While financial worries continue to plague healthcare leaders, the ability to contain costs may have reached a plateau.
A study by Kaufman Hall, a strategic and financial consulting firm, that was reported by Healthcare Dive analyzed more than 600 hospitals and found that cutting labor costs and implementing efficiencies and improvement efforts could only go so far.
The fear is that the industry has reached the point when hospitals simply can’t contain costs any more than they already are. “Hospitals will need to think more innovatively on how to manage expenses,” the report says.
Some of this innovative thinking could come in the form of leveraging financial and operational data as part of decision-making, according to another study by Kaufman Hall. As reported by Becker’s Hospital CFO Report earlier this year, 96 percent of respondents said they believe that their organizations should be focusing more on data-driven decisions for financial and operational improvement.
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