In a recent poll given by HFMA, 91% of organizations use an annual budget, yet 74% of hospitals and healthcare systems state their budget is out of date within the first quarter of the fiscal year, but spend up to 6 months creating, finalizing, and approving their budget.
Establishing a Successful Cost Reduction Program
In an era of mounting fiscal uncertainty marked by flat, or even downward trending net revenue, the need for cost reduction has never been greater. In fact, according to a recent Strata Decision Technology survey of 100 healthcare providers, 88% of organizations have cost reduction targets but only 17% are achieving their goals. At the core of these failed efforts is a lack of understanding about “the how” of achieving real, measurable cost savings. This session will provide attendees with a step by step guide to creating and managing an effective cost improvement program-as well as ensuring that savings stick for the long-term. From organizational structure to role definitions to target setting, this webinar will share strategies for success, as well as the key mistakes that so many healthcare organizations are making. This session will prepare attendees to drive action within their organization and to drive out costs.