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by HFMA, 91% of organizations use an annual budget, yet 74% of hospitals and healthcare systems state their budget is out of date within the first quarter of the fiscal year, but spend up to 6 months creating, finalizing, and approving their budget.
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.
Like Yale New Haven, other health systems around the country serving large Medicare and Medicaid populations are looking for better ways to collaborate with clinicians on quality improvement and cost reduction. Finance leaders in particular recognize the critical importance of fully engaging clinical leaders to help their organizations prepare for changes resulting from healthcare reform and the move toward value-based payment models. Yale New Haven’s experience points to strategies finance leaders can use to successfully partner with clinical leaders around cost and quality.