How financial executives plan to ensure long-term revenue growth

As healthcare CFOs and other financial executives prepare their organizations for a new value-based system, they have plans to find new revenue streams and strengthen numbers quickly to help drive sustained, long-term revenue growth, according to a new report released by SCI Solutions.

The findings come from a survey of nearly 150 healthcare CFOs and other finance executives,conducted in December 2014 by SCI Solutions in partnership with Peer60, an independent research firm.

"What is encouraging about the findings is that while many CFOs continue to operate with a fee-for-service mindset, many others recognize the need for new revenue strategies and have plans in place to ensure the long-term revenue growth of their organizations," Joel French, CEO of SCI Solutions, said in a news release.

Here are four key findings from the report:

1. Ninety-two percent of respondents said health system revenue growth depends on better alignment and collaboration with local referring providers. 

2. When describing the most successful methods for generating future revenue growth, CFOs focused on introducing new service lines of business (61 percent), growing referrals from independent providers (57 percent) and reducing network leakage (51 percent).

3. To drive down costs, a majority of CFOs are focused on improving provider utilization patterns (59 percent) and centralizing and standardizing administrative processes (56 percent).

4. CFOs believe future competitive advantage correlates with being a premium quality provider in their market, with 43 percent indicating that this will be vital to future competitive advantage.

 

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