HealthLeaders Media Finance - April 19, 2010 | Could You Save $3 Million By Putting Your Budget on a Diet? View as a Webpage | Subscribe for Free
Could You Save $3 Million By Putting Your Budget on a Diet?
Karen Minich-Pourshadi, Senior Editor-Finance

Budgeting is a lot like dieting—no one likes to do either, but most of us know there is value in taking action when we've gone astray. Like our own diets, we often get fat on the areas that we think are keeping us fit. And sometimes the areas we thought were making us fat, like labor costs, aren't necessarily the ones that should be trimmed to help us save. Last year, 215-bed Floyd Memorial Hospital in New Albany, IN, went on a diet. They implemented a non-salary cost reduction and clinical quality value analysis initiative that helped save the hospital nearly $3 million in 18 months. [Read More]

  April 19, 2010

 
Editor's Picks
EHR Certification: Who, What, When, and How Much Will it Cost?
The comment window for a temporary measure that would appoint organizations to test and certify EHR systems has closed, but debate on the final certification program is ongoing. All of the questions about ONC-authorized testing and certification bodies won't be answered until ONC issues its final rule. But there are hints of what's to come, including who will apply for ATCB status and how much they might charge for the service, as well as some comments that could impact the final rule. Perhaps equally important, CFOs can begin to understand how much EHR certification might cost their facility. [Read More]
In-Store Clinics: If You Can't Beat Them, Should You Join Them?
Some hospitals and most physician offices are worried about the proliferation of in-store clinics. But despite the fact that they don't make money for many of the grocery and drug stores that offer them, they're not going away any time soon. HealthLeaders Media Senior Editor Phil Betbeze looks at why the number of these in-store clinics will likely grow within the next five years. [Read More]
Is Free the Right Price for an EMR?
San Francisco-based Practice Fusion offers a free Web-based EMR system funded by Google's AdSense program, serving up ads for insurers, medical equipment suppliers, and pharmaceutical companies based on keywords. HealthLeaders Media Senior Editor Carrie Vaughan takes a look at four questions to ask in addition to "How much does it cost?" [Read More]
What's Your Leadership Team's Story?
Tell us what you and your team are doing to succeed. The seventh annual Top Leadership Teams in Healthcare Awards deadline is swiftly approaching. The award celebrates stories of great healthcare leadership in hospitals, health plans, and medical group practices. There are five categories: large hospitals and health systems (500 or more licensed beds); community and mid-sized hospitals (100 to 499 licensed beds); small hospitals (fewer than 100 licensed beds); health plans (state, regional, and national); and medical group practices (physician-owned, single- or multi-specialty groups employing 25 or more physicians). Winners will be announced nationally and profiled in an issue of HealthLeaders magazine. [Learn More]
Finance Forum
Trends In the Evolution of Healthcare Consolidation Transactions
As the medical provider community continues aligning toward clinical integration, and with the passing of healthcare reform—which is certain to change the industry forever—hospitals, health systems, and medical groups are looking to new alternative efforts to stay ahead of the curve, despite all of the changes happening around them. One of the results of these trends has been a boom of consolidation spurring mergers and other transactions, as many organizations consider these strategies that were in many cases not available previously. [Read More]
Finance Headlines
Obama health team turns to carrying out law
New York Times - April 19, 2009
Consumer-driven health surging, study finds
CFO - April 19, 2010
Doctors hear many questions about health law
New York Times - April 19, 2010
IRS may withhold tax refunds to enforce healthcare law
Wall Street Journal - April 16, 2010
Lehman sets payouts to exit bankruptcy
Reuters/BNET - April 19, 2010
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Money Talk

A look at one hospital's struggles to improve

Memorial Hermann Healthcare System, Houston
Rating: A
Outlook: Positive
Affected Debt: $1.1 billion
Agency: Standard & Poor's
Remarks: Revised the outlook to positive from stable and affirmed its A long-term and underlying ratings on approximately $1.1 billion fixed- and variable-rate bonds. Reflects excellent market position, consistent financial performance, and the expectation that expansion will lead to growth in unrestricted liquidity.
Audio Feature

Create Extra Capacity, Without Extra Expense: Wayne Keathley, president of New York's Mt. Sinai Medical Center, discusses adding 10,000 patient discharges per year by working on accountability and efficiency in patient throughput. [Listen Now]
Webcasts

April 22: Neuroscience Service Lines Strategies
May 13: Integrated Compensation Plans to Enhance Physician Performance
May 19: Five Proven Steps to Improve Patient Satisfaction Scores
June 2: Seamless Systems of Care: Better Alignment, Coordination, and Outcomes
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