Findings from a Becker’s Healthcare Advisory Call
Healthcare organizations have seen a significant rise in operating expenses since the pandemic. But as costs balloon for supplies, labor, and vendor contracts, revenue is not growing at the same pace. That has health system leaders looking for ways to manage costs by improving efficiency.
Earlier this year, ECG sponsored a Becker’s Healthcare advisory call in which a group of healthcare executives shared their approaches for optimizing revenue, promoting growth and sustainability, and establishing a competitive edge in their markets. Becker’s produced a whitepaper based on their discussion, which you can download here.
Below are three themes from the advisory call.
Reframing Efficiency, Cost Effectiveness, and Quality
Healthcare leaders are pursuing cost-improvement initiatives that can drive efficiency—and ultimately improve the quality of patient care. Several executives on the advisory call talked about their organizations’ efforts to adjust workflows, reevaluate nonessential tasks, and optimize care pathways.
Using Comparative Data to Improve Costs and Clinical Variation
Taking a deep dive into data is helping hospital leaders identify opportunities for improvement, compare their facilities to peer organizations, and improve patient outcomes. There’s also a growing emphasis on using data to address clinical variation.
Navigating Workforce Challenges
Workforce shortages are affecting nearly every healthcare organization. One executive on the advisory call explained how their 16-hospital health system developed its own staffing pool instead of relying on expensive traveling nurses. Others have partnered with nursing schools to improve the pipeline of talent. Anesthesia, meanwhile, is a growing concern, with compensation rates soaring for anesthesiologists and nurse anesthetists.
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