Slideshow: The Clinical Strategy for Financial Health—Care Redesign and Standardization
While there are many barriers to attaining sustainable cost reductions, hospitals and health systems are looking for ways to continue serving their communities while cutting costs.
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The new normal" is an apt phrase to describe the seemingly contradictory imperatives faced by hospital executives in the United States to reduce costs while simultaneously improving the quality of care.
We are all too familiar with decreasing reimbursements, ever-rising costs, requirements to improve patient outcomes, and financial penalties for not achieving standards in those areas.
It's no wonder economists and public policymakers used the phrase to refer to conditions precipitated by the financial crisis of 2007–2008 and during the 2008–2012 global recession.
While each organization will have different ways of adapting to this challenging landscape, there are general principles that are useful to all:
- Be more creative and find new ways to be efficient and eliminate redundancies.
- Make tough choices about what is essential to our missions, what should best be left to others, and what we should stop doing altogether.