How One Health System Transformed Costs for a Post-COVID Future (7/15/2020)
Attendees will learn about cost transformation from a heatlh system undergoing comprehensive, log-term restructuring and performance improvement. A Virtua Health executive will discuss how the acquisition of Lourdes Health was the impetus to rethink the entire organization and share the challenges and successes of such a broad initiative.
Original Live Date: HFMA Digital Annual Conference (7/15/2020)
Description
- Describe the difference between traditional cost management and true cost transformation, which requires establishing a long-term view for the organization and a comprehensive plan for how to get there
- Examine how cost transformation can be integrated into the fabric of an organization's mission and values by, for example, connecting cost transformation with initiatives to address social determinants of health
- Identify common barriers and key success factors for effective and sustainable cost transformation, including the importance of securing broad buy-in to avoid dilution of strategic initiatives by objecting parties