SOURCE: SCI Solutions

SCI Solutions

March 11, 2015 09:00 ET

New Research Shows Health System CFO Priorities for Growing Revenue and Reducing Costs Focus on Better Community Provider Collaboration

Data Points Toward Increasing Outpatient Revenue Through Better Alignment With Independent Community Providers While Containing Network Leakage

SEATTLE, WA--(Marketwired - Mar 11, 2015) - SCI Solutions, the health industry's leading referral management and patient scheduling platform, today released results from a new report, "CFO Priorities in Today's Value-Based System of Care." The survey of nearly 150 healthcare CFOs and other finance executives finds that CFOs are implementing new practices to bolster revenue and recover working capital that has been lost in pursuit of legislative mandates. At the same time, they are prioritizing strategies that extend beyond the walls of the hospital, as they work toward a new value-based system.

While noting the inadequacy of returns from investments in electronic health records (EHRs), CFO respondents also pointed to their prioritization of new technologies to support revenue growth -- acknowledging the vitality of better collaboration with independent providers, driving patient engagements and revenue within their health system networks.

Key findings include:

  • Nearly all respondents (92 percent) said health system revenue growth depends on better alignment and collaboration with referring providers in their communities. 
  • When describing most successful methods for generating future revenue growth, CFOs focused on introducing new service lines of business (61 percent), growing referrals from independent providers (57 percent) and reducing network leakage (51 percent).
  • While many CFOs indicate a less than adequate return on their EHR investments, or are unclear on the return, 16 percent never expected a return at all. Only 4 percent described their EHR returns as excellent.
  • To drive out costs, a majority of CFOs are focused on improving provider utilization patterns (59 percent) and centralizing and standardizing administrative processes (56 percent).
  • CFOs believe future competitive advantage is linked to being a premium quality provider in their market, with 43 percent indicating that this will be vital to future competitive advantage.

"Forward-leaning health systems are adopting business strategies and supporting technologies designed to grow revenue across the care community and support a referral destination strategy," said Joel French, CEO of SCI Solutions. "What is encouraging about the findings is that while many CFOs continue to operate with a fee-for-service mindset, many others recognize the need for new revenue strategies and have plans in place to ensure the long-term revenue growth of their organizations."

About the Survey
SCI Solutions used peer60's Reaction platform, an independent market research ecosystem with access to hospital leaders around the world, to get data from nearly 150 hospital CFOs and other finance executives over the course of just a few weeks in December 2014. View the full survey results here.

About SCI Solutions
SCI Solutions improves the health of the healthcare system by enabling provider networks to gain economic value through better community-based care coordination. SCI operates a cloud-based service for a network of approximately 600 hospitals and independent providers, including diagnostic imaging centers, physician groups and post-acute organizations. SCI connects health systems beyond their traditional boundaries to their community partners in ways big IT systems can't. Provider networks utilize SCI's service to coordinate patient care transitions, schedule patients, automate referrals and manage orders. An integrated and easy-to-use business analytics toolset identifies opportunities and monitors performance. As a result, healthcare organizations experience increased outpatient revenue, better coordinated care and greater physician satisfaction. For more information, visit scisolutions.com.

Contact Information

  • Contact:
    Collin Roberts for SCI Solutions
    Email Contact
    (206) 664-7839