Managing Finances in a Transforming Market

What are the best strategies for healthcare financial management in an industry that’s been transformed by the COVID-19 pandemic? On this episode of Owning the Future of Healthcare, host Daniel Litwin welcomed Dan Unger, Senior Vice President and General Manager for the Financial Transformation Business of Health Catalyst, for an insightful discussion about implementing and sustaining value-based care systems.

According to Unger, healthcare financial management deals with the business side of healthcare in two major domains; accounting for measuring and documenting and financial planning and budgeting. “Budgeting is the group that supplies tools and analysis that help clinical and operational leaders make better financial decisions,” Unger said.

The high-level activities of healthcare financial planning involve forecasting and planning, financing options, deciding whether to lease or buy, what type of debt to raise, cost accounting, contract management and revenue cycles.

During the pandemic, healthcare saw lower volumes than usual, and managing costs has taken center stage over the last year.

Effective financial management is essential to running a sustainable healthcare operation, and Unger has meaningful insights into the pitfalls and best practices of those activities. Whether it’s using analytics to assess the revenue cycle or finding operational improvement for efficiency and cost containment, Unger knows the business inside and out and recommends several strategies for effective financial management in the post-COVID world.

Innovations in remote care and telemedicine have brought new competitors to the market that challenge some of the traditional practices in the healthcare industry. What can healthcare operations do to remain competitive in a changing world while managing margins and lower volumes?

It begins with flexibility, according to Unger, and the need for strategic investments.

Follow us on social media for the latest updates in B2B!

Twitter – @MarketScale
Facebook – facebook.com/marketscale
LinkedIn – linkedin.com/company/marketscale

Follow us on social media for the latest updates in B2B!

Image

Latest

AI in content marketing
Generative AI in Content Marketing: Why Creativity & Authenticity Will Make it Work
July 11, 2024

Will 2024 be known as the year AI made waves in content marketing? It sure seems so, with recent AI-driven ads from Toys R Us and Under Armour generating significant buzz online. Not just this: Despite having no official ties to the brand, a mock Volvo ad created entirely by AI has also gone…

Read More
Hiring Made Human: Hiring When You’re a Start-Up
July 11, 2024

The challenges of hiring for a startup have become more pronounced these days than ever. With technological advancements and evolving market demands, startups must be agile and strategic in their hiring practices to ensure success. According to some studies, nearly 90 percent of startups fail, with a significant factor being the inability to attract…

Read More
Focus on the Customer
Fifth Inning – Focus on the Customer
July 11, 2024

In a compelling narrative by Jesse Cole, the Savannah Bananas, a baseball team known for its unconventional approach, has declared advertising dead. Cole emphatically asserts that while advertising may attract customers, it is the fan experience that fosters lasting loyalty. In a bold move, the Savannah Bananas have eliminated all forms of advertising at…

Read More
Dr. Mark Manera talks Trucking Industry
The Trucking Industry Needs a Fitness Overhaul to Jumpstart a Trucking Health Revolution
July 11, 2024

With the trucking industry seeing many changes that prioritize efficiency and productivity, the health of truck drivers has increasingly peaked as a critical concern. With life expectancies for truck drivers averaging 16 years less than the general population, there is an urgent need to address health issues within the industry. Recent initiatives, like the…

Read More