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 …
System Migration Leads to Payroll Errors
TechTarget Reporting on two similar incidents of trouble stemming from payroll system migration, TechTarget has provided a larger warning about what facilities and healthcare systems may face when implementing new technologies. Looking at the experiences of both Providence Health & Services and Sutter Health, each with numerous facilities and large workforces, the article notes payroll disruptions, employees not receiving paychecks, …
Medical Device Credits: Findings from a Federal Audit
RAC Monitor In reviewing a 2021 federal audit performed by the U.S. Department of Health and Human Services Office of Inspector General, RAC Monitor has identified five problem areas that contribute to noncompliance and other critical errors. Citing errors related to miscalculation of credit thresholds, not pursuing available credits, misreporting, and overlooking line-item adjustments, these findings identify major areas of …
Fitch Ratings Downgrades Nonprofit Hospital Outlook
Healthcare Finance Citing investment losses, eroding margins, and labor challenges, Fitch Ratings has downgraded the nonprofit hospital outlook to “deteriorating.” This outlook, related to ongoing issues from the COVID-19 pandemic, staff shortages, and other inflationary pressures, reflects a rough 2022 and the likelihood of difficulties for nonprofit healthcare systems in the future. Business models will need to undergo significant changes …
Comprehensive Healthcare ERP Unlocks Efficiency
Healthcare IT Today Slow technology adoption, as well as varying and disparate software options, have long plagued the healthcare industry. Disconnected systems and differences in infrastructure lead to data errors, accessibility issues, and roadblocks to communication among healthcare facilities – and even among departments in a single hospital. Modern ERP systems, however, integrate multiple aspects of healthcare facility management, from …
Data Integrity Lowers Supply Costs
Health Catalyst Hospital supply overspending continues to be an ongoing issue, accounting for billions in costs across the industry. A 2019 analysis by Hawaii Pacific Health identified key areas that data and technology-driven changes can lead to lasting improvements across the entire healthcare supply landscape. Noting that inaccurate data is a major factor in this overspending, HPH recommendations rely on …
Hospitals and Ambulatory Surgery Centers Compete for Outpatient Dollars
Healthcare Finance As ambulatory surgery centers gain traction in the United States, and with proposed revisions to CMS rules abut Inpatient Only procedures, competition for outpatient revenue is likely to increase in coming years. Estimated to grow by 25% in the next decade, ASCs are already performing more than half of all US outpatient procedures. Technological developments (and other changes …
