5 Key Strategies for Financial Stability in Healthcare: Insights from ClinIntell
In the dynamic landscape of 2023, financial stability remains a top priority for healthcare CFOs. Understanding and adopting effective strategies is crucial for navigating these challenging times. In this article, written by Amanda Norris, she shares five ways CFOs at prominent organizations across the country are maintaining financial stability in 2023.
Here's a closer look at five pivotal ways CFOs are maintaining financial stability, complemented by insights on how ClinIntell's innovative solutions align perfectly with these strategies.
1. Workforce Optimization
Healthcare organizations are increasingly focusing on workforce optimization, leveraging data and analytics to understand the appropriate staffing needs. ClinIntell’s advanced analytics tool plays a vital role in this aspect as it pertains to severity reporting, offering insights into workforce re-allocation based on performance improvement opportunities.
In these challenging times, leaders are forced to do more with less. By reducing reliance on FTEs to optimize severity capture via queries and addressing providers directly. ClinIntell helps organizations achieve more economical and efficient operations, achieving sustainable and unmatched severity reporting impact.
2. Enhanced Provider Engagement
In today's healthcare environment, enhancing provider engagement has become essential for financial stability and overall quality performance. Only ClinIntell's advanced severity reporting insights provides clinicians with high opportunity clinical-condition insights that have quantified reporting gaps as it pertains to several risk adjustment initiatives, not to mention finance (Case Mix Index). Our insights and tools meet providers where they are and our industry-leading mobile app empowers providers in severity documentation optimization like never before.
3. Payer Negotiations
As healthcare systems negotiate with payers, the focus is shifting toward patient populations' future needs rather than historical patterns and benchmarking. ClinIntell’s unique data analysis capabilities enable healthcare providers to readily identify current gaps in severity reporting in their respective inpatient populations, not based on benchmarking against a cohort. Empowering organizations with the insights, strategies and performance reporting allows for a more accurate depiction of true patient population severity which is advantageous in payer negotiations.
4. Value-Based Care Models
Tying the amount health care providers get reimbursed to the results/outcomes of the care they deliver (Value-Based Care) is a significant trend in the healthcare industry. Since outcomes are assessed relative to expected outcomes, ClinIntell’s uniquely differentiated solution supports this shift by providing risk adjustment performance assessments and clinical condition opportunity insights on the specific inpatient population, down to the individual provider. This approach allows for improvement strategies that optimize for risk adjustment accuracy which positions organizations for sustainable long-term Value Based success.
5. Re-examining the Future of Care Delivery
Finally, reimagining the future of care delivery is paramount. ClinIntell's consideration of the Future of Care Delivery is as uniquely differentiated as our analytical insights. We believe that the Future of Care delivery should not necessary be one of more technology advancements and innovation. We believe that in healthcare, less is more, and “more” should be spent on actual care delivery.
There is simply no substitute for a “Do It Right The First Time“ approach to provider severity documentation. An unprompted, no-additional-click type of approach that is only possible with ClinIntell’s platform. An industry leading provider level performance and actionable data paired with cutting-edge severity documentation clinical case scenario training.
In conclusion, the strategies employed by CFOs across the healthcare sector are multifaceted and forward-thinking. We at ClinIntell, have always believed that our solution was “ahead of its time” but it appears the time to eliminate waste and promote efficiency in healthcare has arrived, and with ClinIntell, healthcare organizations are adapting to current challenges and preparing for a future where optimized documentation efforts and high-quality care go hand in hand.
How does optimizing documentation boost key healthcare metrics? Read our blog here for more detailed information: The Role Healthcare Executives Have in CDI 2.0 (Severity Reporting)