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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.
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.
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.
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.