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Advice and Information for Finance Professionals

7 Ideas for Managing Healthcare Costs in the New Year

Lynne Sampson
Managing Editor

It’s a new year, with a new president of the United States—and that means a new round of uncertainties for the healthcare industry. With the future of the Affordable Care Act in doubt, healthcare providers are once again unsure about the regulatory framework they will soon be operating under.

One thing that everyone seems to agree on, however, is that healthcare costs are too high. Efforts to improve cost management will never go amiss, regardless of who is footing the bill.

Talent Is Key for Healthcare

In an industry that has shortages of key resources (such as nurses), effective talent management solutions are crucial to the success of the organization. HR represents the largest cost for organizations, but it’s also healthcare’s most important asset.

And HR is far from the only cost driver. Healthcare organizations—including payers, providers, physicians and clinicians—are increasingly looking for ways to simplify and streamline the management of health services. More and more organizations are expressing a desire for a connected financial, HR, and analytical technology platform. The goal is to lower costs across pricing, purchasing, contracting, strategic planning, and care delivery—while still achieving the best patient outcomes.

Improving Cost Management in Healthcare

Cost management today is a strategic function; it has management attention and visibility. A key performance indicator for every executive is the overall cost and profitability of the organization. This KPI is used as a strategic tool to drive change throughout the institution.

But, as with any measurement, a KPI is only as good as the technology providing it—and the faith that the leadership team has in its accuracy.

Join HIMSS and Oracle on January 31st to learn 7 key strategies to help you manage costs in 2017 and beyond. During this webinar, you’ll learn about:

  • Cost control strategies that will help get your expenses in check
  • Workforce planning and management ideas to optimize  your most valuable resource—your employees
  • How analytics can give you better visibility into defining and measuring value

Register Now to attend “7 Ideas for Managing Cost in the New Year,” happening January 31.

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