Although about 89 percent of healthcare organizations have a cost-reduction plan, only 6 percent say it's extremely effective, a poll by Strata Decision Technology and the Healthcare Financial Management Association found.
The poll featured 185 healthcare finance, accounting and revenue cycle executives.
Five key findings:
1. Eighty-five percent of respondents said their cost-reduction program is executive-sponsored.
2. Eighty percent of respondents said service line, clinical and/or operational leaders have shared their accountability for cost targets.
3. Seventy-two percent said their culture of accountability on cost-reduction programs is acceptable, good or excellent.
4. About 8 percent of respondents had a margin improvement target above $100 million, while 86 percent had a target of less than $50 million.
5. Successful cost-reduction programs were found less likely to be successful from smaller hospitals and health systems.
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