Calling 2023 a "wow kind of year," Robin Damschroder, CFO of Detroit-based Henry Ford Health, said the health system has made progress despite industry challenges such as inflation.
Ms. Damschroder told Becker's that Henry Ford looks forward to continue making investments in the future of healthcare. Along with targeting efforts toward hospital-at-home care, she said the health system is investing in new care models, automation and virtual care.
"Just trying to continue to push the envelope on those fronts because doing what we did in the past isn't going to get us to the future," she said.
Henry Ford and Ascension Michigan announced a joint venture on Oct. 18 in which Henry Ford essentially would fold Ascension's Michigan southeastern region care sites under its brand.
"I think when we think about bringing the power of our legacies together, and to communities, we have the ability to change health outcomes," Ms. Damschroder said. "Both of us have pretty dedicated physician networks to value based care and population health."
She said the systems are in the middle of the regulatory process, and based on track records, the transaction could close by the summer or early fall.
"For us, this can't be about getting scale or financial implications," Ms. Damschroder said. "It really has to be about how we're going to invest in the future of our communities, drive those health outcomes and health equity."
Ms. Damschroder also shared her excitement over the $2.5 billion investment between Henry Ford, East Lansing-based Michigan State University and the Detroit Pistons to transform Detroit's New Center district over the next decade.
A new 1 million-square-foot facility and patient tower will expand Henry Ford Hospital as part of the investment, with the development anchored by a "reimagined" Henry Ford academic healthcare campus, according to a Henry Ford news release.
"It's very exciting to have all three of us come together to bring that live, work, play vision to life."
Looking to the rest of 2024, Ms. Damschroder urges other healthcare leaders to remain agile and flexible.
"We've had lots of challenges around 340B and other reimbursement components, but pharmacy is filled with a lot of positive opportunities, things that are going to change the face of how we deliver healthcare," she said. "The way in which that we can make those really great clinical opportunities available in an affordable way, that's gonna be our next big challenge here."