Keynote: Understanding market dynamics drives UC San Diego Health System’s expansion
The University of California San Diego Health System is undergoing a targeted expansion at a time when many hospitals and health systems are either canceling or slowing down their capital investments.
In Thursday's closing keynote of the Healthcare Finance News Virtual Conference & Expo, titled “UC San Diego Health System: Transforming Healthcare Delivery while Maintaining Financial Excellence,” scjeduled for 1:30 p.m. CDT, CFO Lori Donaldson will provide a high-level view of the health system, its role in the community as a regional provider of complex care and the strategic imperatives that are driving the need to expand.
The health system is the only academic medical center in San Diego, with a tradition of providing tertiary and quaternary care. Its two campuses integrate research, teaching and clinical care. Donaldson will discuss the health system’s significant expansion of its facilities on the La Jolla campus in response to the changing demographics of the region.
The health system’s history of sound financial performance has enabled it to build debt capacity to fund the expansion and continue to generate margins needed to support ongoing operations and fund future needs.
While the UC San Diego Health System has expanded, the route to financial health varies from system to system. Donaldson pointed out that some hospitals and health systems may determine that contraction of programs or services is required to remain financially sound.
Regardless of size, every healthcare organization needs to understand its market and recognize where the opportunities and challenges lie ahead. “You need to know what you are and what you are not,” Donaldson said. “The key is having a clear vision of where you want to be.”
“You need to have a solid strategic and financial plan with the right people in place to execute that plan,” she said.
