Huron Consulting Group (NASDAQ: HURN), a leading provider of business
consulting services, today announced the release of a new Huron
Healthcare report which indicates that even healthy hospitals will
need to reduce cost by 20-40 percent. In addition, the report notes that
this year hospital and health system CEOs will be addressing
transformative changes to the way care is delivered and striving to
integrate this change across the enterprise.
The report, “Achieving Healthcare Transformation: Insights from the
Huron Healthcare CEO Forum,” provides perspectives from nearly 25
executives from healthcare organizations around the country who
participated in the fourth annual Huron
Healthcare CEO Forum.
“To successfully implement this magnitude of change, healthcare leaders
are examining key aspects of their business, and determining their path
forward,” said Gordon
Mountford, executive vice president, Huron
Healthcare. “Clinical transformation, revenue transition, scale and
integration, and operational excellence are the four levers they will
need to pull – in varying combinations – to achieve quality and
financial goals, and advance their missions.”
In the Huron Healthcare report the CEOs discussed their visions for the
future, and three key themes for creating a foundation for success in
2014 emerged:
EVOLVE: Transitioning revenue streams. Organizations have begun
to commit resources toward the fee-for-value model, but the majority of
revenue is still tied to the fee-for-service model. Executives are
bridging the two models through traditional cost-cutting and
revenue-enhancement approaches, as well as exploring alternative revenue
streams.
“The first core is our healthcare provider business. The second core
is the health plan, and the third core is new businesses –
entrepreneurial investments – where we can generate revenue without
relying solely on revenue from third-party reimbursement.” – David
Bernd, CEO, Sentara Healthcare and CEO Forum Co-chair
INTEGRATE: Achieving clinical integration. Clinical integration
is essential to lowering the total cost of care and achieving success in
the post-reform environment. Healthcare leaders are creating new
organizational and governance structures that support clinical
integration – as well as high-value, more affordable care.
“We have everyone economically and strategically aligned for the
first time. We are now evaluating new ways to manage and govern the
clinical enterprise.” – Dean Harrison, president and CEO, Northwestern
Memorial HealthCare
LEAD: Developing talent for the future. New payment and care
delivery models require new leadership competencies, many of which may
need to come from outside traditional healthcare paradigms and roles.
“You can’t hire leaders who have everything you need for tomorrow
because you don’t know what tomorrow looks like. You can hire people who
are both talented and incredibly compassionate – and who will come to
work every day with integrity, humility, and passion. People with those
traits are the people I want interacting with my staff and with my
patients. Those values are really important to me and to our current
team, and we frequently talk about how those are expressed.” – David
Feinberg, M.D., president, UCLA Health System and CEO Forum Chair
“Achieving transformation of the healthcare enterprise – improving
performance by 20 to 40 percent while transforming care delivery and
incorporating new payment models – continues to be a major leadership
challenge for healthcare executives,” said Dr.
Andy Ziskind, managing director and Clinical solutions leader, Huron
Healthcare. “As CEOs lead their organizations through this evolution
and its many challenges, the benefits of success are becoming a reality:
higher quality care that is more affordable, innovative, and accessible.”
Achieving Healthcare Transformation: Insights from the Huron
Healthcare CEO Forum is available for download at www.HealthcareCEOForum.com.
About Huron Healthcare
Huron
Healthcare is the premier provider of performance improvement and
clinical transformation solutions for hospitals and health systems. By
partnering with clients, Huron delivers strategy and solutions that
improve quality, increase revenue, reduce expenses, and enhance
physician, patient, and employee satisfaction across the healthcare
enterprise. Clients include leading national and regional integrated
healthcare systems, academic medical centers, community hospitals and
physician practices. Modern Healthcare ranked Huron Healthcare
third on its 2013 list of the largest healthcare management consulting
firms. Learn more at www.huronconsultinggroup.com/healthcare
or follow us on Twitter: @Huron.
About Huron Consulting Group
Huron Consulting Group helps clients in diverse industries improve
performance, reduce costs, leverage technology, process and review large
amounts of complex data, address regulatory changes, recover from
distress and stimulate growth. Our professionals employ their expertise
in administration, management, finance, operations, strategy and
technology to provide our clients with specialized analyses and
customized advice and solutions that are tailored to address each
client's particular challenges and opportunities to deliver sustainable
and measurable results. The Company provides consulting services to a
wide variety of both financially sound and distressed organizations,
including healthcare organizations, leading academic institutions,
Fortune 500 companies, governmental entities and law firms. Huron has
worked with more than 90 of the top 100 research universities, more than
400 corporate general counsel, and more than 385 hospitals and academic
medical centers. Learn more at www.huronconsultinggroup.com.
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