The Next Phase of Cost Control
“A lot of people don't understand the difference between expenses and investment. And I put IT definitely in the investment category, either because the [healthcare] industry historically hasn't made the investments it should, or because we have a hard time finding a definable ROI.”
—John F. Dragovits, Executive Vice President and CFO, Parkland Health & Hospital System, Dallas
The HealthLeaders Media CFO Exchange brought together 30 top finance leaders from hospitals and health systems of varied sizes and regions to share ideas on how to best guide their organizations through the uncertainty brought about by specific healthcare mandates and general economic upheaval. This third report in a series of four provides information and insight on cost containment from leaders at Banner Health, Wellmont Health System, Parkland Health & Hospital System, Floyd Memorial Hospital & Health Services, and Trinity Regional Health System.
The report reveals that leaders are looking to leverage technology for real-time clinical interventions. Among the findings:
- 27% of healthcare leaders see technology as the biggest cost driver at their organizations, yet it may also pose the largest opportunity for cost containment
- 40% have found the most cost-savings success in the past two years in supply chain
- 18% cite “no culture of being cost-conscious” as their greatest organizational challenge to cost reduction
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