Influence of IT
Healthcare leaders have to examine the care they provide in light of business realities. To do so, most organizations are actively pursuing the integration of clinical and financial data. Respondents have either integrated clinical with financial data already (10%) or have a development program underway to do so (58%), with the specific objective of using data to help reduce costs.
"It can be difficult to develop a system that allows you to tie clinical data with financial data," Hudson says. "But once you've got it developed, it's really beneficial to be able to drill down and tell what programs are profitable, what payers are profitable, and what doctors are profitable. You're able to really start focusing in on expense monitoring, productivity monitoring, and identifying areas that need attention."
IT will play a key role in helping leaders find cost-cutting opportunities. One-third of respondents (33%) say they will see the most savings via better monitoring of expenses and costs.
This article appears in the December 2013 issue of HealthLeaders magazine.