HealthLeaders In a 2022 report examining rising healthcare costs, ValuePenguin by LendingTree found that healthcare spending rose from $2.69 trillion in 2016 to $3.07 trillion in 2019. Stemming from higher premiums, copays, deductibles, and overall costs, much of this financial burden is falling to patients. A review from HealthLeaders identifies a variety of reasons for this increased cost/spending, from an …
Hospital Staff Retention Efforts Include Child Care Centers
Benefits Pro Staff shortages remain an ongoing problem for hospitals across the healthcare industry, but some facilities are increasing retention by including child care as a component of employee benefits, particularly through hospital owned and operated child care centers. While accessibility and capacity create additional challenges, the increasing availability of these programs will likely help mitigate the rising trend of …
Hospitals Tackle Supply Chain and Staffing Shortages
U.S. News Hospitals and other healthcare facilities are facing ongoing financial and operational pressures stemming from a variety of factors. In the wake of this instability, U.S. News recently reported the myriad ways hospitals are addressing these issues. Noting technological solutions, policy changes, focus on staff wellbeing, and other strategies, the article acknowledges the complexity of the problems and the …
How Healthcare is Affected by the Inflation Reduction Act
Healthcare Finance Passed in August of 2022, the Inflation Reduction Act stands to impact several key areas of the healthcare industry. Outlined in a report from Healthcare Finance, these benefits include an extension of the Affordable Care Act, caps on medication out-of-pocket drug expenses for Medicare beneficiaries, and the ability for Medicare to negotiate drug prices. While some of these …
Healthcare Enterprise Integration Requires Leadership
Becker’s Healthcare Review In the continually modernizing healthcare environment, integrating technological solutions and platforms is both a necessity and an ongoing challenge. In a recent article looking at the systems commonly used and factors that lead to failed integration, Becker’s Hospital Review has noted key strategies that operations leaders can (and should) use to move their organizations toward transformative enterprise-wide …
California Insurance Access Impeded by Human Error and Computer Glitches
Healthcare IT News As many Californians seek health insurance through the state’s expansion of the Affordable Care Act, small errors continue to cause major setbacks for people in need. Small fluctuations in income can affect eligibility, but entry errors and computer glitches can cause major issues for individuals and families that should be eligible for coverage. Healthcare IT News reports …
AHA Reports that Hospital Acuity Contributes to Rising Costs
Healthcare Finance Consistent increases in hospital acuity over the past several years, in conjunction with inflation and staffing shortages, is a major contributing factor to rising costs of labor, drugs, and supplies, according to the AHA. Noting that both COVID and non-COVID hospital stays have increased in length by an average of 10%, including marked increases in stay length for …
Hospital CFO Roles Continue to Evolve
HealthLeaders As the healthcare industry goes through frequent changes and constant adjustment, the roles of hospital CFOs have have evolved beyond “bean counter” roles focused solely on finance into talent acquisition, sustainability efforts, and other roles. In a survey conducted by the Deloitte Center for Health Solution, hospital CFOs described the challenges of these evolving roles and how they’re overcoming …
COVID-19 Supply Chain Vulnerabilities Persist
Fierce Healthcare Leaders across the healthcare supply chain largely agree that the COVID-19 pandemic exposed massive vulnerabilities across numerous points of the supply chain. Despite this widely accepted knowledge, a survey from late 2021 found that many organizations (62% of respondents) say they aren’t doing enough to address and expose these vulnerabilities. While many healthcare organizations have taken some steps …
Hospital Revenue Cycles Impacted by Out-of-Pocket Payments
Healthcare Finance Numerous factors, ranging from labor shortages and rising wage demands to increasingly complex insurance and more expensive equipment, are causing difficulty for bottom lines across the healthcare industry. An emerging trend is adding yet another layer of challenges for hospital revenue cycles: out-of-pocket payments from patients. Balances of over $7,500 have tripled since 2018, fewer patients are paying …
