Has your health system considered these cost cutting opportunities?
With rising healthcare costs from inflation to labor shortages, CFOs need to examine every road they can to cut costs for their organization. HealthLeaders spoke to top CFOs from HFMA and beyond to determine what strategies have had the most impact for their health systems when it comes to saving money. Check out these top strategies for health system savings.
Look at physician burnout in your organization; Physician burnout can have a major financial impact. Since the pandemic, burnout has been steadily costing health systems an extra $260M each year. CFOs should examine its impact on their organization to determine their next steps. Consider collaboration with CMOs to create viable solutions and support for physicians.
Examine nonclinical spending. CFOs often zoom in on clinical expenses to look for savings, but nonclinical spend deserves attention too. CFOs should examine nonclinical spend in their organization and may be surprised where they can find little savings that quickly add up.
Closely examine revenue cycle investments. Is the tech your system uses mission critical? Where are your biggest investments and how well are they performing for your system? Consider assessments and other tools to sort out priorities and create the most streamlined, efficient, cost-effective revenue cycle possible.
Consider nontraditional revenue avenues. Hospitals and health systems can turn to unique opportunities like filming to bring in extra cash. Filming fees can bring thousands of dollars a day and present opportunities to build lasting relationships with production companies who are eager to find great filming locations.
Marie DeFreitas is the finance editor for HealthLeaders.