HIMSSCast: Higher acuity patients are creating revenue challenges
To be more than an inpatient acute care provider, hospitals must create patient loyalty.
Photo: Tetra Images/Getty Images
The American Hospital Association in August reported that higher-acuity patients are causing unsustainable financial challenges for hospitals and health systems due to higher costs for labor, drug and supplies. What the report fails to highlight is that hospitals are now seeing fewer patients with minor ailments and therefore are missing out on those revenue opportunities, according to Duane Fitch, healthcare partner for Plante Moran, a management consulting firm.
Patients may be seeking care at the corner clinic, or by telehealth, which has been good for hospitals, especially during the height of the pandemic, but which also has its own challenges. A hospital's mission and vision is to take care of the population at all levels of acuity, Fitch says. Hear how in this interview with Healthcare Finance News Executive Editor Susan Morse.
Talking Points:
- Why the healthcare industry is seeing a shift in acuity, from lower to higher.
- How COVID-19 influenced the out-migration of patients.
- When telehealth's cost per event adds to downward financial pressure.
- How to increase margins despite operational and strategic challenges.
- The role of patient experience in boosting patient loyalty.
- Hospitals' trump card over the corner pharmacy is in the continuum of care.
More about this episode:
Patient acuity is driving up hospital costs, AHA says
Health systems need to give patients an outstanding and consistent patient experience
Half of hospitals will show negative margins in 2022
High out-of-pocket costs are negatively affecting revenue cycles
Hospital margins affected by urgent care, PCPs, telemedicine competition
How Children's Mercy Kansas City increased its bond rating through the pandemic
Twitter: @SusanJMorse
Email the writer: SMorse@himss.org
