Hospitals and health systems must identify priorities for tracking and comparing financial performance as the industry faces pressure to change, with or without health reform, said Suzanne Lestina, who oversees revenue cycle metrics for the Healthcare Financial Management Association. “Change has to occur,” she said, “healthcare is not sustainable.”
Facing change, priorities help: Lestina
Providers must grapple with evolving regulations and reimbursement, and priorities help to focus performance improvement efforts, she told a crowd of finance chiefs and professionals during a pre-conference session at the HFMA Annual National Institute in Las Vegas.
Charles Behl, vice president of revenue cycle for Rush University Medical Center, told the audience the industry was slow to adopt standardized financial metrics, which can be used to identify an organization's strength and areas to improve, track trends, drive action and develop more frequent reporting. Organizations can use metrics and comparisons to find out how their doing, he said. “We all want to know who is best.”
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