Opportunities and Obstacles: A CFO Conversation on Health System Financial Resiliency

 

The healthcare industry is facing significant challenges as it navigates economic uncertainties in 2021 and beyond. In a recent Iodine Intelligence podcast, Troy Wasilefsky of Iodine Software, Harold Mueller of BJC Healthcare, and Robin Damschroder of Henry Ford Health discussed strategies for building financial resilience and tackling the financial issues facing the industry.

The pandemic has led to a decline in overall CMI due to both a decrease in medical CMI and surgery volumes that have not yet returned to pre-pandemic levels. Cost-cutting is one approach to stabilize health system economics, but experts have agreed that it cannot be solely relied upon to achieve financial performance targets. Therefore, it is essential for organizations to pursue other strategies such as generating new revenue streams, capturing revenue for existing work, and leveraging technology such as AI.

Organizations can turn to management consultancies to help identify and stabilize their finances while also focusing on cost reduction efforts and growth strategies. Additionally, value-based care contracts incentivize better care coordination, higher-quality outcomes and cost reduction while improving documentation accuracy remains critical for reimbursement optimization and quality factors such as CMS payments.

In conclusion, healthcare organizations face significant challenges as they navigate economic uncertainties require balancing efforts between cost reduction and creating new revenue streams or capturing revenue appropriately for existing work. While there is no one-size-fits-all solution, organizations can leverage their resources and implement strategies such as management consultancies, growth initiatives, and technology to improve their financial resilience and help them face the current economic crisis.

Recent Episodes

In this impactful episode of the ConCensis podcast, host Yasmeen Hassan sits down with Robby Miller, Sterile Processing Manager at St. Joseph’s Hospital Medical Center, to explore how artificial intelligence is revolutionizing the field of sterile processing. With nearly 30 years of experience in healthcare, Miller shares his journey from EMT to SPD leader, offering…

As the field of cancer immunotherapy rapidly evolves, researchers are turning to next-generation in vitro technologies to replicate the complexities of the tumor microenvironment with unprecedented fidelity. Organoid platforms and ex vivo patient-derived tissue models are transforming how scientists approach preclinical testing, offering deeper mechanistic insights and better predictive power for therapeutic response. With immunotherapies…

In the rapidly advancing field of cancer immunotherapy, accurately modeling the tumor microenvironment (TME) has become essential to improving the predictive power of preclinical drug testing. As immune-modulating therapies surge forward, with over 4,000 immune modulators in development globally, scientists are refining assay technologies that maintain the complexity of patient-specific tumor biology. In vitro platforms…