At the Becker's Healthcare 13th Annual Meeting in Chicago, C-suite executives continue to mention financial strains that hospitals are experiencing.
During a panel at the event April 3, leaders and executives of top health systems talked about where healthcare is headed. The panel included:
- Wasif Rasheed, executive vice president and chief revenue and growth officer, Providence
- Shireen Ahmad, system director of finance, GPO and affiliate business, CommonSpirit Health
Mr. Rasheed and Ms. Ahmad, two leaders in the healthcare industry, recently discussed how current fiscal pressures have influenced or altered their systems' approaches to capital spending and technology investment. In this article, we dive deeper into their insights and recommendations for healthcare organizations.
Transitioning to a top-down strategy
Ms. Adhmad notes CommonSpirit previously operated with looser controls regarding the prioritization of assets, but it's now transitioning to a top-down strategy.
To ensure success, Mr. Rasheed recommends focusing on what problem you're trying to solve, having a high degree of pride of ownership and finding an internal sponsor.
Investments in technology to address labor challenges
Healthcare organizations have been investing in technology to help with persistent labor challenges. CommonSpirit has invested in a captive offshore team for non-clinical work, as well as virtual care within the acute care setting, to help load balance across multiple facilities.
Dignity Health has also invested in AI and machine learning to automate reporting processes and upskill teams. It's also invested in telehealth to help address shortages of clinicians in rural areas.
Broad-based telehealth program and RFID technology investment
CommonSpirit has invested in a broad-based telehealth program to reach patients abroad. It has also been investing in RFID technology to help with labor issues and is focused on wireless technologies for staff. When thinking about ROI and capital expenditure, it looks at how useful the technology is and makes sure that there is consensus among physicians.
It is also focusing on hard dollar savings or near term benefits. It's looking to either fail fast or scale fast with implementations.
Integration of core technologies and long-term investment planning
In the last two years, the systems have looked at core technology investments to help give time back to caregivers and improve non-clinical overhead. CommonSpirit partnered with Microsoft to move its infrastructure to the cloud and with other health systems to create a data platform company called Veta. It has also focused on building for-profit health and services companies and investing in integrated long-term investment planning versus short-term transactional ones.
The key takeaway is to focus on making positive changes that have been necessitated by the pandemic, such as virtual care. Mr. Rasheed's key takeaway is to think critically and strategically when it comes to capital investments and to make sure that any technology invested in is integrated with other systems.
Healthcare organizations must consider how they invest in technology to address labor challenges, integrate core technologies and plan for long-term investments. By focusing on what problems they are trying to solve, having a high degree of ownership and finding internal sponsors, organizations can adapt to fiscal pressures and ensure success.