This research report was compiled by Jim Cagliostro. The COVID-19 pandemic exposed the danger of health systems continuing to function on narrow or negative operating margins. It has confirmed to healthcare leaders that, when hospital finances are under severe and constant pressure, there is minimal room for error and zero room to respond effectively to
This research report was compiled by Jim Cagliostro. The COVID-19 pandemic has devastated countries around the world. From the overwhelming loss of life to record unemployment levels, the emotional and economic impact of this virus on the nation is unprecedented. But, it does not have to be the end of the story. Initially, concerns arose
This research report was compiled by Lisa Miller. Technology moves at incredible speed, is costly, needs a highly qualified IT staff, and requires a workforce that embraces change. However, meaningful data analytics can deliver unparalleled cost savings, improve patient outcomes and transform your hospital. Our focus is on delivering those sustainable healthcare IT cost savings
This research report was compiled by Lisa Miller. EXECUTIVE SUMMARY In 2014, the US healthcare sector was described as an industry “in need of analytics,” yet despite that need, progress towards embracing spend data analytics as normative has been slow and the sector lags behind other industries. Now, the utilization of data analytics is no
This research report was compiled by Lisa Miller. EXECUTIVE SUMMARY “Our goal is to empower hospitals to create the optimum patient experience, develop strong community partnerships, and build a unique bond between provider and patient.” Current US healthcare spending statistics are alarming. The Center for Medicare and Medicaid lists US healthcare spending at $3.5 trillion,
This research report was written by Lisa Miller. Cost reduction in the OR: Even small adjustments in performance can have significant economic impact in the operating room. High cost implants and supplies are a constant challenge for hospitals to manage for competitive pricing and for inventory controls. There are 4 lesser known strategies that your
This research report was compiled by Lisa Miller. EXECUTIVE SUMMARY Spending on US healthcare reached a record high of $3.8 trillion in 2018. US healthcare costs are the highest in the world and nearly double that of most developed countries. This trend cannot be sustained. Cost control and margin improvement are the urgent strategic priorities
This research report was compiled by Lisa Miller. EXECUTIVE SUMMARY Purchased services spend represents 45% to 50% of a hospital’s overall non-labor costs. For that reason alone, making a deliberate and focused effort on your hospital’s purchased services spend to identify cost savings opportunities is one of the best areas for hospitals and health systems
This research report was compiled by Lisa Miller. EXECUTIVE SUMMARY The relentless rise of non-labor hospital costs is expected to continue. For many healthcare executives, cost control has overtaken revenue growth as their strategic priority with a growing focus on issues related to healthcare profit margin management and improvement.¹ Drawing on our expertise in margin
This research report was compiled by Lisa Miller. EXECUTIVE SUMMARY Robust leadership in the healthcare sector has never been so critical. Delivering quality care and patient satisfaction while ensuring financial sustainability are just some of the issues facing today’s healthcare leaders. In this 2019 Healthcare Leadership Report from VIE Healthcare® Consulting, we explore six areas
This research report was compiled by Lisa Miller. EXECUTIVE SUMMARY Historically, revenues in the healthcare sector have generally risen faster than expenses, allowing room for flexibility and margin improvement within hospital budgets. That trend is changing. More recently, the growth of expenses has begun to outpace that of revenues and predictions suggest a period of
This research report was compiled by Lisa Miller. EXECUTIVE SUMMARY “As a general principle…about one third (of hospitals) have margins that are above zero, probably about one-third of hospitals are pretty close to zero…. and about one-third are running in the red.” – GARY J. YOUNG, DIRECTOR OF THE CENTER FOR HEALTH POLICY AND HEALTHCARE
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