Daniel Maughan, MSN, MBA, FNP-c, serves as Senior Vice President and Chief Operating Officer at Montefiore St. Luke's Cornwall.
On April 9th, Daniel will serve on the panel " What are the Most Important Revenue Sources For Your Hospital? Which Service Lines are Most Important To Revenues? How Do You Assess Risk To Those Revenue Sources? What Steps Do You Take to Improve and Double Down on Those Areas?" at Becker's Hospital Review 11th Annual Meeting. As part of an ongoing series, Becker's is talking to healthcare leaders who plan to speak at the conference, which will take place on May 24-26, 2021 in Chicago.
To learn more about the conference and Daniel's session, click here.
Question: What, if anything, should hospitals be doing now given economists' projections of a forthcoming economic downturn?
Daniel Maughan: Given the projected economic downturn and for many other reasons, hospitals should be shifting care to an outpatient model where feasible. It’s also important to anticipate a reduction in elective procedures during a recession, however, when it rebounds, you will be better positioned to gain than if you had not responded at all.
Q: What do you see as the most exciting opportunity in healthcare right now?
DM: Innovation in the role hospitals will need to play in creating healthy communities and the prevention of chronic disease. New business models that allow hospitals to worry less about how much reimbursement comes from payers, by giving the community not only what it needs, but what it wants. For example, hospital-owned gyms, and other business opportunities that feed dollars back into providing high-cost inpatient services. Hospitals can look outside of the historical scope of acute patient care and expand to provide preventative, holistic and chronic disease services in ways consumers are willing to pay for them.
Q: Healthcare has had calls for disruption, innovation and transformation for years now. Do you feel we are seeing that change? Why or why not?
DM: Disruption, innovation and transformation are absolutely occurring. Look no further than Amazon, CVS and other alternatives to the traditional fee for service world of healthcare. Partnering with these large corporations is essential and achievable when your outcomes are what they are looking for.
"What's one lesson you learned early in your career that has helped you lead in healthcare?
The greatest lessons I learned in healthcare were three things on my first day of medical school: “listen to your patients they will tell you what is wrong, don’t be over-enamored with technology, and give every patient something for their time of need”. More true today!
What do you see as the most exciting opportunity in healthcare right now?
With society’s obsession with technology, now is the time to harness cutting edge technology to facilitate the human interaction, not replace it.
Healthcare has had calls for disruption, innovation and transformation for years now. Do you feel we are seeing that change? Why or why not?
As the saying goes, “One person’s innovation is another person’s disruption”. Transformation may be the most over-used word in healthcare today. True transformation (dramatic change) will come from a grass roots movement (outside the corporate walls) and led by synthetical thinkers who by doing what is best for patients will find it is best for business."