Strategic Planning
Last month, Paul R. Bengston, CEO of Northeastern Vermont Regional Hospital, a small, critical access hospital located in St. Johnsbury, Vt., was chosen to lead the American Hospital Association's Section for Small or Rural Hospitals in 2014. The 21-person governing council represents small or rural hospitals in the AHA's policy process and member services initiatives.
Hospital Marina Salud de Denia, described as a model for what the hospital of the future should look like, is well on its way to fulfilling its promise. But can its financial achievements be duplicated by U.S. facilities?
Relationships are at the core of any business, so building strong ones is important. One relationship-building strategy that is increasingly becoming popular in healthcare - particularly in the pharmaceutical industry - is strategic account management.
Surprisingly, the due diligence process is easier for hospitals acquiring large medical practices than for those buying smaller physician groups. But close analysis of small practice finances is essential during acquisition, as the results determine the very structure of the transaction.
If behavioral health centers want to be a part of the burgeoning integrated care environment, they have to offer clients same day access.
The healthcare industry's transformation to value-based models has spurred retail pharmacies to expand their roles and traditional providers to partner with them.
If post-acute care providers want to participate in new care and payment models like accountable care organizations, they need to take the initiative.
Once an organization decides to transition to the accountable care model, there is an immediate need to begin long-term financial planning. While your organization is working to drive down costs, it must also look for ways to maintain profitability.
As healthcare reimbursement shifts from a system that rewards quantity of care to quality of care, the onus is on the CFO to determine where best to allocate financial resources and how best to pare them.
If post-acute care providers want to remain viable as businesses, they’re going to have to invest in technology.