In September 2022, the health system agreed to cut its costs $176.3 million over 18 months. So far, the health system has saved $45.3 million, officials with the Health Policy Commission said July 12, according to the report. The health system, which is ahead of most of its targets, says it believes it will meet its 18-month goal.
Mass General Brigham has tracked ahead of its goals in all areas except in MRI imaging and CT scan use and expanding healthcare delivery in patient homes. The system’s plans expect to see the biggest savings — $86.4 million — from lowering outpatient rates at its hospitals.
In the first six months of the performance improvement plan, savings from lowering outpatient rates have been slightly ahead of pace at $16 million.
The hospital’s agreement to pull back costs was the first of its kind with the Health Policy Commission.
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
