Category: Plan: Financial Planning

How hospitals are planning for the future, even when the industry shifts

Whitepaper: Leveraging Strategic Planning at Your Healthcare System

In this whitepaper, you’ll learn what it means to create a strategic plan within your hospital, the benefits of strategic planning, and how implementing strategic planning can help you stay ahead of unexpected future industry changes....

Health systems’ billion-dollar question: How to get cost data into clinicians’ hands as they decide on a patient’s care?

Kirsten Largent is director of financial planning and controller for OSF HealthCare, a 13-hospital system with more than 1,200 physicians and advanced practice providers, based in Peoria, Ill. Here, she caught up with Becker's Hospital Review to discuss the challenges her organization is confronting ...

The future of capital and equipment planning for hospitals

Each year, hospitals and healthcare systems must continue to plan for new investments in their equipment and capital. Because of shifts in policy and consumerism, providers consider adopting new technologies and medical devices to keep up, while also needing to maintain building codes and renovating ...

Six Lessons from 200 Healthcare Delivery Systems on Moving from a Traditional Budget to Advanced Planning

As hospital and health system leaders around the nation work to adapt to industry changes by retooling their organization’s approach to care and business operations, one critical lever is hiding in plain sight and often gets overlooked — the budget. But that’s beginning to change....

How Robust Cost Accounting Enhances the Planning Process

Leaders at Omaha-based Nebraska Medicine, a two-hospital system with 60 clinics and $1.5 billion in net revenue, strive to protect their 4 percent margin against threats like the rising self-pay patient population and recent cuts in 340B drug reimbursement....

Why Age Is Not Enough: A Better Approach to Equipment Replacement

Just a decade ago, many healthcare organizations were eager to add the latest robotic surgery systems, linear accelerators, and other sophisticated equipment to keep pace with the competition—and keep physicians happy. But as margins have shrunk and access to capital has become more restricted, man...

RWJBARNABAS HEALTH TRANSFORMS ITS EQUIPMENT REPLACEMENT AND SERVICE STRATEGY

For years, leaders at RWJBarnabas Health, West Orange, N.J., relied on full-service contracts from equipment manufacturers to maintain their linear accelerators, robotic surgery systems, magnetic resonance imaging (MRI) scanners, and other critical equipment. However, such service came at a high pric...

AUGUSTA UNIVERSITY HEALTH SYSTEM LEVERAGES DECISION SUPPORT FOR COSTING AND PLANNING

Millions discovered in equipment and labor costs that are now accurately attributed to specific surgeries. By integrating case cost data with financial data in its decision support system, Augusta University Health System can now gain a clear picture of the true cost of a single patient case. This b...

PIONEERING A ROLLING FORECAST

Many healthcare organizations are finding that their budgeting process is requiring them to redirect an excessive amount of staffing away from the health system’s mission to redesign care processes to meet value-based goals....

WHY THE BEST HEALTH SYSTEMS ABANDONED TRADITIONAL BUDGETING

Traditional budgets rely on meticulous line item details to plan business expenses and anticipated revenue during the coming 12-month period. Advantages of a rolling budget from 4 organizational leaders who have successful implemented the process in their health organization....