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8 Ways To Reduce Healthcare Administrative Costs
They’re a huge part of healthcare spending-but administrative costs don’t have to be so high.
As the healthcare industry grapples with tumultuous times, organizations are eager for strategies and solutions that will stabilize their business, reduce administrative costs, and guide their shift toward a new standard of care for patients as the industry transitions to a focus on population health.
“When healthcare organizations can achieve clinical and financial success, they are better able to influence and care for the communities they serve,” says Rhonda Medows, MD, CEO, Ayin Health Solutions, and president, population health management, Providence St. Joseph Health, Portland, Oregon. “The current state of the healthcare industry has a need for modernization, revenue diversification, and cost-efficient, total healthcare.” The healthcare industry currently spends 12 cents of every dollar on administrative costs-costs that could be better spent on patient care.
Here are eight ways that health insurers and hospitals can put the squeeze on administrative costs.
Continue reading at managedhealthcareexecutive.com
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