Importance of Financial Stability in Healthcare
Financial stability is crucial for healthcare organizations to continue serving their communities and weather any challenges. Organizations such as Providence, Metro Health, and Permanente Medical Group prioritize financial sustainability. At Providence, decisions are made with a longer view, while Metro Health uses a balanced scorecard approach. Permanente Medical Group prioritizes healthcare access to maintain financial sustainability. Matt emphasized the importance of prioritizing quality of care, access, recruitment, and people from the pediatric perspective.
Key Strategies for Achieving Financial Stability
Erik and Dr. Isaacs suggest that organizations focus on workforce, service cannibalization, and payer negotiations to remain viable. Covid-19 has also highlighted opportunities for digital transformation and eliminating redundancies in healthcare. Dr. Steve emphasizes capitalizing on momentum to achieve financial stability, digital transformation, and diversification of the book of business through strategic partnerships. Patient stories and families are essential when advocating for children’s hospitals in pediatric healthcare because children do not vote.
Impact of Technology in Healthcare
Technology has the potential to improve efficiencies in healthcare by enabling physicians to provide better care without additional redundancy. Patients can access digital self-help and receive assistance from the right physician at the right time. Consumerism is changing healthcare, and it’s crucial to provide technology integration to empower healthcare providers.
Note: This is an AI generated transcript, not edited by a staff writer and is solely intended for educational purposes. If you have any questions/concerns, reach out to events@beckershealthcare.com
This panel was live on 04/05/2023 at the event listed here.
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