Strata’s New Financial Forecast Guidance Report Provides Insight into Cost Inflation for Labor, Drugs and Supplies
June 28, 2022
Data from over 300 hospitals reveals contract labor as a percentage of total labor expense is approaching 6%
Moral Injury and Burnout in Healthcare are Becoming Everyone’s Problem
April 4, 2023
By Steve Lefar
Careers in healthcare were once sought after as prestigious, noble and well-paid, but I have witnessed how they have lost their appeal for many in recent years. This emerging workforce crisis is the result of factors like long hours, non-competitive pay, overall burnout and—while traditionally studied in the context of military personnel but now more commonly applied to those practicing medicine—moral injury.
The Current State Of The Healthcare System
How Service Line Alignment Can Improve Cost Savings for Health Systems
August 25, 2022
by Damian Chipriano, Director of Financial Services at Carilion Clinic
Improved Quality of Health Care Does Equate to Lower Costs
November 4, 2016
STANDARD CARE PROTOCOLS WERE OBSERVED TO BE EFFECTIVE IN IMPROVING CARE QUALITY AND REDUCING COST IN A STUDY COMPARING QUALITY AND COST OUTCOMES WITH AND WITHOUT THE USE OF SUCH PROTOCOLS.
Over the past decade, hospitals have been implementing process and quality improvement programs using strategies proven in other industries to solve their complex challenges. A primary focus of these efforts has been to identify standard care protocols that can contribute not only to improved outcomes but also to reduced costs.
Finding the Root Cause of Cost Variation in Care Practices
October 12, 2015
CentraCare’s goal to reduce costs while maintaining quality became a continuous effort, not a one-time initiative.
By uncovering variation in physician care, CentraCare Health has been able to identify millions of dollars in cost savings opportunities and become better equipped to achieve its ultimate goal: continuous cost improvement.
How Merging Financial and Clinical Data Saved Yale New Haven Health $150 Million
October 1, 2019
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 to shift into a value-based model and operating margins continue to shrink, understanding the true cost of care has become mission critical for the organization.
THE PROBLEM
Intermountain’s Financial Planning Tool Helps Switch from Annual Budgets to Rolling Forecasts
March 14, 2022
Intermountain Healthcare has a reputation for being an innovative health system, with caregivers and IT leadership always looking for ways to grow its footprint and expand options for patients to receive care in their preferred setting, whether virtual or in-person. This mission applies to Intermountain’s hospitals, medical groups, clinics and its health plan, SelectHealth.
Controlling Labor Costs Can Provide Hospitals Financial Stability During Pandemic - 4 - Retheme
June 2, 2020
In the history of America’s healthcare system, there has perhaps been no bigger disruptor to hospital finances than COVID-19, which has strained resources and shut down service lines. Telehealth reimbursement waivers have provided a fiscal lifeline for struggling organizations, but for some, more is needed. That’s where examining and re-thinking labor costs come into play.
Addressing the labor shortage crisis by improving the employee experience
January 27, 2023
By Joseph Grimaldi
There’s no single solution, but physicians, nurses, and managers all have roles in recruiting and retaining employees.
How Mass General Brigham is Fighting Inflation and Labor Shortages
October 21, 2022
By Amanda Schiavo
Hospitals and health systems are under mounting pressure to reduce costs, enhance the labor force, and improve the quality of healthcare services for patients. But rising inflation and worker shortages are making these tasks more challenging.