The majority of healthcare executives think improving clinical operations and care delivery will most effectively lead to cost savings, according to a recent survey by Huron Healthcare. Survey respondents indicated that currently, reducing spending and the need to generate revenue stand as the biggest challenges in the transition to a value-based business model.
Huron Healthcare conducted the survey earlier this year among 80 respondents, 50 of whom were hospital and health system C-suite executives. An additional 35 were providers, payers or in the life sciences industries.
Findings from the survey are shown below.
- According to the survey, 71 percent of respondents think improving clinical operations and care delivery performance offers the biggest opportunity for cost savings at their organizations, while 21 percent chose workforce optimization and 8 percent chose supply chain and non-labor cost containment.
- When asked which aspect of the volume to value business model transition is the most challenging for their organizations, 55 percent of respondents chose the evolving cost structure to contain costs and generate revenue, while 26 percent said achieving physician and clinician alignment and 19 percent indicated making breakthrough improvements in clinical quality.
- Forty percent of respondents said creating new organizational and operational structures will be the key tool for their organizations in making the transition to a value-based payment structure. Another 33 percent believed educating stakeholders on new business imperatives will be the key and 27 percent chose clinical quality data from internal and external sources.
- Thirty-eight percent of respondents reported their key concerns related to cost were clinical utilization decisions, while 28 percent chose labor and workforce and 22 percent chose revenue cycle inefficiencies.
- When asked what their organization's greatest barrier to clinical integration is, 35 percent of respondents said it is hospital-physician relationships, 31 percent cited IT infrastructure and 19 percent said funding for infrastructure costs.