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Do physicians make the best hospital CEOs? Should hospital CEOs come from a business background? It's a debate that has been brewing in the healthcare industry for years and it doesn't have one answer. In 2014, only 5% of hospitals were run by doctors, while the majority of hospital administrators came from outside the healthcare profession.
A recent study showed that for the 10th year in a row, financial challenges are #1 on hospital CEO's list of concerns. More than healthcare reform, government mandates, and patient safety, the constant battle to be financially stable is the what keeps the healthcare C-suite up at night. So what factors are contributing the the financial worries? Let's take a look.
In order for hospitals to be successful in 2015, there are a few very important issues that need to be addressed. Today, we'll address 5 of the most pressing issues that will help hospitals overcome the obstacles to success.
The results are in from the early HIPAA audits by Health and Human Services (HHS). Want to know what was the major weakness found by the government’s auditors? The compliance deficiency all-to-common among healthcare practices? It was, according to HHS, “the lack of a thorough risk analysis.” Time after time, auditors would ask to see evidence that the covered entity had performed a risk analysis. And time after time, much to their dismay, the answer they heard was, “A what?”
Since 2010 there have been 47 rural hospital closures. The reasons behind the closures vary but the message rings true, rural hospitals are struggling. With difficulties from implanting EHR to the re-evaluation of Medicare reimbursements, rural hospitals are looking for new ways to stay afloat. Here are the top 4 trends we see effecting rural hospitals in 2015.
Many hospitals are currently asking themselves, "How can we improve our revenue cycle in 2015?" This topic is also one many C-suite executives are facing in 2015, which is proving to be another year of vast changes. Financial departments will have to stay on top of contract management, as well as planning for shifts in how payments are received. Today, we've put together a list of 5 ways healthcare providers can reboot their revenue cycles and stay ahead of those changes that impact the bottom line.
With the new roll out date of ICD-10 finally on the calendar, healthcare providers and payers alike have been preparing for the change.
In the ever-changing healthcare industry, the C-suite executives always have to be on their toes. But the best leaders are making some smart, calculated moves to stay on top of their game in 2015. These moves are not always executed easily, but those who make them help their organizations perform better and provide a higher level of patient care.
Hospital mergers and acquisitions [M&A] aren’t a new concept, but in the post-Affordable Care Act world they have become a popular solution for yielding to ACA regulations. According to the American Hospital Association’s 2015 Environmental Scan “mergers, consolidations and other partnerships” will increase due to the pressures on hospitals to lower costs and achieve economic goals. Here at BHM we also think that this healthcare trend is one to watch for 2015, so we’ve pulled together some key insights for you to consider.
When we look at healthcare payment reform, and our move away from fee-for-service models of payment, the focal alternative this year has been bundled payments. In this scenario, physicians are paid a set amount for treating a certain type of patient, and assumptions are made by the payer about what services or treatments a patient like that would need. They compensate according to that average. Under the fee-for-service model, when they were paid for whatever tests they ordered or treatments they rendered, they certainly had more freedom of choice.