healthcare in Greenwood, S.C., is no stranger to risk management. As a self-insured organization, leadership understands well the delicate balance between providing the highest levels of care while managing delivery expenses. But in a unique twist, Self Regional is experimenting with a model that tilts conventional wisdom on its head, not unlike many emerging accountable care organization (ACO) efforts springing up around the country.
The magnitude of what's in store for healthcare organizations in coming months is coming to light. New payment and delivery models and other government policy changes present substantial, concurrent risks to cash flow and patient care reimbursements. But perhaps no other initiative will disrupt hospital operations more than ICD-10, which goes into effect on Oct. 1, 2014.
NTSP, an independent physician association composed of nearly 800 family and specialty doctors, everyday serves more than 15,000 patients in north central Texas. The practice, governed by a board comprised solely of local doctors, is focused on delivering the best medical care and is managed by resident healthcare experts—professionals who understand that sharing health information is the key to transforming care processes by creating efficiencies, improving outcomes and lowering costs.
In this era of consolidation and healthcare reform, it is more important than ever for leaders to make sure their healthcare organizations are working at peak efficiency. In a recent HealthLeaders Media survey, Healthcare leaders say the greatest financial efficiencies are to be found in the revenue cycle. But how do you make your revenue cycle clean and lean once and for all? As it does so often, problem-solving comes down to expertise and capabilities. It is critical that healthcare organizations select partners, including financial partners, who fully understand the dynamics changing healthcare today. Those partners must show that they are committing the financial and people investments needed to keep pace with the rapid changes in the industry.
A three-question survey on financial efficiencies was sent to members of the HealthLeaders Media Council in June 2013. Executives from hospitals, health systems, physician organizations, and other groups were asked about opportunities for financial efficiencies, exposure to potential loss, and sources for financial efficiencies guidance. A total of 125 completed surveys are included in the analysis, which included 56 Senior Leaders. Results for Senior Leaders are broken out for comparative purposes.
Performance-based, accountable care delivery models are no longer in the realm of theory. With a nudge from reform legislation and evolving health plan policies that reward providers' abilities to lower costs and improve quality, they are now blossoming. Changes such as these, as well as lower reimbursements and tighter competition, require providers to facilitate stronger relationships that deliver "ositive outcomes and healthy revenue cycles. As a result, "alignment" has become the new buzzword in healthcare.
The value of hand hygiene to direct patient outcomes continues to be proven. We know that the average cost of a healthcare associated infection (HAI) ranges between $20,549 to $25,903. And studies have substantiated the link between hand hygiene and its impact on HAIs. Yet hand hygiene compliance rates remain dismally low with a national average of less than 50%.
It is difficult to imagine a company creating a product without asking consumers what they want or need. However, that is exactly what often happens in healthcare. Specifically, many electronic health record (EHR) systems are designed and healthcare organizations buy these systems without consulting the end users. Physicians often are left out of the conversation. According to a HealthLeaders Media Intelligence survey of healthcare executives that was conducted with the support of HMS in June 2013, about one out of four organizations involved physicians in every step of the clinical system purchase. When these systems try to qualify for Meaningful Use, they are going to cost providers and health systems incentive dollars, not to mention revenue lost due to inefficient workflows. With a focus on the importance of utilizing physician input, this report explores how to ensure an EHR is up to par clinically.
A recent survey finds the road to value might not be a smooth one. Despite plans to become accountable by next year, respondents face numerous obstacles, including managing and sharing data.
In an industry where change is the norm, the most important traits for healthcare industry executives are intangibles like communications skills, a vision for transformative culture change, and willingness to adapt to change, according to the latest HealthLeaders Media and Bank of America Merrill Lynch Buzz Survey. Clearly, leaders in the healthcare industry feel that in this time of acquiring, divesting, merging and blending, job #1 is adaptability and a strong vision for their organization. The third Executive Insight Report explores the results of the latest HealthLeaders Media Buzz Survey on executive skills and resources. The data reveal that although financial expertise was ranked lower on the list of outside resources sought, the overwhelming motivator for seeking external financial expertise is long-term financial strategic planning. Importantly, leadership teams are positioning their organization for the future, shoring up liquidity and viability as the industry continues to consolidate.
A three-question survey on executive skills was sent to members of the HealthLeaders Media Council in May 2013. Senior leaders from hospitals, health systems, physician organizations, and other groups were asked to rank executive skills and about their willingness to seek outside resources. A total of 153 completed surveys are included in the analysis, which included 58 Senior Leaders. Results for Senior Leaders are broken out for comparative purposes.
In April of 2013, a survey on payment reform was sent to members of the HealthLeaders Media Council. Respondents include senior leaders from hospitals, physician organizations, health systems and other groups. Respondents were asked about their organization’s IT readiness for payment reform, their plans to invest in advanced revenue cycle and business intelligence tools, and the timing of their future technological investments. A total of 110 completed surveys are included in the analysis.
In February 2013 a survey on reimbursements was sent to members of the HealthLeaders Media Council. Healthcare Executives from hospitals, health systems, physician organizations, and other groups were asked about expected reductions in reimbursements, levels of preparedness for reductions, and plans to prepare for reductions.
Organizations look to partners that can help them navigate an uncertain future
With less than a year before most major provisions of the Patient Protection and Affordable Care Act kick in, hospitals are still assessing the impact it will have on their facilities. And while administrators will be faced with tough operational decisions, more and more are leaving clinical details to hospital and emergency department medicine firms with the expertise and knowledge to help hospitals smoothly transition caregiving activities into the new era.
Simple process changes can reap tremendous rewards for hospitals in the wake of healthcare reform.
Though considerable uncertainty still surrounds recent government healthcare reform, executives at Sierra Medical Center and Providence Memorial Hospital are taking a proactive approach to mitigate continued reductions in government payor reimbursements.
The latest Executive Insight Report explores the results of a new HealthLeaders Media Buzz Survey on capital finance and industry consolidation The data reveal that many healthcare organizations are following similar strategies when it comes to acquisitions and affiliations. Far more organizations say they expect to acquire or partner than be bought. Similarly, expanding a geographic footprint is the predominant reason for healthcare groups’ M&A, partnership, or affiliation efforts. And, the majority of respondents said they are focusing on expanding in the primary care and physician practices. Obviously, not every healthcare organization can be an acquirer, and not every group should focus solely on expanding in primary care and physician practices. How can entities differentiate themselves if every healthcare organization in the industry is following the same strategy? As the industry continues to consolidate, the need for strategic and creative planning, partnering, and financing is essential for all healthcare organizations.
In January of 2013, a survey on capital funding was sent to members of the HealthLeaders Media Council. Senior leaders from hospitals, health systems, physician organizations, and other groups were asked about their plans for M&A, partnership, or affiliation efforts. A total of 137 completed surveys are included in the analysis, which included 59 Senior Leaders. Results for Senior Leaders are broken out for comparative purposes.
In January of 2013, a survey on health information exchanges was sent to members of the HealthLeaders Media Council. Healthcare Executives from hospitals, health systems, physician organizations, and other groups were asked about plans for implementing a health information exchange, potential vendors they would partner with, and the key benefits of a health information exchange. A total of 132 completed surveys are included in the analysis, which included 65 Senior Leaders.
In November of 2012, a survey on capital funding was sent to members of the HealthLeaders Media Council. Senior leaders from hospitals, health systems, physician organizations, and other groups were asked about priorities for capital investment, the key drivers of capital investment, and the primary sources of capital investment over the next 2-3 years. A total of 125 completed surveys are included in the analysis, which included 58 Senior Leaders. Results for Senior Leaders are broken out for comparative purposes.
This first Executive Insight Report brings you further insights into the results of a HealthLeaders Media Buzz Survey focused on capital funding. The analysis of this proprietary survey show that reform and the threat of sequestration of federal funding remain significant drivers of capital investment as providers prepare for their impacts. Healthcare organizations are prioritizing: investing more in information systems and IT infrastructure, and cutting back in some cases on things like facilities. The research also shows that there is no single dominant funding source. Providers are finding many different ways to put together their financing puzzle, depending on their capital priorities such as the borrowing need and related costs, interest rates, and debt maturities. This report provides more valuable data and detail.