What: In a webinar on April 3, Scott Becker, JD, CPA, publisher of Becker’s Healthcare and partner with McGuireWoods in Chicago, moderated a panel discussion with five healthcare leaders. Together, the panel hashed out some of the biggest trends that have emerged today within hospital finance, outsourcing and transactions:
1. The merger climate gives hospitals scale.
2. Hospital acquisitions continue to occur within three major buckets: acquiring other hospitals or systems, acquiring physician practices, and acquiring independent practice associations.
3. Independent hospitals can stay independent — in the right circumstances.
4. Successful hospitals are outsourcing services after identifying their core competencies.
5. Patients are becoming more responsible for more of their expenses.
6. Hospital leaders thrive when they are proactive instead of reactive.
7. Private equity firms are bringing “fresh” approaches to hospitals and other providers.
8. Lean, Six Sigma and new outsourcing ventures are the new “in.”
9. ICD-10 continues to simmer on the backburner when it should be more prominent in strategies.
Why: Many forces influence a hospital or health system’s bottom line. When it comes to shoring up a healthcare organization’s finances, executives usually come back to two principles: cut costs or expand revenue. Medical Practices would do well to follow these trends themselves, at least to stay ahead of the curve.