Survey: Hospitals overspending on corporate services could reduce costs without impacting quality
Important learnings from a November 2019 HFMA-conducted survey about corporate services spending patterns and how organizations could be more efficient and effective with their spend.
Why a more modern cost accounting approach in healthcare is needed post-COVID-19
A recent survey by HFMA and Strata Decision Technology found that, although 85% of health systems and 57% of hospitals and medical centers havecost accounting systems, most are not fully adept in using cost data to reduce total cost of care.
Hospitals need engaged physicians to manage supply preferences
Gainsharing and co-management are two strategies hospitals and health systems can employ to effectively engage physicians in organizational efforts to manage costs of physician preference items.
Federal government sending $64 billion this week to providers for coronavirus costs
Hospitals should receive $64 billion in federal grants and loans by the end of this week to help with coronavirus treatment and preparation costs.
Key challenges hospitals must address to improve supply chain team effectiveness
To improve cost performance around physician preference items, hospitals must address challenges posed by the sheer volume of supplies and cost transparency, among others.
New report: Patients and insurance companies in the United States pay higher prices for almost everything healthcare-related
Healthcare providers are likely to experience increased scrutiny and pressure to lower healthcare costs in 2020. To help its members successfully navigate this new environment, HFMA is hosting its first Financial Sustainability Summit April 16-17 in Denver (hfma.org/events).
Hospitals have an opportunity to cull big savings from purchased services
The very real possibility of being able to reduce purchased services spend by 10% to 15% offers hospitals and health systems a compelling reason to pursue such an effort.
2020 Healthcare Corporate Services Report
A survey of provider executives about corporate services spending, expense reduction, and technology optimization trends.
Main Line Health improves its bottom line by creating a collaborative culture
A health system's multifaceted performance improvement initiative, which yielded more than $120 million in savings, is exemplified by its approach to improving care processes in its ICUs.
Targeting deteriorating margins to preserve mission delivery
A tips-focused article about maintaining tight margin control to ensure an organization can successfully deliver on its mission statement. Includes lessons learned from a recent HFMA Strategic CFO Council meeting.