By adopting universal technology platforms, performance measurement procedures, and payment bundling, among others, hospital systems can save millions on administrative costs. Multiple CEOs warn hospitals to prepare for financial pressures coming.
Predictive modeling in billing and collections and improving provider engagement are among many steps hospital systems can take to reduce administrative costs required to ensure financial success in the future.
“When healthcare organizations can achieve clinical and financial success, they are better able to influence and care for the communities they serve,” says Rhonda Medows, MD, CEO, Ayin Health Solutions, and president, population health management, Providence St. Joseph Health, Portland, Oregon.