The challenges faced by the healthcare industry require healthcare organizations to reduce costs. Yet many organizations are determined to grow, and doing both simultaneously may seem counterintuitive. Yet the two imperatives are not necessarily at odds. Growth is typically seen as the product of investment. And reducing costs can itself require the investment of organizational […]
Great healthcare leaders are often good problem solvers with a penchant for taking rapid action to solve operational and strategic issues. This positive leadership quality can create challenges in strategic planning, where multiple initiatives may be competing for an organization’s available resources. Leaders may jump into action on several priorities simultaneously. When this happens, significant […]
Bundled payment, the Medicare Shared Savings program, and commercial value-based payment programs have caused many providers to develop care management programs focused on readmission reduction and chronic disease management. Our experience suggests that it is essential to apply both clinical and financial expertise when redesigning care. Financial professionals can add important perspective to a clinical […]
Financial due diligence―assessing and understanding the financial past, present, and likely future performance of the organization you are considering a relationship with―is one of the most critical components of the due diligence process. Getting financial due diligence right requires a combination of teamwork, good information, strong analysis, and self-awareness. Build a Team of Experts A […]
If your hospital is in one of the 67 regions affected by the Comprehensive Care for Joint Replacement (CJR) program, you probably are wondering what you can do to prepare. The program will start on April 1, 2016. The good news is that because there is a tremendous amount of similarity between the CJR and Bundled […]
Arguably, the most difficult step in a strategic planning process is the identification of critical strategic issues to guide the strategy development phase. At its core, strategic planning aims to allocate scarce resources to areas that most positively impact the organization. Therefore, identifying and subsequently prioritizing the issue list is critical to the overall success […]
A uniquely Maine curriculum and reserved and subsidized slots for Maine students are just two of many innovations in place at a partnership between Maine’s largest hospital, Maine Medical Center, and Tufts University School of Medicine. Tufts and Maine Medical Center jointly recruit and select students in the co-governed program that awards a combined diploma […]
We recently received the following question from a registered attendee during our ACHE Cluster session, Strategic Planning from Formulation to Action, in San Antonio: In a hospital or health system, how do you broadly engage physicians in the strategic planning process? Physicians are integral to the strategic planning process, and multiple options exist for engaging […]
As hospitals and health systems race to acquire large physician practices in an offensive or defensive market strategy, hospital administrators and business development teams often view the transaction closing date as the finish line. Prudent health care leaders recognize that to capitalize on the significant practice investment, a comprehensive integration strategy, from pre-due diligence through […]