In these audiograms, taken from Episode 30 of The Healthcare Leadership Experience, Lisa is joined by Drew Lerman, Director of Finance at Southwestern Vermont Healthcare. Together they explore financial challenges in healthcare and Drew’s upcoming book "It's Nobody's Money.’’
Audiogram A
I know that, at least in the accounts payable world, dialogue with vendors is important when cash is in short supply. If vendors don’t know what’s happening, the situation becomes a whole lot worse and you start to experience supply chain issues. You cannot risk that scenario. I’ve always found it helpful to keep the lines of communication open.
Audiogram B
Physicians need to understand the cost of things, especially in the OR. But the major challenge for hospitals in 2022 is to plan budgets around Medicare rates because most insurance companies are trying to align reimbursements closer to Medicare. If you want to be profitable, you need to work on that basis.
Audiogram C
Brilliant finance people fail in healthcare when they lack communication skills. You don’t want a reputation as the ‘’CF No’’ because you constantly turn employees away. If you want to survive as a finance leader in healthcare, you have to be able to engage with the people around you.
Audiogram D
The bottom line is that you have to treat hospital money like it’s your own. You must start doing things differently. I brought in a Performance Engineer to drive efficiencies. It doesn’t serve any purpose to benchmark against other health systems. Benchmark against your own hospital to make incremental improvements to your operating margins.
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