Strategic Planning
In eastern Massachusetts, Steward Health Care is closing the 196-bed Quincy Medical Center, amid continuing financial losses, competition from rivals and a decentralization of traditional hospital care.
The Healthier Hospitals Initiative (HHI) is a national campaign to drive environmental health and sustainability across the healthcare industry. But the Initiative is not only focused on saving resources, but demonstrating how sustainability can positively impact hospital finances.
When Medicare started tracking patient satisfaction in late 2012, and shaving payments to hospitals that fell short, patient experience was put high on hospitals’ agendas. And, as patients’ out-of-pocket costs have risen, they have become savvier, more demanding consumers.
The Franklin Memorial Hospital in Farmington, Maine, opened a new chapter in its almost 100-year history last month, when it became part of MaineHealth, the state's largest health system. Revenue declines forced the hospital to seek a strategic partner, the organization's CFO acknowledged.
A number of hospitals are getting into the surgery center business as inpatient surgery cases continue to decline. For hospital CFOs contemplating a surgery center acquisition, there are a number of considerations to take into account.
Two health systems set to merge want to "reimagine" healthcare and bring it to the masses, and in a fairly crowded metropolitan area they need economies of scale.
Insurance industry margins are only about 5 to 6 percent and it is a notoriously difficult business to run. Still, providers are increasingly moving into the insurance industry, and for some, it has been a good addition to their business model.
Characterizing patients as non-compliant has long been an excuse for physicians not fully engaging people, but that needs to change. Patient engagement activities are increasingly important, as practices get more involved in value-based care models such as accountable care organizations.
Following an "industrial model of care," New York's Westmed Medical Group analyzes data from more than 2,200 processes and procedures to drive accountability and results. This has led to 15-fold growth and $285 million in annual revenue.
The Lean process improvement philosophy can bring significant cultural change to a healthcare organization, if there is strong support from the C-suite. But what happens when a Lean-supporting CEO departs? Here is a cautionary tale.