DOTmed March 27, 2020
We have better tools than ever in healthcare to advance care and improve access. But legacy healthcare organizations still have not mastered a critical competency: eliminating waste. A recent study shows that 30% of healthcare spending is wasteful, at a cost of $760 billion to $935 billion.
The need to reduce costs is high on healthcare leaders’ radars. A new Kaufman Hall report shows that the ability to identify and manage cost-reduction initiatives is healthcare finance executives’ top priority for 2020, but they struggle to act on opportunities:
• More than half of healthcare finance executives say they don’t have the tools to lower costs in the right areas without compromising quality.
• Cost accounting systems often fail...
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