Investments must align with the strategic direction, rather than on transaction-based efforts.
When everything is on the table, you’re forced to make the right trade-offs. It means deciding where to put your money. Cost, when viewed as an investment, means every choice becomes a strategic decision, rather than just another transaction. These macro trends, along with other deleterious developments, show no sign of abating, forcing executives to take on the Sisyphean task of removing cost from their business. Hospitals are quickly losing their center of gravity, as services migrate away from in-patient settings.
Cost growth is outstripping reimbursement increases. The continued pressure of margin compression unfortunately makes this distressing exercise necessary.
Two dreaded words that often strike fear into the hearts of health system executives.Two words meaning the beginning of a painful exercise – one that’s time-consuming, demoralizing, and distracting – to identify wasteful spend.
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