This episode features Adam Klein, Chief Financial Officer at Children's Specialists of San Diego. Here, he discusses the reimbursement, labor cost, & workforce challenges hospitals & health systems are facing, challenges surrounding recruiting in a high cost of living area, what he is currently focusing on, and much more.
Summary
Adam Klein Discusses Challenges Faced by Hospitals and Health Systems
Introduction
In this episode of [Podcast Name], Adam Klein, Chief Financial Officer at Children's Specialists of San Diego, shares his insights about the challenges that hospitals and health systems are facing today. He highlights the issues with reimbursement, labor cost, and workforce shortages, as well as the challenges of recruiting in a high cost of living area.
About Adam Klein
Adam Klein is the CFO of Children's Specialists of San Diego, a prominent pediatric subspecialty group with over 350 physicians. With years of experience, he has seen how medical groups are affected by reimbursement pressures, cost inflation, and staffing shortages. Despite the financial performance during COVID being better than expected, there are still numerous challenges that make the industry difficult.
Recruiting Challenges in a High Cost of Living Area
One of the biggest challenges for pediatric specialty organizations based in San Diego is the high cost of living, which makes it difficult to recruit physicians. To overcome this, healthcare providers must rely more on mid-level providers like nurse practitioners and physician assistants to supplement their workforce. These workers can help with triaging for specialists and expand primary care. Although the use of mid-level providers is a controversial issue, they can help reduce wait times for appointments with pediatric specialists.
The Importance of Utilizing Mid-Level Providers
Adam Klein believes that using mid-level providers, such as PAs and NPs, is essential for bridging the gap between physicians and patients. Moreover, it is crucial to carefully consider compensation models when introducing these providers into a practice. Mid-level providers can increase efficiency and effectiveness in providing care and ensure that patients receive timely treatment.
Conclusion
In conclusion, the healthcare industry is facing numerous challenges today, including reimbursement pressures, cost inflation, and staffing shortages. Organizations need to focus on improving their regional ranking to attract high-quality physicians while utilizing mid-level providers to supplement their workforce. Thanks for tuning in to [Podcast Name], and we hope you found this episode informative and engaging.
Note: This is an AI generated transcript, not edited by a staff writer and is solely intended for educational purposes. If you have any questions/concerns, reach out to podcasts@beckershealthcare.com
This episode aired on 10/31/2022 and can be listened here.
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