Blending the business and mission of healthcare
I recently participated in a lively summit on care affordability at the recent Beckers CEO+CFO Roundtable. I was humbled and grateful for the opportunity to talk with such a strong group of attendees, which included 70+ healthcare leaders. This blog is one of several I plan to use to recap my take-aways from those conversations.
The conversation was centered on our constant quest for delivering quality care, and the complexity and nuance of managing escalating costs while doing so. The discussion was very enlightening, informative and, of course, not without opinions.
My colleagues and I led the discussions far beyond technology, and included a range of subjects during the event. Topics included driving volume in a value-based payment model, incentive programs, the changing regulatory climate, and the cost of caring for our most vulnerable patients in a time of insufficient reimbursement.
While the conversation not only covered common concerns and challenges, we also shared potential solutions and innovations to help navigate the rapidly changing industry. We talked about new ways we can look at costs, and how we can go beyond traditional cost components of care delivery to measure and track such factors as environment and behavioral choices.
During the meeting, I kept thinking about Infor TrueCost. It wasn’t necessarily because a costing solution that had more timely information and higher clinical buy-in would directly address every one of the topics, rather that such a solution would certainly be at least a piece of solving most of these puzzles. Our conversation, in one way or another, kept going back to the data we need to uncover the actual costs of care. With reimbursement relatively static, we need to target costs as we seek financial sustainability.
Infor TrueCost allocates expenses by patient-level cost objects, such as procedures and lab tests. Infor CloudSuite Healthcare’s robust functionality that includes things like acuity-based nurse scheduling enables us to break down costs by resource type more accurately than vast allocations, and faster than full activity-based costing, which supports more timely analytics of actual and expected costs. At a service line and location level these numbers provide the starting point for wide-scale analytics, and can then be applied to individual patients to provide a complete picture of cost reduction opportunities.
Our lively session ended with a lot of shared challenges and ideas, as well as more thought provoking questions that we hope to continue to ponder until we convene again next year. I look forward to sharing more in my next blog.
Chuck Whinney, Principal, Infor Healthcare