Highlights from the Executive Dialogue: Transformative Change
November 14, 2010
Posted by chcablogadmin in : Industry Trends, Leadership
As I listened to the speakers and discussion at the Executive Dialogue last week, I was struck by the sheer breadth of changes facing children’s hospitals and overwhelmed by the knowledge that you are all prepared to meet them head on. Here are some of the messages I heard facing our future:
- Children’s hospitals need to focus on liquidity to ensure they have enough money to invest in the future and survive some of the reimbursement challenges that are on the horizon. Key to ensuring liquidity is the continuing to position and fight for adequate Medicaid funding in their states.
- Challenges for hospitals under evolving health reform at the state level will be managing the financial transition from a fee-for-service environment to accountable care. It will be even more critical to reduce costs while preserving revenue. Paramount to managing the financial transition is a real need to understand and learn more about insurance risk and risk-based models of reimbursement.
- There is a real opportunity for children’s hospitals to make productivity, quality and cost improvements. We have to be more efficient in health care.
- To ensure future access to capital, hospital executives need to continue to spend time educating rating agencies, but have to invest additional efforts in educating and working with institutional investors.
- Depressed birth rates and the continued shift from inpatient to outpatient services will require hospitals to build more robust ambulatory network strategies.
- Data presented exploring mortality differences between children’s hospitals and non children’s hospitals emphasizes the importance of seeking care in a children’s hospital first.
Look for additional information from Kass and Karen later this week.
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