Strategic Planning
Two health systems set to merge want to "reimagine" healthcare and bring it to the masses, and in a fairly crowded metropolitan area they need economies of scale.
Insurance industry margins are only about 5 to 6 percent and it is a notoriously difficult business to run. Still, providers are increasingly moving into the insurance industry, and for some, it has been a good addition to their business model.
Characterizing patients as non-compliant has long been an excuse for physicians not fully engaging people, but that needs to change. Patient engagement activities are increasingly important, as practices get more involved in value-based care models such as accountable care organizations.
Following an "industrial model of care," New York's Westmed Medical Group analyzes data from more than 2,200 processes and procedures to drive accountability and results. This has led to 15-fold growth and $285 million in annual revenue.
More than 80 percent of hospitals in the U.S. expect to be engaging in sustainability purchasing within two years, according to a recent survey. For the hospitals that expect to jump on the green bandwagon, there's a lot to learn.
The hospital merger wave may have slowed down a bit, but for health systems facing financial challenges and looking to evolve clinically, it's still an option for consideration.
When assessing CFO candidates, hospitals today are seeking "true financial leaders" who can be strategic partners to the CEO. A CFO leader needn't be a visionary, but they do have to be a "vision enabler."
The powerful California Nurses Association has put Ebola on the bargaining table in its negotiations for a new contract with Kaiser Permanente. The health system hasn't responded to all of the CNA's demands.
Operating costs, ICD-10, keeping pace with new technologies and surviving in a world of changing payment models -- those are just some of the challenges of running a modern medical practice.
Variations on traditional group health insurance via insurer-administered self-funding remain the norm for many large employers. But some health systems are considering alternatives in the face of high costs, new regulations and demand for more choice.