Accounting & Financial Management
Wasteful spending is an increasingly thorny problem in healthcare, especially with the industry comprising an ever-larger portion of GDP.
Hospitals should obtain more valuable data insights, set performance improvement goals and better engage physicians, finds Kaufman Hall.
Most states would see diminished capacity in their health centers unless they're able to offset the financial shortfalls.
Despite this cost increase, 95% of employers are very confident their organization will continue to sponsor healthcare benefits to active employees.
On average, physician-led ACOs produced almost 7 times the amount of Medicare savings per beneficiary than hospital-led ACOs.
Some hospitals are actively enhancing their clinical product lines via outsourcing, which they say increases patient satisfaction.
For some nonprofits, it makes more sense from a financial and patient care standpoint to modernize and repurpose out-of-date facilities.
Administrative complexity accounted for the most waste, estimated at $256.6 billion, and pricing failure was a close second.
While there's no universal standard for what constitutes a preventable ICU admission, those with chronic medical conditions may be good candidates.
Organizations that can better predict volumes and react to changes will have a competitive advantage in the industry.