3 Reasons to Fall In Love Again...With Healthcare Finance

Karen Minich-Pourshadi, for HealthLeaders Media , February 14, 2011
  • Lowering readmission rates. Patient readmission is a highly costly problem for healthcare, yet, surprisingly, an area which consistently stymies hospitals and healthcare systems nationwide—innovation is a must to tackle this problem so think outside the box.
  • Utilizing predictive modeling. This technology has come a long way from data trending and is now being used to actually help not only predict areas of business ripe for growth, or rife with loss, it can also help with patient care.

2.That Warm Fuzzy Feeling. Healthcare has the ability to affect people daily. Though uncompensated care, is certainly a challenge, the fact is you work for an organization where the main mission is to make people feel better. On the days in which your numbers just don't add up, remind yourself that it's about more than money. Walk the halls and talk to a physician or nurse about what they did that day. Then recognize that they can't do it without you.

Consider that while you may not be providing clinical care directly, financial folks are the backbones of these facilities. They ensure all the supplies and surgical equipment are there and they lead the charge when a new wing or new equipment is needed. And, although many of you have put your capital spend plans on hold (something you can learn more about in the March HealthLeaders Intelligence Report) your coffers will open up again soon.

3.The Future Looks Bright. According to the just released HealthLeaders Media 2011 Annual Survey, it seems that the national and local economies as well as the state and federal legislation are making financial forecasting challenging for most CFOs. However, in terms of the financial forecast for your hospital or health system, 49% feel strongly positive or positive, while only 14% felt negative.

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1 comments on "3 Reasons to Fall In Love Again...With Healthcare Finance"

bob (2/15/2011 at 4:49 PM)
Here's another suggestion: Do away with all uncompensated care at your hospital. Put all of the money in the budget for uncompensated care into a fund to pay a fair negotiated rate for each patient who can't or won't pay in full. For these patients, be your own third party payer. As with every other patient with care provided by a third party payer, take all necessary steps to assure that the care is being provided efficiently and effectively to each patient that you are paying for individually from this fund. You will probably save about a quarter of the budgeted money the first year. For more details, see the paper on "Doing Away with Uncompensated Care" published in INQUIRY and on my web site: sigmondpapers.org.




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