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COVID-19 Data and Analytics: Survey Reveals Long- and Short-Term Healthcare Industry Impact

August 11, 2021

Posted In: COVID-19 Response, Data and Analytics, Financial Empowerment

Was COVID-19 a wake-up call to prioritize healthcare analytics and merge them with other healthcare goals? Healthcare data and analytics have become inextricable from the pandemic response, proving to the industry it can’t save lives at scale without this information and insight. In a 2021 survey of healthcare leaders and professionals, nearly 80 percent of respondents report they plan to maintain pandemic-driven data and analytics shifts for the long term. And with most respondents recognizing gaps in their data and analytics and noting COVID-19-driven changes in the data and analytics landscape, the pandemic may likely catalyze a new, more robust era in healthcare technology and decision support.

Healthcare Price Transparency: Understanding the Cost-Pricing Relationship (White Paper)

April 20, 2021

Posted In: Data and Analytics, Financial Empowerment

Healthcare consumers are demanding the same level of price transparency for medical care they have in other transactions—particularly as healthcare moves away from a fee-for-service model and patients are responsible for larger portions of their medical bills. Meanwhile, as of January 2021, federal regulation requires health systems to make their service charges publicly available. The healthcare industry, however, hasn’t historically succeeded with consumer-grade price transparency. Organizations must now figure out how to bridge the gap between their costs and patient charges. Doing so requires comprehensive understanding of all the costs behind a service and consumer-friendly explanation of how these expenses translate into prices

2021 Healthcare Trends: What Leaders Need to Know from COVID-19 to New Administration Policies (White Paper)

February 10, 2021

Posted In: Financial Empowerment

While much of the healthcare industry was eager to put 2020 behind it, the new year brings its own challenges, concerns, and promises. Trends in the three main categories of new Biden administration policy, care delivery, and healthcare technology will shape 2021, with key issues including the long-term effects of COVID-19, future emergency preparedness, and the outlook for the Affordable Care Act (ACA). Healthcare leaders can prepare for this pivotal year by understanding critical areas to watch within these categories and how events, activities, and political appointments will affect the healthcare ecosystem.

The 100-Percent Solution to Improving Healthcare’s Operating Margins (White Paper)

December 30, 2020

Posted In: Financial Empowerment

Healthcare organizations face unparalleled pressure to increase operating margins as they adapt to the revenue compression from COVID-19 and growing competition from insurers and digital disrupters. Yet, many health systems rely on outdated, revenue-centric cost accounting solutions that are ill equipped for strategic financial decision making. As a methodology for today’s complex healthcare environment, activity-based costing (ABC) can capture healthcare resource use at a granular level. With this service-level insight into clinical cost, ABC provides actionable intelligence to help organizations improve profitability and make strategic cost-reduction decisions. These comprehensive costing solutions give health systems a full understanding of cost across the care continuum—the only level of insight that will enable strategic cost transformation in the industry’s new normal.

The Medicare Shared Savings Program: Four Tools for Better Profit Margins and High-Quality Care

January 21, 2020

Posted In: Financial Empowerment, Population Health

Medicare patients make up the majority of health systems’ revenue; yet, organizations earn only a one percent profit while caring for this population. Despite historically low profit margins, Medicare can be lucrative for health systems, and through the Medicare Shared Savings Program, healthcare organizations can increase revenue with four tools:1. The ability to aggregate and analyze data.2. The ability to align financial incentives between payers and providers.3. The ability to engage patients in behavior or lifestyle modifications.4. The ability to garner support from clinicians and encourage them to lead the shift to VBC.As the shift from fee-for-service to value-based care continues, health systems can leverage MSSP to deliver the highest level of care while also increasing profit margins.

Healthcare’s Next Revolution: Finding Success in the Medicare Shared Savings Program

June 19, 2019

Posted In: Financial Empowerment, Population Health

A series of revolutions has driven the development of the U.S. healthcare system, enabling dramatic improvements in all aspects of healthcare quality and outcomes over the past century. Although healthcare organizations have focused on moving towards value-based care for decades, the data shows that the shift is indeed taking place and fee-for-service models are declining.New changes to the Medicare Shared Savings Program (MSSP) will help drive this change as revisions to MSSP require ACOs to take on more financial risk earlier. This article covers the following topics:1. Important moments in history that led to today’s current challenges.2. Why financial imperatives drive cultural change in our economic model.3. Ways MSSP can help healthcare organizations achieve financial success.4. How to utilize data to develop better healthcare delivery systems.