May 2024 Issue of Becker's Hospital Review
ON THE COVER
Scott Wooten. CFO at Sanford Health
As hospital margins remain a mixed bag, Sioux Falls, S.D.-based Sanford Health CFO Scott Wooten encouraged other healthcare leaders to make hard decisions as early as possible to help improve their margins.
Cheryl Matejka. CFO at Mercy
Medicare Advantage provides coverage to more than 51% of the nation's seniors, but many hospitals and health systems are pushing back against commercial programs, with some dropping contracts with private plans altogether.
Yael Heher, MD. Chief quality officer at Beth Israel Lahey Health
The most effective chief quality officers possess a fluency in two distinct tongues: the language of people — rich with the nuances of human connection and collaboration — and the language of spreadsheets, marked by the objective precision of data.
David Callender, MD. CEO and president at Memorial Hermann Health System
Leaders across healthcare are working to improve their system in a variety of ways, but some parts of care and delivery are being overlooked, leaders told Becker's.
Bob Riney. CEO and president at Henry Ford Health
Leaders in the healthcare industry have at times taken notes from industries or businesses outside of healthcare. For Bob Riney, president and CEO of Detroit-based Henry Ford Health, this is public utility and energy companies.
Donna Roach. CIO at University of Utah Health
Technology has always been a fast-paced field, and transformation in healthcare accelerated over the last three years.
Hospital CFOs choose optimism
Hospital CFOs are optimistic about the future despite clear challenges and continued high costs, according to a report from Strata Decision Technology.
Health system finance teams ripe for change
Debra Thomas, senior vice president and CFO of the East Florida Division at AdventHealth, sees a big opportunity to transform her finance team in the coming years as the healthcare delivery system evolves.
Mercy CFO: Medicare Advantage is a good model 'when structured appropriately'
Medicare Advantage provides coverage to more than 51% of the nation's seniors, but many hospitals and health systems are pushing back against commercial programs, with some dropping contracts with private plans altogether.
'We cannot afford the status quo': What systems aren't talking about enough
Leaders across healthcare are working to improve their system in a variety of ways, but some parts of care and delivery are being overlooked, leaders told Becker's.
85% of hospital nurses said they'd quit by 2024. Did they?
A January 2023 nurse survey fueled fears of an exodus, as 85% of those in hospital roles said they planned to quit within the next 12 months.
2 HSHS Wisconsin hospitals close
Chippewa Falls, Wis.-based St. Joseph's Hospital and Eau Claire, Wis.-based Sacred Heart Hospital, both part of Springfield, Ill.-based Hospital Sisters Health System, have closed, a spokesperson for HSHS confirmed with Becker's on March 22.
Layoffs cool as hospital margins stabilize
Layoffs are slowing at hospitals and health systems as margins gradually improve, but CFOs continue to focus on controlling costs — particularly on the labor and supply fronts — to secure the long-term sustainability of their organizations.
The dual languages of a chief quality officer
The most effective chief quality officers possess a fluency in two distinct tongues: the language of people — rich with the nuances of human connection and collaboration — and the language of spreadsheets, marked by the objective precision of data.
Why a health system CEO takes notes from public utilities
Leaders in the healthcare industry have at times taken notes from industries or businesses outside of healthcare. For Bob Riney, president and CEO of Detroit-based Henry Ford Health, this is public utility and energy companies.
Inside Mayo Clinic's $5B 'digitized' hospital
Mayo Clinic leaders say their new $5 billion campus will provide a digital and patient experience that will still be relevant decades into the future.
How CMS is digitizing prior authorizations to save $15B
CMS is aiming to solve one of healthcare's most perplexing — and time-consuming — issues: the dreaded prior authorization.
Is healthcare paying enough attention to nurse leaders?
Over the past few years, much of the discourse on supporting the well-being of healthcare workers has focused on nurses and front-line teams — and rightfully so, as many nurses continue to report burnout stemming from their work environment. But to ensure efforts meant to support bedside nurses live up to their full potential, hospitals and health systems should be placing an equal focus on nurse managers, leaders say.
Healthcare execs need to 'iterate faster' for success, says CIO
Baton Rouge, La.-based Franciscan Ministries of Our Lady Health System embarked on a journey last year to incorporate more artificial intelligence into its operational and clinical systems.
CFO / FINANCE
Workforce trends CFOs must know
The labor market pendulum is beginning to swing back in the favor of employers, but staffing shortages and controlling workforce costs are expected to continue to be a challenge for finance leaders for the foreseeable future.
2 HSHS Wisconsin hospitals close
Chippewa Falls, Wis.-based St. Joseph's Hospital and Eau Claire, Wis.-based Sacred Heart Hospital, both part of Springfield, Ill.-based Hospital Sisters Health System, have closed, a spokesperson for HSHS confirmed with Becker's on March 22.
Layoffs cool as hospital margins stabilize
Layoffs are slowing at hospitals and health systems as margins gradually improve, but CFOs continue to focus on controlling costs — particularly on the labor and supply fronts — to secure the long-term sustainability of their organizations.
The overwhelming consensus for revenue cycle's top challenge
Ninety percent of health system finance leaders surveyed by the Healthcare Financial Management Association agreed on the top challenge facing revenue cycle teams: denials.
Fitch revises UPMC's outlook after 'challenging 2023 results'
Fitch Ratings has affirmed UPMC's issuer default and revenue bond ratings as "A" and revised the Pittsburgh-based health system's outlook from positive to stable.
CEO/STRATEGY
CommonSpirit adjusts portfolio, investing in 'strongest markets,' CEO says
Chicago-based CommonSpirit has made "solid progress" on its financial improvement strategy in the most recent quarter but is "certainly not where we need to be," CEO Wright Lassiter III said during the health system's fiscal second quarter investor call on Feb. 29.
UHS CEO eyes return to 'pre-COVID trends' in 2024
King of Prussia, Pa.-based Universal Health Services projects net revenues to hit up to $15.7 billion in 2024, which would represent year-year-year growth of up to 10%, executives said during the company's Feb. 28 earnings call.
The healthcare CEO nixing bosses
Bayer CEO Bill Anderson is tossing out the corporate management playbook in favor of a looser structure with fewer rules — and fewer bosses, The Wall Street Journal reported March 22.
Kansas hospital CEO resigns, successor named
Frank Safrit, PhD, MSN, RN, is the new CEO of Grisell Memorial Hospital, a 25-bed critical access hospital in Ransom, Kan.
A big year for CEO pay
CEO compensation surged at many S&P 500 companies in 2023, marking a significant rebound from the prior year's tepid growth, according to early findings from The Wall Street Journal.
THOUGHT LEADERSHIP
The dual languages of a chief quality officer
The most effective chief quality officers possess a fluency in two distinct tongues: the language of people — rich with the nuances of human connection and collaboration — and the language of spreadsheets, marked by the objective precision of data.
'We cannot afford the status quo': What systems aren't talking about enough
Leaders across healthcare are working to improve their system in a variety of ways, but some parts of care and delivery are being overlooked, leaders told Becker's.
Has quiet quitting hurt healthcare leadership? 4 execs weigh in
At health systems around the country, talent development is top of mind. But workers' ambitions aren't as clear-cut as they once were, which can complicate succession planning.
Why a health system CEO takes notes from public utilities
Leaders in the healthcare industry have at times taken notes from industries or businesses outside of healthcare. For Bob Riney, president and CEO of Detroit-based Henry Ford Health, this is public utility and energy companies.
INNOVATION
Inside Mayo Clinic's $5B 'digitized' hospital
Mayo Clinic leaders say their new $5 billion campus will provide a digital and patient experience that will still be relevant decades into the future.
Best Buy supplies at-home tech to 8 of largest health systems
Best Buy says it now supplies care-at-home technology to eight of the largest U.S. health systems.
'Be skeptical … but don't be cynical': How 4 hospitals use AI
Many hospital CEOs are finding new ways to use AI and encouraging colleagues to embrace positive changes.
Oracle expands healthcare platform
Oracle added a generative artificial intelligence service to its suite of cloud applications, services and analytics capabilities for healthcare customers on March 12.
How CMS is digitizing prior authorizations to save $15B
CMS is aiming to solve one of healthcare's most perplexing — and time-consuming — issues: the dreaded prior authorization.
CMO/CARE DELIVERY
85% of hospital nurses said they'd quit by 2024. Did they?
A January 2023 nurse survey fueled fears of an exodus, as 85% of those in hospital roles said they planned to quit within the next 12 months.
Minnesota bill would let nurses refuse to care for unsafe patient assignments
A bill currently moving through the Minnesota House of Representatives would allow nurses to refuse to care for patients if they feel it staffing levels are inadequate, and also opt not to take on extra patient assignments if they feel they cannot do so safely.
Nurse managers' 4-day workweeks: How it's going at Mount Sinai
In fall 2022, New York City-based Mount Sinai Health System launched its four-day workweek program for nurse managers. More than a year later, the program continues to improve staff engagement, satisfaction and has become an important retention strategy, Beth Oliver, DNP, RN, chief nurse executive for the system, told Becker's.
Nursing group issues anesthesia protocols for weight loss medication users
New anesthesia considerations for patients taking anti-obesity drugs like Ozempic has been released by the American Association of Nurse Anesthesiology.
Is healthcare paying enough attention to nurse leaders?
Over the past few years, much of the discourse on supporting the well-being of healthcare workers has focused on nurses and front-line teams — and rightfully so, as many nurses continue to report burnout stemming from their work environment. But to ensure efforts meant to support bedside nurses live up to their full potential, hospitals and health systems should be placing an equal focus on nurse managers, leaders say.
CIO/HEALTH IT
Healthcare execs need to 'iterate faster' for success, says CIO
Baton Rouge, La.-based Franciscan Ministries of Our Lady Health System embarked on a journey last year to incorporate more artificial intelligence into its operational and clinical systems.
6 health systems named to 2024 CIO 100
Six health systems made the 2024 CIO 100 list recognizing organizations that deliver business value through innovative IT.
Is healthcare prepared for cyberattacks?
Are hospitals and health systems truly prepared for cybersecurity attacks?
'You just can't keep pace': CIOs deal with spike in software vendors
Some CIOs are struggling to "keep pace" with the huge explosion in outside vendors that has coincided with the hype over artificial intelligence, The Wall Street Journal reported March 4.
How UnitedHealth's CEO personally supported a physician following cyberattack
As providers nationwide continue to face financial disruptions stemming from the Change Healthcare cyberattack in February, a Florida physician has shared how UnitedHealth Group's CEO, Andrew Witty, personally stepped in to address cash flow challenges.
WOMEN'S LEADERSHIP
10 thoughts on leadership from women in healthcare
In honor of Women's History Month in March and International Women's Day on March 8, Becker's Hospital Review asked women in the healthcare industry to share their insights on leadership.
Women more likely to 'boomerang' in healthcare
Healthcare is an established hotspot for "boomerang" employees: those who leave an organization and return to it at a later time. But recent research shows that the industry itself has the highest return rate among women who took a career break.
CVS' CEO on taking up space
Karen Lynch, president and CEO of CVS Health, says she once considered herself "the plainest person you could ever meet."
From arias to RCM: How opera singing helped Henry Ford Health's revenue cycle VP's healthcare career
Before she got into healthcare, Jennifer Rohs, vice president of revenue cycle at Detroit-based Henry Ford Health, was a professional opera singer.
Donna Roach's 3 ideal traits for IT leaders to shape the future
Technology has always been a fast-paced field, and transformation in healthcare accelerated over the last three years.