Independent Provider's 'Strength' Strategy Keeps Options Open
From this planning process, LG Health made the decision to invest in an EHR that positions it for the next steps in population health management. LG Health also established its physician leadership institute through which 16 physicians are currently enrolled in a hospital-sponsored MBA program.
And the health system launched a separate company called Lancaster General Innovations, which is designed to "help create solutions to some of these problems we were facing," Beeman says.
"All of these initiatives put us in a financial situation that allows us to remain independent at this time," he said.
See Also: Small Doesn't Mean Doomed
In addition to strengthening its financial position, Beeman says the predictive modeling allows LG Health to be flexible in responding quickly to changing reimbursement conditions because many of the what-ifs have already been thought through. "We are able to change the tires while the car is moving," is how he describes it.
Some of the most important modeling LG Health has done is around risk-based reimbursement and what it will mean to the organization's bottom line in the near future.
"We know we are going to get into some of those risk relationships, and that we are going to have some wins and some losses," Beeman says.
- Ratcheting Up Patient Experience Has a Downside
- 12 Hires to Keep Your Hospital Out of Trouble
- Meaningful Use Payment Adjustments Begin
- HL20: Lee Aase—Who's Behind @MayoClinic
- 'Mega Boards' Could be Rural Healthcare Disruptor
- Taming Time and Moving Healthcare Data
- 1 in 5 Eligible Hospitals Penalized for HACs
- HL20: Anne Wojcicki—Unlocking Consumer Access to Genetics
- Narrow Networks Enjoying a Resurgence
- A Christmas Wish List for US Healthcare