There are a number of common beliefs about setting physician compensation that are pervasive. When closely examined, they turn out to be untrue. Once you know the facts, you can do a better job of establishing appropriate compensation structures and levels. Contact the Authors: Karin Chernoff Kaplan, Director, kkaplan@veralon.com Richard Chasinoff, Principal, rchasinoff@veralon.com
Hospital mergers and acquisitions (M&A) slowed down during the pandemic, with M&A volume declining each quarter and sinking to a 10-year low as management teams focused on the immediate operational priorities of the pandemic. Now, as the initial shock of the pandemic wears off, leaders who were leaning toward partnership before the pandemic are left […]
Prior to the coronavirus pandemic, healthcare CEOs ranked financial challenges (e.g., reducing the operating costs for staff and supplies, declining reimbursement) and increasing competition from other providers, among the top issues facing hospitals. But with coronavirus expenses straining hospital budgets, in 2020, a new element, service line optimization has become critical to hospitals’ ability to […]
The pandemic has placed significant constraints on capacity, making volume growth, or simply maintaining normally budgeted volume levels, a formidable challenge. Organizations must implement novel clinical and administrative workflows that allow for the most efficient use of provider and patient time, ensure patient and staff safety, and drive bottom line performance. Many have opened services […]
Independent physician practices took a financial beating during the first months of COVID-19—and not just due to postponement of elective procedures. Today, consumers remain fearful of returning to a physician office environment, with office visits down 20 to 30 percent compared with pre-COVID levels. Now, many of these practices are coming to hospitals to make […]
As hospitals rethink their approach to care delivery during the pandemic, many also are weighing whether partnership is needed. Now is a good time for leaders to consider: What would make an ideal partner? Even as hospitals face extreme financial pressure following COVID-19, some independents are finding that their financial standing may not be as […]
Among the many unexpected effects of COVID-19 is the loss of the “normal” patient population coming through physician offices to address their health concerns and seeking procedures. This lost volume has heightened the urgency to effectively address “leakage.” Research indicates that acquiring a new customer is anywhere from 5 to 25 times more expensive than […]
As hospital revenue shrivels amid the coronavirus pandemic, it’s time for independent hospitals to look in the mirror to determine how they stack up. Conducting a self-assessment isn’t just a useful approach for evaluating your organization’s capacity to survive the financial turmoil wrought by the pandemic. It’s also critical for recognizing what your organization brings […]
The pandemic provided an initial introduction to virtual care for many, and most patients and providers have responded positively, embracing its convenience. Health systems, hospitals, and other providers now need to take the time to develop a business plan that identifies opportunities to optimize virtual care platforms, drive revenue and adapt practices to effectively meet […]