C-Suite Executives Share Early Challenges of Healthcare Reform
Scottsdale, AZ - Cost reduction and operational efficiency transformational strategies are the top priorities for health system C-suite executives early in 2014, according to recent polling conducted by MedAssets at its annual Healthcare Executive Forum, held in Scottsdale, Arizona.
Fifty-five percent of the 150 attendees reported a decline in operating margins year over year in fiscal year 2013 as opposed to 26 percent in fiscal year 2012. The top reasons for the dramatic dip are attributed to shift in payor mix and reimbursement reduction.
According to the event polling, more than 75 percent of attendees indicated that their organization is engaged in transformational initiatives in the face of healthcare reform economic pressures. Nearly 60 percent of respondents cited they are experiencing declining Medicare reimbursements, managing the impacts of Medicaid expansion and state exchange enrollment, experiencing increased pressure from private payors and more regional competition.
"In this era of healthcare reform, sustaining financial and operational performance through traditional methods of increased volume and supply cost reduction are no longer adequate," said Barry Arbuckle, Ph.D., president and chief executive officer, MemorialCare Health System. "Providers need to engage in innovative strategies and collaboration to successfully integrate across the care continuum. MedAssets Healthcare Executive Forum provided the perfect platform for distinguished healthcare executives to gather and share proven transformational strategies." Continue>
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