Boost The Health System Bottom Line - 47 Healthcare Leaders Share Strategies
In today’s ever-evolving healthcare landscape, the quest to improve financial performance while delivering top-notch patient care is a continuous challenge. Healthcare leaders across the nation are innovating, collaborating, and implementing smart strategies to enhance the bottom line, all while prioritizing the well-being of their patients and communities. Here, we present insights from 47 healthcare leaders who have shared their smartest moves over the past year, showcasing their dedication to financial sustainability and quality care.
Innovations in Technology and Patient Care
- Kim Meeker, Vice President and Chief Nursing Officer at Henry Ford Health System (Detroit): The implementation of technology within patient rooms, featuring two-way video and speakers, has revolutionized patient care. This innovative approach enables nursing resources to be supplemented, resulting in a 30 percent reduction in falls with injuries and the creation of a virtual ICU.
- Diane M. Garcia, Chief Financial Officer of West Kendall Baptist Hospital (Miami): West Kendall Baptist Hospital’s proactive investment in robotics surgery, with a focus on gynecological and general procedures, has improved patient outcomes and contributed to the bottom line by increasing patient volume.
- Barbara R. Jacobs, Chief Nursing Officer at Thomas Jefferson University Hospitals (Philadelphia): By prioritizing interprofessional collaboration, Thomas Jefferson University Hospitals has driven significant improvements in patient care and the bottom line. Their dedication to teamwork and open communication fosters a culture of excellence.
Strategic Approaches to Financial Sustainability
- Dani Hackner, MD. Chief Clinical Officer of Southcoast Health System (New Bedford, Mass.): Southcoast Health System’s strategic approach to gastroenterology care and screening has significantly reduced COVID-related backlogs, optimized provider satisfaction, and improved patient safety while enhancing the system’s financial performance.
- Jerry Rebo, Director of Pharmacy Value and Outcomes at Novant Health (Winston-Salem, N.C.): Novant Health has harnessed technology and strong partnerships to gain a more in-depth understanding of expense reduction and revenue generation opportunities. Their collaborative approach has led to creative solutions and more robust strategies.
- Cindy H. Harrison, Vice President of Human Resources at Henry Ford Health (Detroit): By partnering with the local school system, Henry Ford Health has developed a Healthcare Camp to spark middle school student’s interest in health careers and create career pathways, ultimately addressing the need for future healthcare workers.
- Ria Paul, MD. Clinical Associate Professor and Chief Medical Officer at Stanford Health Care Alliance (Los Altos, Calif.): Focusing on annual wellness visits has allowed Stanford to connect with patients, improve various metrics, and allocate resources effectively, keeping patients healthy and reducing hospital visits.
- Rebekah Compton, DNP, FNP-BC. Chief Clinical Officer of The University of Virginia (Charlottesville): Creating a Finance 101 presentation for clinical leaders has improved budget understanding and led to greater leadership engagement in identifying cost-saving opportunities.
- Tanira B.D. Ferreira, MD. Chief Medical Officer of the University of Miami Hospital and Clinics (Royal Oak, Mich.): A laser focus on quality, safety, efficiency, and patient experience, backed by data-driven outcome measures, has led to favorable financial performance at the University of Miami Hospital.
- Linda Stevenson, CIO of Fisher-Titus Health (Norwalk, Ohio): Fisher-Titus Health has developed an enterprise analytics team to provide key dashboards for executive and service line monitoring, empowering leaders with the right data for informed decision-making.
- Andrea Turner, COO of Zuckerberg San Francisco General Hospital (San Francisco): By redesigning their staffing model and building an internal ladder for staff development, Zuckerberg San Francisco General Hospital has optimized capacity and reduced overtime, while also strengthening their team.
Leveraging Technology and Partnerships
- Michael Prokopis, Senior Vice President of Supply Chain at Steward Health Care System (Dallas): Steward Health Care is pursuing “Inventory Location of One” to reduce carrying costs and improve inventory turnover, a strategy that enhances financial performance.
- Liz Powell, Chief Strategy and Transformation Officer of Stony Brook Medicine (N.Y.): Stony Brook Medicine’s dual focus on financial recovery and a five-year strategic plan positions them for transformation while advancing health science education.
- Nasir Khan, MBBS. Regional Director of Clinical and Quality Analytics at Loyola Medicine, Trinity Health (Livonia, Mich.): Loyola Medicine leveraged a data-rich EHR platform to develop custom advanced analytics and prescriptive solutions, driving measurable improvements in patient quality outcomes, financial performance, and operational efficiency.
- Patti Artley, Adjunct Associate Professor and Former Chief Nursing Officer at Medical University of South Carolina (Charleston): Medical Solutions’ clinical team has guided organizations on introducing flexibility in care delivery models, reducing reliance on contingent labor, and achieving sound fiscal responsibility while maintaining high patient care standards.
- Vikram S. Kashyap, MD. Frederik Meijer Endowed Chair of the Meijer Heart and Vascular Institute and Vice President of Cardiovascular Health at Corewell Health (Royal Oak, Mich.): Corewell Health’s emphasis on keeping teams engaged has improved patient care, reduced turnover, and positively impacted fiscal performance.
- Christy Bray Ricks, Vice President of Provider Talent at Ardent Health Services (Nashville): Ardent Health Services has established active sourcing strategies to quickly fill critical provider needs, reducing reliance on external search firms and securing talent effectively.
- Lori Wightman, Professor of Washington University (St. Louis): Creating standard work for leaders and frontline caregivers optimizes productivity, promotes retention, and streamlines processes in the complex healthcare environment.
- Manish Chadha, MD. Director, Co-Chair, Equity, Diversity, Inclusion & Belonging Committee at Northwell Health (New Hyde Park, N.Y.): Northwell Health is developing AI-enabled solutions to improve lung cancer screening rates, demonstrating their commitment to advancing equitable care.
- Manish Tanna, MD. Senior Vice President and Value-Based Care Medical Director at Nephrology Associates of Northern Illinois and Indiana (Oak Brook, Ill.): Nephrology Associates of Northern IL and IN is committed to value-based care, focusing on improving quality, decreasing unnecessary utilization, and optimizing care delivery for complex patient populations.
- Julie Oehlert, DNP, RN. Chief Experience and Brand Health of ECU Health (Greensville, N.C.): Implementing non-clinical patient experience coordinators in the ED and medicine units has improved wait times, patient experiences, and nurse engagement.
- Matthew Webber, Director of Pharmacy Business at Novant Health (Winston-Salem, N.C.): Novant Health’s collaboration between revenue cycle and pharmacy teams has improved copay collection rates, patient experience, and operational efficiency.
- Holly Muller, DNP, RN. Chief Nursing Officer of Presbyterian Delivery System (New Mexico): Implementing a gig-workforce app and a new care model has reduced reliance on traveler contracts, retained dedicated caregivers, and contributed to the bottom line.
- Paul Coyne, Senior Vice President and Chief Nurse Executive of HSS | Hospital for Special Surgery (New York): A renewed focus on people and culture has positively impacted the bottom line at HSS, highlighting the vital role of a motivated workforce.
- Beth Steele, Chief Operating Officer of Owensboro Health Regional Hospital (Ky.): Owensboro Health’s open-minded approach to partnerships, past initiatives, and creative solutions has had a significant impact on its bottom line, supported by its nimble organizational structure.
- Julie Gauderman, Associate Director and Assistant Professor of Saint Mary’s University of Minnesota (Winona): Actively seeking healthcare policy changes, such as the “I CAN Act,” has been instrumental in removing barriers and improving the bottom line for hospitals and access to high-quality care for patients.
- Desi Kotis, Chief Pharmacy Executive of the University of California San Francisco Health System (San Francisco): UCSF Health’s focus on efficiency and workforce management, including a pharmacy resource network, has been pivotal in optimizing financial performance.
- Jody Reyes, Senior Vice President and COO of Penn State Health (Hershey, Pa.): Penn State Health’s emphasis on cohesive functioning across clinical practices and hospitals within their network has improved system capacity and effectiveness in serving complex cases.
Creative Strategies and Collaborations
- Steve Wheeler, Chief Strategy and Growth Officer at Arcadia (Burlington, Mass.): Arcadia’s partnership with Microsoft has driven transformative change, enabling organizations to optimize value-based care programs and harness data for better financial outcomes.
- Laura S. Kaiser, President and CEO of SSM Health (St. Louis): SSM Health’s community focus and investments in social determinants of health are strengthening patient outcomes and financial performance by addressing the root causes of health disparities.
- Randy Davis, Chief Financial Officer of Carilion Clinic (Roanoke, Va.): Carilion Clinic’s commitment to supporting population health efforts, including tackling food insecurity, has not only improved patient lives but also supported long-term financial sustainability.
- Eric Evans, President and CEO of Ascension (St. Louis): Ascension’s focus on clinical excellence, revenue cycle improvement, and strategic partnerships has positioned them to succeed in an ever-changing healthcare landscape.
- Stephen R. Collier, MD. Chief Health Equity Officer at UAB Medicine (Birmingham, Ala.): UAB Medicine’s dedication to advancing health equity has resulted in improved patient outcomes, and its commitment to diversity and inclusion is helping drive financial success.
- Mark P. Herzog, MD. CEO of Holy Redeemer Health System (Meadowbrook, Pa.): Holy Redeemer Health System’s strategic acquisitions and partnerships have strengthened its presence and revenue growth in a competitive market.
- Stuart M. Pollack, MD. Chief Medical and Scientific Officer at Mednax (Sunrise, Fla.): Mednax’s innovative partnerships with payers and technology companies are enhancing care delivery, reducing costs, and driving growth.
- Erickajoy Daniels, Chief Equity and Inclusion Officer at Advocate Aurora Health (Milwaukee): Advocate Aurora Health’s commitment to diversity, equity, and inclusion is driving cultural transformation and improved financial performance.
- Jacqueline Herd, Vice President of Medical Affairs at Community Health Systems (Franklin, Tenn.): Community Health Systems’ robust physician engagement initiatives and partnerships with physicians have improved quality and financial outcomes.
- Alan Watson, CEO of Cone Health (Greensboro, N.C.): Cone Health’s focus on efficiency, cost management, and strategic partnerships is supporting their commitment to delivering high-quality care.
Optimizing Patient Discharge, Staffing, and Communication
- Tyler L. Hill, DO, FACEP, MBA. Chief Medical Officer of Sierra Nevada Memorial Hospital (Grass Valley, Calif.): Sierra Nevada Memorial Hospital is combatting a primary care physician deficit by launching a Rural Family Medicine Residency Program and a creative approach to recruiting.
- Karyn Baum. Chief Transformation Officer of Essentia Health (Duluth, Minn): Essentia Health’s rural focus includes a centralized admission and transfer center, leading to increased bed days and additional revenue.
- Brett Daniel, MD. Chief Medical Informatics Officer of OptumWA (Eden Prairie, Minn.): OptumWA’s digital patient journey has improved operational efficiencies, increased patient adoption, and enhanced connected care.
- Holly Muller, DNP, RN. Chief Nursing Officer of Presbyterian Delivery System (New Mexico): Presbyterian Delivery System has introduced a gig-workforce app and a new care model to reduce costs while retaining talent.
- Paul Coyne, Senior Vice President and Chief Nurse Executive of HSS | Hospital for Special Surgery (New York): Focusing on people and culture has resulted in bottom-line improvements at HSS.
- Beth Steele, Chief Operating Officer of Owensboro Health Regional Hospital (Ky.): Owensboro Health’s open-mindedness and nimbleness have impacted their bottom line positively.
- Julie Gauderman, Associate Director and Assistant Professor of Saint Mary’s University of Minnesota (Winona): Supporting healthcare policy change, such as the “I CAN Act,” has been instrumental in improving the bottom line and access to high-quality care.
- Desi Kotis, Chief Pharmacy Executive of the University of California San Francisco Health System (San Francisco): UCSF Health’s focus on efficiency and workforce management has optimized financial performance.
- Jody Reyes, Senior Vice President and COO of Penn State Health (Hershey, Pa.): Penn State Health’s emphasis on cohesive functioning has improved system capacity and effectiveness.
These insights from 47 healthcare leaders demonstrate the resilience, adaptability, and innovation required to navigate the ever-evolving healthcare landscape. While challenges persist, these leaders continue to prioritize quality patient care while implementing smart strategies to improve the bottom line, ensuring the long-term sustainability of their healthcare organizations. Through technology, strategic approaches, collaborations, and creative solutions, they are driving positive change and making a lasting impact on the healthcare industry.
In an industry where patient well-being is paramount, these leaders exemplify the power of innovation and dedication to achieving the dual goals of financial sustainability and exceptional care. As healthcare continues to evolve, their experiences and strategies serve as an invaluable resource for healthcare organizations striving to thrive in an ever-changing environment.