3 Ways to Adapt When it Costs More to Get Paid the Same
The CFO of a medical center in Idaho shares three strategies he has implemented to reduce the cost of delivering care and to maximize his organization's resources.
Treading water can save your life.Treading water too fast is unsustainable. Eventually it will kill you.
As Eastern Idaho Regional Medical Center deals with changing reimbursement models and an increasingly difficult payer environment, it is having to expend more resources than ever just to maintain its revenue—something Jeff Baiocco, CFO at the 330-bed institution in Idaho Falls, sees as a major challenge for the organization.
"We are putting a lot more time, energy, and effort into getting paid what we have historically been paid," Baiocco says. "Our challenge as we continue to adapt our cost structure to meet reimbursement pressures—whether they be sequestration reductions, reductions on readmissions, or increased denials from insurers—is that we are putting more money into just maintaining payment levels."
1. Creating More Capacity with Technology
In order to overcome this challenge, EIRMC has implemented several strategies to reduce the cost of delivering care and to maximize its resources.
"One of the things we are trying to do is leverage technology as best we can," Baiocco explains, citing newly installed printers in the emergency department as one example.
- Senators Hear How Two-Midnight Rule Harms Patients, Hospitals
- 3 Management Lessons from a Supermarket Debacle
- Handshaking Spreads Germs. Get Over It.
- Healthcare Costs Start With What We Eat
- IOM Identifies GME Problems, Calls for Finance Changes
- Hospitals Likely to Outsource ICD-10 at Launch
- Medicare Advantage Carriers See 'No Choice' But to Accept Cuts
- Revenue Cycles Get a Boost from Simple JPEG Files
- Anatomy of 3 Health System Rebranding Efforts
- Premium Subsidy Fight Creating Uncertainty for Hospitals, Health Plans