Hospitals must boost performance 20%-40% to thrive

The Healthcare Value Wire reports that boosting revenue and containing costs continue to be among the priorities for hospitals and health systems as they face more pressure than ever to thrive in a rapidly changing healthcare market, reveals a brief from Huron Healthcare Consulting.

“As they transition away from fee-for-service toward value-based payment models, healthcare leaders recognize the need to improve performance by 20% to 40% to create the margins needed to thrive,” says the brief. To do this, every important operational, clinical, and governance function needs to be evaluated.

Five of the key challenges providers will face over the rest of this year are: (1) pacing the shift to value-based models; (2) responding effectively to the economic dynamics of local markets; (3) securing and growing market share; (4) containing core operating costs; and (5) developing alternative revenue streams.