There’s a big shift currently taking place in healthcare, where providers are moving away from the traditional “fee-for-service” payment model to the value-based care system.
While this is certainly having a big impact throughout many different areas of the current hospital environment, the CFO has been uniquely positioned to play an expanding role in the overall success of switching to value-based care.
Traditionally, the primary role of a hospital CFO was to manage the financial well-being of the organization; however, today that role has shifted to include operations, strategy, and even IT systems.
In a healthcare environment where improving patient satisfaction, operational efficiency and lowering costs are becoming more and more critical, what does today’s hospital CFOs think will drive success?
Here are three strategic changes healthcare CFOs plan on making to prepare for value-based care.
The competitive landscape has changed and because of this hospitals are becoming more patient-centric, focusing on the communities they serve.
This means looking at your workflows and processes and analyzing their effectiveness based on how your patients want to receive care.
To deliver a consumer-based approach it’s critical that CFOs understand and utilize the right kinds of analytics that are needed to properly track and measure performance to evaluate whether or not their strategies and/or systems are successful or not.
Lean healthcare is not necessarily a new strategy; however, technology has evolved to the point today where going lean is more effective and easier to do than ever before.
Value-based care will require CFOs to make the right investments into both human and capital (technology systems, analytics tools, and equipment) resources in order to improve clinical outcomes and inefficient processes.
Having a lean healthcare strategy in place will empower CFOs to rid their operations of wasteful processes, which will allow healthcare providers to better utilize equipment and resources and drive down expenses.
All of these changes will require the right partnerships to help you effectively manage both the operational changes as well as the financial impacts associated with value-based care.
It’s all about properly balancing risk and opportunity, for example, budgeting out resources for the necessary systems you need including EHR (electronic health records), hospital wireless network infrastructure and various other health IT systems.
Healthcare is evolving, and CFOs today have the necessary technology solutions available to successfully eliminate operational inefficiencies and redundant systems while ensuring the quality of care continues to be front and center.
Ultimately you need to be able to put the right people and the right tools, in the right place, at the right time.
If you have any questions about moving what technology systems you need to go lean and successfully move to a value-based care system, please contact us here to schedule a consultation today.