Cleveland-based University Hospitals CFO Bradley Bond aims to capitalize on the health system's Epic installation by strengthening revenue capture and improving cash flow in the third and fourth quarters.
"To do this, we are putting in place a new revenue cabinet that will bring cross-functional teams together to enhance training, workflows and processes at all organizational levels," Mr. Bond told Becker's. "Additionally, my team is spearheading our system's priority emphasis on cost management, where we will be putting in place an expense cabinet composed of senior leaders who will thoroughly review all expenses and find new ways to improve process flow and eliminate redundancies to enhance efficiency."
UH is also collaborating with major suppliers to improve the health systems procurement process, ensuring better cost-efficiency and resource management across the board, according to Mr. Bond.
The 18-hospital system expects its Epic install to cost about $400 million — a substantial drop from the $600 million it had initially budgeted — and annual financial benefits to be greater than $100 million once fully implemented.
The project kicked off in fall 2021 and converted 5.6 million patient records and scheduling systems into one EHR. The first of two "go-lives" was in March 2023, with the second and larger "go-live" taking place in September 2023.
The Epic implementation consolidated more than 15 systems that drive most of the UH patient care experience.
UH said moving to a single integrated EHR will facilitate the delivery of analytics across the system and help it take advantage of several artificial intelligence predictive models.
Thank you to Mariah Muhammad of Becker's Healthcare, who contributed to the development of this article.
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