J.P. Morgan Healthcare Conference: Revenue Shifts to Outpatient
Sacks says that within 30 to 60 days, Advocate expects to announce "a future clinically integrated entity—not just another PHO [physician-hospital organization], but a hospital that's not owned or managed by Advocate [and] that wants to clinically integrate. It will enhance our geographic coverage, and we anticipate that it will make us more attractive to payers, employers, and to individuals who are purchasing insurance through the exchanges."
A Shift to Outpatient Revenue
In hotly competitive New York City, NYU Hospitals Center chief financial officer Michael Burke made numerous references to "a little challenge called [Hurricane] Sandy" and how the NYU Langone Medical Center has endured during the rebuilding of its emergency department. The ED has been closed since the October 2012 storm and is due to reopen in April.
"I would challenge anybody to take any big academic medical center and survive for 16 months without an emergency room and see how they do," Burke said. "We made a profit despite that."
At the same time, NYU Hospitals Center shifted from a mix of 60 percent inpatient revenues and 40 percent outpatient revenues in 2010, to a mix of 51 percent outpatient and 49 percent inpatient in 2013. "We've achieved that by expanding the amount of clinical space we have dedicated to outpatient care," Burke said.
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