Getting Reform Right
Qualify for a free subscription to HealthLeaders magazine.
This article appears in the December 2012 issue of HealthLeaders magazine.
Frustration with regulatory costs and requirements is a time honored business ritual, but the case can certainly be made that the current healthcare industry landscape is awash with new programs—such as the HITECH Act and meaningful use, ICD-10, shared savings, and value-based purchasing—each of which requires extraordinary spending levels and a dedication of human resources to meet compliance requirements.
Now imagine implementing this massive systemic change—cultural as well as structural—within the current national mind-set of cost cutting.
Perhaps the most telling response in the HealthLeaders Media 2012 Regulatory Strategies Survey is that less than half (48%) of respondents are even "somewhat prepared" to make the leap from fee-based payment to shared-risk payment, while 36% acknowledge they are not prepared at all. Only 17% say they are fully prepared.
"We know generally what we need to do, but if someone asked us to do that tomorrow, we don't have the infrastructure needed," says Stephanie Barnes Taylor, chief legal officer and general counsel for Singing River Health System in Gautier, Miss.
- $6.4B Henry Ford, Beaumont Merger Failed on Cultural Hurdles
- How Chargemaster Data May Affect Hospital Revenue
- Primary Care Docs Average More Hospital Revenue Than Specialists
- House Lawmakers Grill CMS Over Health Exchange Navigators
- Fortunately, Angelina Jolie Isn't On Medicare
- ED Physicians Key to Half of Hospital Admissions
- Don't Let Nurses Sink Your Bottom Line
- Insurer's App Aims to Lower Healthcare Costs, Securely
- 69% of Employers Plan to Offer Healthcare Coverage After 2014
- Building a Better Healthcare Board