EPSi clients from Mayo, Piedmont, Asante and Presbyterian share their insights at closing session of HFMA Western Region Symposium
An all EPSi CFO panel at the HFMA Western Regional Symposium this week discussed key market challenges:
- All of them say they struggle with physician recruitment especially in the rural market as they incorporate rural business into their systems.
- They all are very aware of the consolidation of systems and M&A activity and are structuring to remain independent within their regions.
- They constantly struggle to balance cost cutting while increasing revenue.
- Presbyterian Health is realigning from a corporate service line structure to place responsibilities at the point of service locations and managing more locally.
- Asante is developing the Workforce of the Future with a keen focus on work/life balance.
- Piedmont Health is focused on $200 million cost reductions dependent on Business Intelligence and analytics to achieve “one source of truth” to make better organizational decisions Great discussion from a group of our market leading partners!
CFOs from four EPSi clients closed out the general sessions of the HFMA Western Region Symposium this week with a provocative panel discussion about the big issues they face today. EPSi was a Silver Sponsor of the symposium, the largest HFMA conference outside the group’s annual conference.
Dennis Dahlen, CFO of the Mayo Clinic, moderated a panel featuring Greg Wojtal, Chief Administrator and Finance Officer of Asante Health, Renee Ennis, Vice President and CFO of Presbyterian Health Services, and Mike McAnder, Executive Vice President and CFO of Piedmont Health.
Among the topics they tackled were the struggle to recruit physicians, particularly in rural markets where they hope to expand services, and the large and growing consolidation and merger and acquisition activity across the industry. Each talked at length about their goal to stay away from the mega mergers and keep their systems within their state lines.
Another issue the panelists brought up is their constant struggle to balance cost cutting and revenue expansion. Piedmont has a STARS initiative to reduce $200 million, while Presbyterian is building a location in Santa Fe as well as expanding presence in Albuquerque while also realigning from corporate service line structure to putting responsibilities at the point of service locations and managing at the site in an initiative focused on better controlling costs.
EPSi Director of Business Development for the Western Region George Krueger says the panelists reinforced themes heard throughout the symposium. “Kari Cornicelli, VP/CFO of Sharp Healthcare, made a great case for the business value of high reliaity in the face of decreasing revenues, increasing costs, and continued volume growth,” says Krueger. “She stressed the importance of maintaining financial viability by identifying and addressing the ‘hidden costs’ of waste, inefficiencies, medical errors, and employee injuries.”
EPSi will be exhibiting at the HFMA National Conference in June in Las Vegas, and at the Becker’s National Conference in April in Chicago. Look for us there, where we’ll be showcasing technology innovations.
Mr. McAnderson of Piedmont shared how his system achieved $200 million in cost reductions derived from business intelligence- what he called their “one source of truth.”