The Times They Are a-Changing Understanding Healthcare Financials Today
Published: February 03, 2015
What is the difference between Cost, Price and Revenue?
Without real financial insight into their institutions, Healthcare organizations can't grow, make meaningful decisions, or provide optimal quality of care to their patients. Distinguishing between cost, price and revenue in the healthcare industry is an achievable goal that many institutions accept as an impossibility. Reasons for this include:
- "It's too complex an environment with a vast array of variables." Many organizations don't know what basic materials and actions actually cost.
- "Fees weren't tied to cost or revenue before." As patients become increasingly responsible for healthcare costs, they demand fee structure transparency.
- "Revenue loss is inevitable in healthcare." Reverse revenue loss by embracing solutions that proactively identify patterns of underpayment and chronic late payment.
Pat Becker, Former CIO of University of Chicago Hospitals
Patricia Becker's twenty-five years of executive healthcare information technology experience covers all aspects of IT. Strategic planning, revenue cycle and electronic health record implementations, and budget and operations are but a few. Becker has held the positions of VP of Technology Services, CIO, and CPO with University HealthSystem Consortium (UHC) as well as a Fellow with HIMSS.
During this impactful webcast, Pat Becker will illuminate strategies that innovative healthcare organizations are embracing. She'll discuss what parts cost, price, and revenue play in order to understand and manage financial realities.
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