Category: Physicians and Cost

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 ...

DOCTORS DON’T KNOW AND DON’T CARE ABOUT COSTS? THAT’S HALF RIGHT.

Two recent studies have found that doctors know very little about cost. But that same research has also confirmed that, contrary to the popular narrative, doctors actually do care about cost....

THE COSTS OF CARE: WHY PHYSICIANS AND FINANCE EXECUTIVES NEED TO WORK TOGETHER

The patient asked Dr. Shah how much treatment was going to cost, and he hit a wall. He had no idea what the cost of care was. As a resident, he and many others abide by the Hippocratic Oath to first, do no harm, and always keep the patient's health and safety at the forefront. In training, he says ph...