Becker's recently interviewed a CEO who outsourced IT and Revenue Cycle services to Optum. He noted one of the key takeaways: "By no means is the partnership perfect, and there are still friction points that we continue to work through to get to the ideal...
In a recent Becker’s Hospital Review Article by Mariah Muhammad, 47 Executives commented on the question: “What is your hospital/health system doing to manage or reduce labor costs over the next two years?” About half were CEOs, the rest being executives mainly from the “C-Suite.” I found...
The use of data in operational analysis and improvement is paramount to effective decision-making in the healthcare setting. A Compelling Case With data, leaders can allocate resources - such as time, money, and resources - more efficiently. They can identify areas that need improvement, as well as...
A labor cost management system is driven by hours paid to employees from your time and attendance and payroll systems. Payroll in most organizations runs biweekly with a 3-5 day lag after the end of a pay period. With many time and attendance systems, you...
Healthcare margins are razor-thin, requiring providers to acknowledge the crucial role costing data plays in various aspects of financial analysis and decision-making within organizations. Costing data is instrumental in generating profitability analysis, service line profit and loss accounting, and ACO/risk payment model analysis. As organizations...
Addressing high labor costs is a pressing concern for hospitals and health systems and effective management of these costs is essential for maintaining financial health. In this post, we'll examine critical success factors for labor cost management (LCM) that organizations should consider. "Healthcare is a labor-intensive...
As someone with experience in boating and revenue cycle outsourcing, I can’t help but notice some similarities between the two seemingly unrelated activities. How so? Let me illustrate. The First of the Two Happiest Days When the pandemic hit, boat sales skyrocketed as people sought out outdoor...
[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text]Health systems need concrete strategies to reduce costs and increase revenue with rapid results. The financial outlook for hospitals and health systems is the worst in decades. Projections are that one-half to two-thirds of the nation’s hospitals ended...
olumn width='1/3'] [/vc_column]