Category: Perform: Continuous Improvement

The massive undertaking, based around a new cost accounting system, is all part of a strategy to prepare for value-based reimbursement.

How merging financial and clinical data saved Yale New Haven Health $150 million

Yale New Haven Health in New Haven, Connecticut, is a 2,409-bed health system that includes Yale-New Haven Hospital, the primary teaching hospital for Yale School of Medicine that regularly ranks among the best hospitals in the country. As the business model for all healthcare organizations continues...

The Journey to Cost Savings: 4 Qs with CHOP’s VP of Financial Strategy

In 2017, leaders at the Children's Hospital of Philadelphia began crafting a systemwide financial stewardship program. Spencer Kowal, CHOP's vice president of financial strategy, helped lead this effort. He recently spoke with Becker's about CHOP's cost savings journey and how his organization is pre...

After an Improvement Initiative Ends: Sustaining Gains with Analytics

The performance improvement initiative at Southern Illinois Healthcare (SIH) had gone better than expected. During a 1½-year period, more than $61 million in annual cost reductions and revenue enhancements had been achieved, covering clinical services, labor, supplies, revenue cycle, and other areas...

Only 10% of healthcare providers know their costs — Here’s why Yale New Haven and Greenville Health are part of that elite group

Two effective ways to address cost obscurity are overhauling budget processes and marrying cost data with clinical language, two panelists said during an April 12 workshop sponsored by Strata Decision Technology at the Becker’s Hospital Review 9th Annual Meeting in Chicago. Terri Newsome, CFO of G...

SETTING A COURSE FOR GROWTH THROUGH OPTIMAL SERVICE-LINE PERFORMANCE

A health system cannot gain the ability to manage its service lines effectively for success under value-based payment overnight; a long-term organizational commitment is needed to develop the requisite analytic capabilities in stages through an evolutionary process. Jennifer Ittner, Director of Cont...

CFO’S FATAL FLAW: SURVEY FINDS 9 OF 10 HOSPITAL EXECUTIVES DON’T KNOW THEIR COST

A recent survey of 100 hospital and healthcare executives conducted by Strata Decision Technology and Becker's Healthcare found 90 percent of  respondents don't know their cost to provide services....

WHAT WE KNOW ABOUT BUNDLED PAYMENTS SO FAR

Bundled payment models have posed new challenges and revealed gaps in financial knowledge that hospitals must address quickly to stay profitable in a value-based industry. Jennifer Ittner, director of continuous improvement at Strata Decision Technology, spoke with Becker’s Hospital Review abou...

YALE-NEW HAVEN HEALTH’S FOUR POINT VALUE STRATEGY

The leadership team at Yale-New Haven Health System, which operates four hospital campuses in Connecticut, is striving to make value a core cultural element of the organization. At the first annual National Symposium on Value Innovation at Yale, last year, YNHHS President and CEO Marna Borgstrom, MP...

MYTHBUSTERS: BETTER CARE IS MOST COST EFFECTIVE

Strata Decision Technology and Becker's Healthcare gave a record breaking webinar to over 600 healthcare leaders in the U.S. Jennifer Ittner and Tushar Pandey unpacked three key financial issues at hospitals and health systems, separating fact from fiction in this healthcare-themed edition of Mythbut...

CFOS LOOK INTO THE CRYSTAL BALL: THE FUTURE BUSINESS MODEL OF HEALTHCARE

Hospitals and health systems must react faster to the quickening pace of change in healthcare by innovating and adapting their business model - or they probably won’t survive. That cautionary note was the overall theme delivered by CFOs from Wake Forest Baptist Medical Center, the University of Vi...