- Evolve — Transition to new reimbursement models, while cutting costs and exploring alternative revenue streams.
- Integrate — Create new structures that support clinical integration, which is “essential to lowering the total cost of care and achieving success in the post-reform environment,” according to the report.
- Lead — Develop leadership talent with the competencies required for new payment and delivery models.
Most interesting of these, to me, is the proactive move toward alternative revenue streams. David Bernd, CEO of Sentara, is quoted in the report explaining his system’s strategic planning now involves three parts: “The first core is our healthcare provider business. The second core is the health plan, and the third core is new businesses — entrepreneurial investments — where we can generate revenue without relying solely on revenue from third-party reimbursement.”
If your organization has yet to explore alternative revenue streams — such as consulting and management services, licensing technology, monetizing research, medical tourism and more — as a significant source of future revenue, the time to start thinking about it is now. Right now.
