Interest in innovation among healthcare’s C-suite executives is increasing as the industry comes to terms with the fact that it must continue to evolve in the face of disruption, according to the Advisory Board Research Annual Health Care CEO Survey.
Identifying the top strategic priorities for hospital and health system leaders, the survey found that one of the biggest concerns is how to find innovative approaches to cost reduction. In fact, “hardwiring innovation into planning, improvement, and staff culture” was the number one ranked topic. Just one year before, in 2018, it ranked number eight on the list.
The Advisory Board report said this is a reaction to financial pressures and competition from new entrants into the healthcare market, especially Silicon Valley, big tech companies, and private equity firms.
Unrelenting margin pressures mean that C-suite executives are finding that it’s not enough to just contain costs—they want to drive revenue growth.
Many are looking to monitor clinical and operational performance within their service lines and running into obstacles such as gaps in interoperability and siloed data. Analytics have shown extraordinary promise thanks to their capacity to extract data and uncover opportunities for improving quality, bettering outcomes, and increasing margins.
In the new white paper “9 Ways to Boost Cardiovascular Service Line Margins and Quality,” see how to dramatically improve cardiovascular service line margins by more than $1 million annually.