2023 RCM Investment plans from Health System Executives and Leaders
Hospitals and health systems leaders are making executive decisions on which sector of the healthcare organization to invite their time, money, and resources. The fact that many hospital and health system leaders such as CFOs, CEOs, RCM VPs, directors, and so on have struggled to maintain their healthcare organization during the last 2 years due to the impact of COVID-19. Now 2023 has approached and the investment methodology must be revisited.
Beckers hospital review has conducted a survey on the hospitals and health system leaders inquiring about which part of healthcare administration would they invest in and the results were shocking, around 63 healthcare leaders were surveyed and you would not believe the respondent’s answers:
70% of respondents stated they would invest in staffing
8% of respondents stated they would invest in patient care.
15% of respondents stated they would invest in technology.
7% of respondents stated they would invest in infrastructure.
This survey contained detailed responses from hospital and health system executives and leaders of which we will be listing down 30 top responses.
Hospital and health system leaders investing in staffing (Physicians, nurse practitioners, office and RCM staff):
The staffing crisis has become an increased threat to these hospitals and health systems. We are talking about actual shortages of healthcare providers, office staff, lab technicians, and medical billing staff.
Due to the ever-growing need to compensate for the lack of unfilled positions the patient volumes decrease over time sabotaging their revenue in the long run unable to maintain even core administrative functions.
However, 70% of healthcare executives and leaders have made their goal to increase staff investments to maintain a high-quality workforce. These are some responses from hospitals and health system leaders and executives.
Mayo Clinic Health System Dr. Prathibha Varkey stated that their highest priority in 2023 will be investing in their staff who are their greatest asset. These investments will address issues of burnout and improve the personal and professional growth of the staff.
Michael F. Stapleton Jr. informed that they will invest in recruiting and retaining their staff by providing education opportunities for staff that has fewer opportunities of getting higher education due to their family poverty situation. This way they can pay tuition in turn the staff can work part-time until the education is completed and then get placed as permanent employees with their organization.
Rick Shumway said for the next 12 months they will keep investing in their people whether it is in-house staff or external staff teams. They understand the challenges that they faced in the past 3 years and will continue to rely on their people rather than material resources.
Ketul J. Patel and their health system are going to stick with a vital investment which is the cultivation and development of their team. They cannot improve healthcare without their talented workforce to deliver the highest level of patient care. They will also assist in providing scholarships to staff that has kids and invest in recruitment and retention strategies.
Peter D. Banko openly stated that their most important investment in the next 12 months is for a fundamental rethinking of their healing ministry and developing transformational leadership skills in our leadership and caregivers. This will bring effective communication and a 24/7/365 leadership style. A charisma of listening, presence, gratitude, and accountability type of leaders in hospitals.
Cathleen Wheatley will be investing in their team and staff for the next 12 months because she understands their teammates are the backbone of their ability to provide safe, high-quality, and efficient healthcare to their community. They are keen to implement strategies that will unify culture and create a welcoming work environment for all. This will ensure competitive competition including increased wages, career development, leading opportunities, etc.
Jill Hoggard Green and their health system will invest in their staff and team members as their highest priority. He deems that workplace violence in healthcare is more than in any industry and would like to set up a safe environment for their staff to work.
Richard Allen’s scope of investment in their hospital would be for the healthcare leaders as all Warren General Hospital Department and Service Line leaders completed the ACHE 360-degree performance evaluation and management development program in order for higher-level successful management.
Ronda Lehman has said that their hospitals will make significant investments in the workforce. This includes improving their education and career development goals. Furthermore, they will offer eight weeks of paid parental leave for parents to allow them time to bond with their newborn or newly adopted child.
Dane Wheeler stated their most important investment will be in their staff. They will focus on better patient care by spending on their clinical and office staff.
According to Donald A. Sinko Investing in caregivers is crucial and should include competitive compensation and resources to ensure they can provide good care.
Matthew Munroe said the most important investment for our organization in the next 12 months. The healthcare industry is facing a shortage of clinicians and support staff, leading to financial pressures from contract staff and higher wages.
Brian T. Canfield informed us that they will invest in our people is crucial. They are essential for providing top-quality healthcare. This is our top priority for the next 12 months.
Liz Popwell mentioned that stony brook will invest in novel care models and academic solutions for the workforce of the future.
Sean Poellnitz as CRO will invest in people and facilities in Reno, NV. Improving customer service and healthcare. Transforming care for the community.
Puneet Freibott mentioned they will invest in workplace efficiency this year since the labor shortage will continue. Staff will look to leaders for an effective workspace.
Katherine Kalthoff will invest in their teams. Staffing is a challenge, so retaining staff is essential. Providing leaders with tools and training helps staff deliver exceptional care and feel fulfilled.
Hospital and health system leaders investing in technology (EHR, automation, equipment):
Lack of technology created a tremendous gap and According to the CMS, $372 billion is spent on “administrative complexity” in the US healthcare system, with $39 billion of that being spent on conducting administrative transactions.
The Council for Affordable Quality Healthcare has suggested that fully automating these transactions could reduce these costs by 42%. It is wise that these hospital and health system leaders and executives chose to invest in technology.
Cliff A. Megerian mentioned that EHR implementation investment is their key goal as it will create a unified digital workspace for 80 workgroups that has 75 modules. It simplifies utilizing 400 interfaces, 18,000 build configuration tasks, 140 data conversion extracts, and 11,000 building block decisions.
Shane Strum and their health system will focus on capital investment in the modernization of existing infrastructure, development of new facilities, to the purchase of technology that will increase the advancement of patient care.
Jim Heilsberg stated they would invest in medical equipment such as their primary and secondary CT along with their MRI and radiology equipment as well.
Jeffrey L. Cohen stated Hartford HealthCare is investing in digital transformation to improve access to care. Their partnership with Google Cloud will use health data to understand patient needs.
Joel Vengco said they would invest in a technological partnership with Google Cloud to improve data and digital transformation. 3 major initiatives for the next 12 months: modernize infrastructure, achieve data liquidity, and transform care delivery. Aiming to personalize patient journey and empower both patient and provider with digital tools.
Eric Poon mentioned investing in digital initiatives for patient access and capacity management. Promoting self-scheduling and video visits, scaling up virtual care center for inpatient capacity management.
Karen Murphy will invest in expanding the use of automation and digital technology. Successfully using virtual nursing and self-check-in kiosks. Improving patient experience and addressing staffing challenges
Hospital and health system leaders investing in patient care:
Investment in patient care at hospitals in the US can take many forms, but targeting patient access, patient financials, and better progressive treatment results in a good record with local and federal healthcare agencies. Patient care packages and treatment plans will not only give your hospital a good name but also increase your healthcare provider’s RAF scores.
The reason why this is important is that we have identified various providers being sued for incorrect treatment and unnecessary prescribing of medications that resulted in around $500 million and above each year which your hospital and health system can avoid.That’s why these healthcare leaders chose to invest in patient care.
Michelle Stansbury will invest in care redesign initiatives, focusing on patient needs and partnering with tech and healthcare companies to address staffing challenges and maintain quality care. Exploring the use of voice technology to ease documentation burden.
Arianne Dowdell expressed that their focus for the next year is addressing health equity. They are creating tools and examining national benchmarks to ensure we are on the right path. It is important that our employees understand their role in creating an equitable environment for our patients and how it helps improve health outcomes.
Hospital and health system leaders investing in infrastructure:
Proper infrastructure is required for any hospital or health system to attract more patients. Healthcare leaders that are keen to invest in infrastructure will create more patient volumes as the better the infrastructure are the more confident the patient will be to suggest their friends and loved ones to visit your hospital.
These healthcare leaders are stepping up to create a well-rounded hospital will all types of facilities built in their hospital, here are their thoughts:
Mark Schuster and their school will invest in in-person gatherings and build community. Because staff and students often meet in zoom meetings nowadays they are focusing on in-person meetings and venues to create a sense of community.
Joseph Webb stated that NGH is an old hospital and they will continue to invest in infrastructure and other advancements for patient care such as new medical technology that will serve the Nashville community much better.
Shireen Ahmad would invest in their medical supplies as it faces worldwide demands and increasing prices. They will focus on developing an integrated supply chain and building international sourcing capabilities.
Mike Gentry stood out from other respondents stating investing in freedom to think, plan, and execute. Empowering team members to make decisions for infrastructure. Understanding roles and responsibilities in the organization to effectively get things done.