The 5 Biggest Healthcare Finance Trouble Spots
4. Costly IT Investments
Craig Richmond, associate CFO and vice president of revenue cycle at Cleveland-based MetroHealth System
Rick Hinds, executive vice president and CFO at UC Health in Cincinnati, says spending millions for an EHR is necessary for providers to remain competitive but notes that leadership needs to look at more than dollars when determining the ROI.
"It's hard or nearly impossible to justify the investment needed for a state-of-the-art EHR with hard-dollar savings," Hinds says. "You have to look beyond that to the intangible benefits, the improvements in delivery of care and positioning your organization to be competitive in the future."
Craig Richmond, associate CFO and vice president of revenue cycle at Cleveland-based MetroHealth System, agrees that defining the success of an IT installation should be done in broader terms than just the balance sheet.
"You can look at ROI in many different ways," he says. "You can look at ROI from a financial perspective. You can look at ROI from mitigating compliance risk. There are a lot of different ways you can look at it. Don't even call it an ROI, but look at the value proposition associated with it."
- Surgical Checklists Unused in 10% of Hospitals, CMS Data Shows
- Doctors Feel Pressure to Accept Risk-based Reimbursement
- Roundtable: To Arrest HAIs, Culture Trumps Campaigns
- Slideshow: Healthcare Leaders Name IT Spending Priorities
- 4 Tectonic Shifts Shaking Up Healthcare
- Wanted: Nurse PhDs
- A Fresh Look at End-of-Life Care
- 3 Insider Tips on Cutting Costs without Strangling Growth
- Heart Attack Patient Costs Skyrocket Beyond 30 Days
- 3 in 4 Patients Want E-mail Consultations