Category: Physicians and Cost

The Biggest Challenges in Community Care: 5 Questions with the CFO of CGH Medical Center

Three years ago, CGH Medical Center began their journey towards integrating their clinical data, decision-support, long-range financial planning and operating budget information. Today, this progressive acute care facility in Northern Illinois ranks high for delivering quality care and patient satisf...

RESOURCES IMPROVE CLINICAL UNDERSTANDING OF COST AND QUALITY

In the effort to improve the quality of care and increase affordability, health systems are acquiring key information by implementing tools ranging from internal cost-accounting systems to population-based measures. Cost-accounting systems have become fundamental tools for health systems to reduce cl...

WHY HOSPITAL COST CONTAINMENT EFFORTS DEPEND ON PHYSICIANS

With risk-based models like bundled payments gaining speed, hospitals and health systems need to reexamine their cost cutting strategies and include physicians in cost containment conversations....

YALE NEW HAVEN SAVES $125 MILLION FROM CLINICAL INTEGRATION

The Yale New Haven Health System said it saved $125 million, and all they needed to do was engage physicians in cost control. Yale created a process that linked financial and clinical data, giving physicians access to information they didn’t have before without looking at a complete chart review, s...

WHAT SPONGEBOB CAN TEACH US ABOUT THE COST OF HEALTHCARE

My 14-year old daughter made a huge mistake, which would horrify any teenager: She gave her father access to her Instagram account. As a tech geek, my real goal wasn’t to check up on her (I swear), but rather to see whether the hype of Instagram matched the utility. Instead what I found was the...

YALE NEW HAVEN HEALTH SYSTEM PAYS OFF $125 VALUE

  By zeroing in on quality variation improvement and holding regular meetings between finance and clinical leaders to review data, the $3.4 billion institution has been able to significantly reduce expenses and to achieve physician and nursing buy-in. When the leadership team at Yale New Haven H...

HOSPITAL COST REDUCTION EFFORTS SEE HOPE AT THE END OF NEW PLATFORM

According to the Centers for Medicare & Medicaid Services (CMS), almost one out of the every five dollars in America is spent on health care, resulting in close to $3 trillion spent in 2014. Of that, an estimated $765 billion was lost to waste in inefficiency, redundancy, errors, overutiliz...

LOOKING AT VARIATION THROUGH A QUALITY LENS

Learning to speak the same language on cost and quality metrics has helped clinical and finance leaders at Yale New Haven Health System reduce variation, improve patient outcomes, and decrease overall costs. Over the past two years, leaders at Yale New Haven Health System, New Haven, Conn., have turn...

THE NEW COOL IN HEALTHCARE: “COST ACCOUNTING IS SEXY?!”

A few weeks ago I was sitting in a conference room with the senior executive team from one of the top academic medical centers in the country.  The Chief Information Officer introduced my team to his team by saying, “OK everyone, let me make this simple. Pay attention. Cost accounting is sexy.”...

STRATA DECISION IMPROVING CLINICIANS ACCESS TO COST DATA

In the past, the director of the orthopedics service line at Legacy Health in Portland, Ore., had to rely on a reporting analyst—and often had to wait in line—if she wanted to know how standardizing a hip implant might affect her service line’s financial and clinical outcomes. But now, she can ...