Effectively financial management is an ongoing challenge for healthcare organizations, according to Dan Unger, General Manager and Senior Vice President of Financial Transformation Business at Health Catalyst. In this episode of Owning the Future of Healthcare, a Health Catalyst podcast, Unger discusses the criticality of an agile financial approach, competing with new innovative healthcare providers, and avoiding common financial pitfalls with costly consequences. Despite the increasingly competitive healthcare landscape—worsened by the pandemic—Unger says healthcare organizations can leverage data and activity-based costing to foster sustainable growth and long-term financial health.
Tune in to Hear Unger Answer These Questions
- What falls under healthcare financial management and how has it changed since COVID-19? 2:40
- Why is it difficult for healthcare systems to optimize their financial management? 7:01
- What key takeaways can you share from your time working as a finance leader at health systems? 12:20
- How effective is activity-based costing? 15:54
- What are the differences between legacy cost models and activity-based costing? 19:01
- How can organizations overcome obstacles to implementing activity-based costing? 28:12
Noteworthy Quotes from Unger
“The traditional financial method is no longer viable to survive in today’s healthcare market.”
Financial leaders must understand their cost structure and make intelligent, strategic bets to keep up with new competitors.”
“It’s not enough to have canned reports on RVU costing; it is mission critical to understand the true cost of care.”
“The job of finance isn’t to deliver reports, it’s to help clinical and operational leaders make better decisions.”
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