Consultants for Good (C4G)’s Post

Here is the April edition of the CCME Foundation newsletter, Legacy. #healthcare #healthcarequality #grantmaking #makinganimpact

Dave Pearson talks about the struggles of the healthcare industry particularly as it relates to finances. The pandemic completely shook our industry and we are still recovering, but we are definitely seeing the light at the end of the tunnel. We are looking to see stabilization in the healthcare industry which means that companies have to be strategic about their budgeting and planning moving forward. #Finances #HealthcareIndustry

Interesting insights on where cost containment focus currently sits in healthcare. Health systems are increasingly focused on cost management and operational issues, according to a survey conducted by the Healthcare Financial Management Association (HFMA). While that in and of itself is not surprising, the growing gaps in operational alignment are more telling. Nearly 60% of surveyed CFOs listed this as a top priority for 2024, compared to 32% three years ago. Revenue cycle management emerged as the most significant concern within the broader category of "cost management & operations," followed by operations expenses and cost management. Margin challenges for hospitals and vendor market opportunities were central themes in the 2024 survey, with labor costs identified as the primary cause of margin pressure. Pivot Point Consulting's Managed Service solutions are led by strategic partners who collaborate with health systems throughout our engagements on cost-effective solutions to dial-up or dial-down resources and refocus efforts based on business needs to help with: ·        Strategic and operational alignment ·        Drive for automation and self-service ·        Defined service level attainment ·        Demand forecasting ·        Governance and quality assurance https://lnkd.in/gr3vNTkp I #CostContainment #HospitalOperations #ClinicianBurnout HealthExecStore Pivot Point Consulting, a Vaco Company

Do these financial pain points resonate with your healthcare organization?

Healthcare cost caps weaken hospital finances: Fitch: Nonprofit hospitals in states with healthcare cost caps face a tougher road to financial strength, according to a May 30 report from Fitch. http://dlvr.it/T7cqv5

According to a new report from DataRails, healthcare CFOs have an average tenure of 3 years and make on average $2M in total pay. Learn more: https://hubs.la/Q01ZsS990 #healthcareCFO #healthcare #CFO #CFOcompensation

Although the worst effects of the Change Healthcare #cyberattack appear to be behind us, #nonprofit #healthcare systems are struggling with lingering financial effects, including a spike in accounts receivable, revenue pressure, and lower days' cash on hand. The financial effects likely would have been worse but for strong stock market performance that cushioned the negative effects on providers' cash balances, and emergency liquidity support from #CMS and Change's parent United Healthcare. #muniland #healthcarefinance #publicfinance #municipalbonds https://lnkd.in/erErRaVm

As a #nonprofit health system, our focus is clear – providing top-tier care while being accountable to the communities we serve. The rise of private equity in health care is concerning: Nearly 400 US hospitals are now owned by private equity firms, raising valid worries about patient care and costs. At The University of Vermont Health Network and across the nation, financial and operational challenges persist – especially in rural areas like ours. Private equity isn't the answer. The path to long-term sustainability lies in transforming health care to prioritize and reward quality care outcomes and wellness. Together, we can pave the way for a healthier future. #QualityCare #CommunityFirst #HealthcareTransformation #ruralhealthcare

Great to see that these large HealthSystems have turned positive after COVID There are another 4,000 hospitals that are not as lucky to have leverage to have Higher Managed Care Rates and Ability to negotiate with Vendors for lower supply costs. Many of the other hospitals are Independent Community Hospitals classified as Non-Profit. Literally there are no profits due to lower volumes post COVD, higher labor costs and higher operating expenses If you want to identify a 3 to 5% Margin Improvement call Chad Wable or I at Aspire Results for our 100 Day Margin Improvement Plan Many of our solutions are contingent which means “No Costs “ to you. With 2023 Results in the RED we can assist with 2024 Operating Budget Solutions Have a great weekend

This new book by Patricia A. Gabow, MD, MACP, delves into the history, regulations, and implications of Catholic healthcare in the United States. It prompts readers to consider transparent disclosure in healthcare institutions, non-profit healthcare organizations, and the boundaries between beliefs and healthcare in a diverse society. Learn more: https://hubs.la/Q0298Z2k0