Priorities & Predictions of Healthcare CFOs
The key take away from the article is that patient satisfaction will become the top priority for Chief Financial Officers (CFOs). Before the MACRA of 2015, hospitals and healthcare organizations gained a competitive advantage through a patient-centric approach. However, these organizations became highly concerned about patient satisfaction after the implementation of MACRA. As such, initiating improvements in the measurement and management of patient satisfaction become a strategic necessity. This has led CFOs to point out that in future, consumerism will become a key priority that warrants meaningful action (Health Research Institute, 2016). For the longest time, CFOs have realized the relevance of patient experience. Sadly, only a handful of healthcare systems and hospitals still do not have the necessary insights and tools to adopt a patient-centric strategy properly. They have cited lack of adequate data to generate an actionable plan as the main issue (Health Research Institute, 2016).
No health system or hospital is immune from this pressure. From intense competition in the industry to tense payer negotiations to policy decisions, CFOs in hospitals confront numerous economic determinants which are beyond the control of financial investment. However, the experience of patients with a care team or a hospital falls under the organization’s...
References
Dyrda, L. (2015). Hospitals Turning to Physician Practice Acquisitions for Growth: 5 Key Trends. Retrieved from http://www.beckersspine.com/orthopedic-spine-practices-improving-profits/item/
Health Research Institute. (2016). Top Health Industry Issues of 2017: A Year of Uncertainty and Opportunity. Retrieved from http://www.pwc.com/us/en/health-industries/top-health-industry-issues.html
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