On May 24th, Lawrence will serve on the panel “How Does A System Assess Mergers and Affiliation Strategies? Why Should a System Pursue Mergers? Why Not? What Works Well? What Doesn’t?” at Becker’s Hospital Review 11th Annual Meeting. As part of an ongoing series, Becker’s is talking to healthcare leaders who plan to speak at the conference, which will take place on May 24-26, 2021 in Chicago.
To learn more about the conference and Lawrence’s session, click here.
Question: What, from your perspective, is the biggest challenge about the future of work for hospitals, and what can they do about it? (i.e. automation, desire for more flexibility, clinician shortages, etc.)
Lawrence Epstein: Recognizing that they are not caregivers but assist the caregivers with a place to function and deliver care optimally. Clinical shortages and competition will be lessened with understanding the role of the hospital as a community partner.
Q: What, if anything, should hospitals be doing now given economists’ projections of a forthcoming economic downturn?
LE: Healthcare providers need to find alternative revenue streams to support their costly infrastructures; drive costs out of their systems; not rely on bed turnover and capacity but move care to less costly alternative settings; and partner with clinical providers in full risk partnerships that equally reward opportunity based on capital and human capital contributions.
Q: What’s one lesson you learned early in your career that has helped you lead in healthcare?
LE: Never say no but always look to where failure has occurred and replace it with winning/successes; be skeptical of fast revenue ideas…they usually don’t return the same in the long run.
Q: What do you see as the most exciting opportunity in healthcare right now?
LE: The development of artificial intelligence in the delivery of healthcare administrative and clinical operations to drive increased productivity and/or reduce errors for patient services.
At Becker's 4th Annual CEO + CFO Roundtable, taking place November 2–5 in Chicago, more than 1,500 hospital and health system executives tackle decisions that determine whether organizations thrive or merely survive: protecting margins under cost pressure, choosing where to grow, renegotiating payer relationships, stabilizing the workforce and proving real ROI on technology. This is where leaders work through them together, face-to-face. Apply for complimentary registration now.
