Top 7 Healthcare Trends and Challenges for 2015 - From Our Financial Expert

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Presentation Template Top 7 Healthcare Trends and Challenges From Our Financial Expert - Bobbi Brown Proprietary and Confidential © 2014 Health Catalyst www.healthcatalyst.com © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. 1 Healthcare Trends From Our Financial Expert 1: Physicians start to feel the financial pinch from CMS’s regulations Eligible physicians are starting to feel the penalty phase of CMS’s quality reporting and Meaningful Use initiatives. They also also need to comply with CMS’s new Value-Based Payment Modifier program, or face penalties. These new requirements are overwhelming busy physicians, prompting the AMA to ask for relief. © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. Healthcare Trends From Our Financial Expert 2: Technological advancements are transforming the entire healthcare industry. The proliferation of new technology in healthcare is exploding in areas including: Wearable Tracking Devices Patient Centered Care Increased Data Demands Attaining Meaningful Use Switching to ICD-10 Data Security © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. Healthcare Trends From Our Financial Expert 3: Financial viability still a significant concern for healthcare CEOs A main concern for hospital CEOs continues to revolve around the financial position of their organizations. Other concerns include new CMS mandates and rulings, population health management, and personnel shortages. Healthcare sectors will struggle under the weight of negative ratings and reviews. © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. Healthcare Trends From Our Financial Expert 4: A new need to tolerate risk in a value-based purchasing world Health systems have already determined their tolerance for risk and have started to implement risk strategies to survive value-based payment models. If a hospital performs poorly in all three programs (hospital-acquired conditions, high readmissions, and value-based purchasing), it is at risk for a 5.5 percent reduction during 2015. © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. Healthcare Trends From Our Financial Expert 5: Interest in population health management will grow There is much population health management discussion with no common definition. We use: A proactive application of strategies and interventions to defined cohorts of individuals across the continuum of healthcare delivery in an effort to maintain and/or improve the health of the individuals within the cohort at the lowest necessary cost. Population Health Management © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. Healthcare Trends From Our Financial Expert 6: Outcomes will continue to improve A recent Modern Healthcare article in presented improvements in patient safety in U.S. hospitals. In fact, approximately 1.3 million fewer patients were harmed between 2010 and 2013. CMS’s emphasis on reducing hospital readmission rates drove down the all-cause 30-day rate among Medicare fee-for-service beneficiaries nearly 19.5 percent. © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. Healthcare Trends From Our Financial Expert 7: Collaboration will increase An important source for trendsetting in the healthcare industry is the annual JPMorgan Healthcare Conference. This year’s presenters showed how partnerships and collaboration are crucial to survive the shift to value-based healthcare. Examples: Joining forces with: Sharing risk with: © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. Healthcare Trends From Our Financial Expert The End Goal: Creating Higher Value at Lower Costs The healthcare industry is striving to create a better system that achieves higher quality at lower costs. The formula to get there is simple: value equals quality over cost. The effort required to get there, however, is anything but simple. © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. Healthcare Trends From Our Financial Expert Why such urgency? The longer we wait, the more difficult it will be to make changes that will enable health systems to survive the challenges. And the more it will cost. There are 11,000 baby boomers aging into Medicare daily. The U.S. population is about 320 million, which makes 2015 “the first year healthcare spending will reach $10,000 per person…” Forbes © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. More about this topic Payers and Providers: The Best System for Process Improvement Bobbi Brown, VP of Financial Engagement 6 Steps for Implementing Successful Performance Improvement Initiatives Bobbi Brown, VP of Financial Engagement The Key to Transitioning from Fee-for-Service to Value-Based Reimbursement Bobbi Brown, VP of Financial Engagement 4 Ways to Reduce Penalties Under the Hospital-Acquired Condition Reduction Program Bobbi Brown, VP of Financial Engagement Five Ways for Improving Hospital Revenue Cycle Management Bobbi Brown, VP of Financial Engagement Link to original article for a more in-depth discussion. Top 7 Healthcare Trends From Our Financial Expert © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. For more information: © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. Other Clinical Quality Improvement Resources Click to read additional information at www.healthcatalyst.com Bobbi Brown is Vice President of Financial Engagement for Health Catalyst, a data warehousing and analytics company based in Salt Lake City. Ms. Brown started her healthcare career at Intermountain Healthcare supporting clinical integration efforts before moving to Sutter Health and, later, Kaiser Permanente, where she served as Vice President of Financial Planning and Performance. Ms. Brown holds an MBA from the Thunderbird School of Global Management as well as a BA in Spanish and Education from Misericordia University. She regularly writes and teaches on finance-related healthcare topics. © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation.
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