At Becker's 13th annual meeting, moderator Brian Zimmerman introduced two panelists:
- Anisha Suit - Chief Financial and Strategy Officer for First Choice Health, which provides medical management services and an EAP.
- Anne Duffy - Chief Financial Officer of Cottage Hospital in New Hampshire.
Investing for Success
Anne Duffy believes that investing in staff retention is one of the most important investments organizations can make. Anisha Suit shared her experience as a CFO and strategy officer and discussed the risks associated with private equity partnerships in healthcare. Both panelists agreed that automation and AI are essential investments for the future.
Innovative Strategies for Limited Resources
Healthcare organizations must find innovative ways of working with limited resources and retaining staff. Automation, AI, and investing in the workforce are areas that can help organizations achieve more with less. Additionally, organizations can leverage existing ACO capabilities and get an insurance license to establish relationships between those who pay for services and those who provide services. Leaders of organizations with limited resources should focus on what they do well and invest in service lines that help stabilize non-profit centers. The cadence of assessments has increased since the pandemic, and organizations should be looking at KPIs and monitoring them frequently.
Transitioning to New EHR Systems
The panelists also discussed strategies for transitioning to new EHR systems and supporting staff through the transition. They suggested bringing in additional resources to support revenue cycle, providing additional staffing in clinical areas, and focusing on financials during the transition. Additionally, they discussed strategies for entering new markets and engaging self-pay markets.
Maximizing Value
Closing thoughts emphasized the value of healthcare provider brands and markets. To maximize value, healthcare organizations must focus on operational efficiencies, reduce waste, and leverage data. Whether it's knowing who you are, what you do well, or what you need to do, key investment strategies can improve the quality of patient care, staff satisfaction, and revenue.
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 04/03/2023 at the event listed here.
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