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| Stephen C. Schoenbaum, a speaker at the marcus evans National Healthcare CFO Summit Spring 2012, on changing the face of healthcare. |
NEW YORK, Mar 27, 2012 - (ACN Newswire) - To maintain and increase revenue in an era of Accountable Care Organizations (ACOs) and bundled payments, healthcare Chief Financial Officers (CFOs) must find new ways of doing business, says Stephen C. Schoenbaum, MD, MPH. Hospitals could arrange after hour services and supports for coordinated care and sell those supports to physicians and practices in the area.
A speaker at the upcoming marcus evans National Healthcare CFO Summit Spring 2012, taking place in Hollywood, Florida, April 26-28, Schoenbaum discusses new business avenues that healthcare organizations could exploit.
- With so much focus on lowering costs, how can healthcare CFOs maintain quality of care?
The US is one of several countries in which healthcare spending increases chronically exceed increases in earnings and increases in GDP. Each has continuing pressure in improving quality of care and health spending. In the US, healthcare providers that have depended on non-essential practices are already seeing a drop in volume and revenue, and will eventually have to terminate those practices. They also will have to seek opportunities to do business that are aligned with the goals of improving care and decreasing costs. There is already a strong belief among healthcare executives that better care is less expensive care. More efficient processes, ones that eliminate unnecessary steps, create a platform for better quality at a lower cost.
- What can be done to maximize efficiency in healthcare delivery and administration?
The existing service payment system in the US encourages more care, not better care. Private insurers are trying to change the way payments are made to encourage better coordinated, more efficient care.
Accountability for the quality of care requires adoption of specific standards and measurements by the US government and others as well as transparency in reporting the results.
- What role can hospitals play in assisting ACOs?
To increase revenue, healthcare CFOs must find new ways of doing business. There are numerous discussions surrounding the development of medical homes and ACOs. These require a variety of shared services so that they can meet their cost and quality goals.
Hospitals could set up after hours services which could then be provided to a number of practices and physicians. Physicians are not in the office 24 hours a day, seven days a week, but patients need around the clock care.
This will allow for better, less expensive care that decreases visits to the emergency room. While it decreases admissions, it also, assuming they are paid differently, creates a new business opportunity for hospitals. Healthcare executives must open their eyes and realize that they have all the components necessary for this.
- How can hospital performance be measured?
Medicare and Medicaid publically report measures online that focus on technical care and patient experience. Both are extremely important. Technical care looks at what is being delivered in accordance with various guidelines and patient experience is an aspect that care givers are not able to determine on their own.
The overall performance of the US system has actually gotten a bit poorer in recent years. This appears to be related to the increasing number of uninsured people with no or poor access to care. Nevertheless, quality measures are improving, as this is the only area where we have national guidelines. The healthcare system is responding to the existence of guidelines and related measures by working on improving care in those areas. The positive message is that if you set up accountability by having standards and measures in place, you will get results.
About the National Healthcare CFO Summit Spring 2012
This unique forum will take place at The Westin Diplomat Resort & Spa, Hollywood, Florida, April 26-28, 2012. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on strategies for improving the revenue cycle, preparing for healthcare reform, and being in a position to be able to take advantage of the impending changes in the healthcare system.
For more information please send an email to info@marcusevanscy.com or visit the event website at www.healthcare-summit.com/StephenCSchoenbaumInterview
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Source: marcus evans Summits
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