November 2022 Issue of Becker's Hospital Review

November 2022 Issue of Becker's Hospital Review

 

ON THE COVER

14 health systems with strong finances
Here are 14 health systems with strong operational metrics and solid financial positions, according to reports from Fitch Ratings, Moody's Investors Service and S&P Global Ratings.

Health systems shrink executive teams as costs rise
Hospitals and health systems are facing financial challenges with many reporting rising expenses and significant investment losses this year.

What does 'quiet quitting' look like at hospitals?
The trend of "quiet quitting" has recently gained traction on social media, referring to a phenomenon in which workers to reduce their enthusiasm at work and stick to the minimum expectations of their role. Some professionals, including Generation Z workers, have embraced the concept as an increased form of work-life balance, and others see it as a lesser-version of actually quitting. Regardless of how an individual interprets the idea, the concept is not new among the U.S. workforce or in healthcare, according to Jeremy Sadlier, executive director of the American Society for Healthcare Human Resources Administration.

Houston Methodist, NewYork-Presbyterian, Penn Medicine CEOs on being excellent
In the aftermath of the pandemic, hospital and health systems CEOs must navigate more challenges than ever as they steer their organization with a focus on long-term vision and day-to-day operations. That's why it's crucial to have the best leaders possible at the helm.

'A total disruptor to how we do business': Cleveland Clinic's new patient experience metric
Since their initial rollout in 2019, plan of care visits — which bring nurses and providers to the patient's bedside together — have become characteristic of the way care is delivered and managed across Cleveland Clinic. They've become so beneficial that the system has done away with chasing other experience scores, such as patients' likelihood to recommend.

2022 the most financially difficult year for hospitals, health systems since start of pandemic
A new analysis from management consulting firm Kaufman, Hall & Associates indicates hospitals and health systems continue to face intense pressure on staff and resources while also dealing with rising expenses for supplies, drugs and equipment, and the workforce, according to a Sept. 15 special bulletin from the American Hospital Association.

BHSH System cuts 400 positions amid financial pressures
BHSH System has cut about 400 management and nonpatient/health plan member-facing roles from its 64,000-member workforce.

How Hoag has fared since splitting from Providence
Hoag, a three-hospital system based in Orange County, Calif., ended its affiliation with Renton, Wash.-based Providence in January after nearly a decade together. More than six months after parting ways with the 52-hospital system, Hoag is successfully navigating the challenges that have taken a financial toll on many health systems.

More hospital CEOs exit as labor challenges persist
More than six dozen hospital CEOs have left their roles this year, according to a Sept. 21 Challenger, Gray & Christmas report.

75 academic medical center CFOs to know | 2022
By combining patient care, education, and research and innovation, academic medical centers play a valuable role in the healthcare system today.

Banner Health's big bet on population health
Phoenix-based Banner Health is making a big bet on population health as it aims to use data to improve patient outcomes and cut costs.

15 cities ranked by wait times for a new patient appointment
Portland, Ore., residents can expect to wait 40 days, on average, to be seen as a new patient in physician offices. New Yorkers can plan to wait nearly half as long.

Not just an EHR liaison: What has changed most about the CMIO role
From strictly implementing EHRs to now overseeing a variety of digital health initiatives and having growing leadership and strategic positions within health systems, the job of chief medical information officer has evolved quite a bit over time.

Bob Riney, President and CEO, Henry Ford Health
From strictly implementing EHRs to now overseeing a variety of digital health initiatives and having growing leadership and strategic positions within health systems, the job of chief medical information officer has evolved quite a bit over time.

B.J. Moore, CIO, Providence
Healthcare CIOs need to have a finger on the pulse of change and innovation to stay competitive and deliver the best care, B.J. Moore, chief information officer of Renton, Wash.-based Providence, recently told Becker's.

Al Smith, CIO, LifePoint
Overseeing health IT for 62 community hospitals and 33 specialty hospitals across 29 states is definitely not "one-size-fits-all," says Al Smith, senior vice president and CIO of Brentwood, Tenn.-based LifePoint Health.

Bobbie Byrne, CIO, Advocate Aurora
Advocate Aurora Health's CIO Bobbie Byrne's, MD, top priority is putting her clinicians first, as well as working to move her organization's business intelligence work and analytics to the cloud.

Catherine Jacobson, President and CEO, Froedtert Health
Catherine Jacobson, president and CEO of Milwaukee-based Froedtert Health, considers an executive's advice when celebrating a victory or mourning a mistake: Only allow 24 hours for either.

Joyce Sackey, MD, Chief Diversity and Inclusion Officer, Stanford Medicine
Health equity has been on the forefront of Joyce Sackey's, MD, mind since a very young age. Growing up in Ghana, she observed an uneven distribution of and access to healthcare, which stimulated both her drive to help others and an interest in medicine.

CFO / FINANCE

10 health systems laying off workers
Several hospitals and health systems are trimming their workforces due to financial and operational challenges.

2022 the most financially difficult year for hospitals, health systems since start of pandemic
A new analysis from management consulting firm Kaufman, Hall & Associates indicates hospitals and health systems continue to face intense pressure on staff and resources while also dealing with rising expenses for supplies, drugs and equipment, and the workforce, according to a Sept. 15 special bulletin from the American Hospital Association.

Cleveland Clinic reports $1B loss in first half of this year
Cleveland Clinic's revenue was down year over year in the second quarter of this year, and the health system ended the period with a loss, according to financial documents released Aug. 29.

Ascension reports $1.8B annual loss
St. Louis-based Ascension reported higher expenses in the 12 months ended June 30 and closed out the year with a loss, according to recently released financial documents.

Kaiser plans $1.7B expansion
Oakland, Calif.-based Kaiser Permanente is expanding two hospitals and building two new medical offices, according to The Press-Enterprise.

CEO/STRATEGY

Health systems shrink executive teams as costs rise
Hospitals and health systems are facing financial challenges with many reporting rising expenses and significant investment losses this year.

More hospital CEOs exit as labor challenges persist
More than six dozen hospital CEOs have left their roles this year, according to a Sept. 21 Challenger, Gray & Christmas report.

What does 'quiet quitting' look like at hospitals?
The trend of "quiet quitting" has recently gained traction on social media, referring to a phenomenon in which workers to reduce their enthusiasm at work and stick to the minimum expectations of their role. Some professionals, including Generation Z workers, have embraced the concept as an increased form of work-life balance, and others see it as a lesser-version of actually quitting. Regardless of how an individual interprets the idea, the concept is not new among the U.S. workforce or in healthcare, according to Jeremy Sadlier, executive director of the American Society for Healthcare Human Resources Administration.

Billings Clinic CEO resigns
Scott Ellner, DO, resigned as CEO of Billings (Mont.) Clinic, according to an Aug. 26 news release shared with Becker's.

The 34 hospitals most similar to America's top 10
A new data visualizer shows the 10 most similar hospitals to any one benchmark hospital, challenging traditional, ordinal rank lists like those from U.S. News & World Report.

LIST

75 academic medical center CFOs to know | 2022
By combining patient care, education, and research and innovation, academic medical centers play a valuable role in the healthcare system today.

INNOVATION

Banner Health's big bet on population health
Phoenix-based Banner Health is making a big bet on population health as it aims to use data to improve patient outcomes and cut costs.

OSF Healthcare: Innovation hubs starting to take off
The OSF Innovation hubs feature scientists, engineers, designers, project managers and process improvement experts working to improve care and reduce costs from the Jump Education & Simulation Center in Peoria. The hubs are designed to give employees spaces to discuss ideas that could lead to systemwide innovations, according to a Sept. 14 news release from the health system.

22 health systems with investment arms
Health systems across the U.S. are increasingly embracing venture capital as a way to test new technologies, a shift away from the traditional reliance on developing in-house intellectual property.

UPMC, General Catalyst, Samsung, CVS Health join $65M funding round for healthcare company
Redesign Health, which launches other healthcare companies, raised $65 million in a series C funding round led by General Catalyst, Fast Company reported Sept. 13.

Where health systems will focus innovation spend next
Becker's recently invited hospital and health system chief innovation officers to share their proudest innovations. Now, to look ahead, we asked them where they see hospitals and health systems focusing their projects and investments in the future.

GE Healthcare to spin off in January
GE Healthcare is set to spin off as a standalone public company in the first week of January.

CMO/CARE DELIVERY

15 cities ranked by wait times for a new patient appointment
Portland, Ore., residents can expect to wait 40 days, on average, to be seen as a new patient in physician offices. New Yorkers can plan to wait nearly half as long.

Joint Commission to conduct review of requirements
The Joint Commission plans to review all of its accreditation requirements that go "above-and-beyond" CMS requirements.

PAs push for permanent expansion of practice authority
Many states temporarily waived or relaxed scope of practice rules for physician assistants during the pandemic to expand access to care. Now, PAs are pushing for those changes to become permanent, Medscape reported Sept. 9.

'Twindemic' risk greater this year, experts worry
The U.S. avoided a long-feared "twindemic" of flu and COVID-19 for the past two years, largely because of widespread masking and other behaviors that kept flu seasons mild. But the risk that both illnesses will increase this winter appears greater.

Only 68% of young physicians would choose medicine again
Nearly one-third of young physicians say they would not choose a career in medicine again, according to Medscape's 2022 Young Physician Compensation Report.

CIO/HEALTH IT

A war for talent: CIOs detail the challenges of retaining health IT professionals
With the global increase in demand for IT professionals, health system CIOs are competing with Big Tech and federal agencies for technology talent. But the healthcare sector sometimes struggles to keep tech talent on board as workers seek higher incomes and other perks that the industry can't always offer.

Not just an EHR liaison: What has changed most about the CMIO role
From strictly implementing EHRs to now overseeing a variety of digital health initiatives and having growing leadership and strategic positions within health systems, the job of chief medical information officer has evolved quite a bit over time.

10 chief digital officers on what layoffs mean for digital health industry
After a busy 2021, in which digital health companies raised many billions of dollars and some even went public, the market for startups offering tech-heavy services like virtual care and data analytics has slowed, leading many of the firms to cut jobs in 2022.

Texas hospital hit by ransomware attack
Richmond, Texas-based OakBend Medical Center is notifying patients that it was the target of a ransomware attack on Sept. 1.

Amazon, CVS are spending big in healthcare — health systems must respond
Nontraditional healthcare companies are digging deeper into healthcare delivery with acquisitions and partnerships. Health systems have to keep an eye on the disrupters and respond in the best way possible for patient care.

WOMEN'S LEADERSHIP

Corner Office: Froedtert Health CEO Catherine Jacobson on mourning mistakes, celebrating victories
Catherine Jacobson, president and CEO of Milwaukee-based Froedtert Health, considers an executive's advice when celebrating a victory or mourning a mistake: Only allow 24 hours for either.

Gender bias peaks midcareer, female execs say
In a survey of more than 100 female senior executives, half said they faced the most gender discrimination in their mid-30s to late 40s, Harvard Business Review reported Sept. 16.

15 women on the move in healthcare
The following executive moves made by women have been reported by or shared with Becker's since Aug. 19.

Companies with female CEOs use different words to describe women, study finds
Companies with female CEOs often speak about women differently, a recent study found.

Female executives bring better customer relationships, financial performance: study
Female executives are more likely to focus on customer relationships, thus bettering their company's financial performance according to a recent study published in the Journal of Marketing.

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