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2/24/2014
10:47 AM
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HIMSS14: Healthcare CIOs Wrestle With Economic & Regulatory Pressures

A McKinsey consultant tells CHIME CIOs they will have to innovate their ways out of an economic squeeze. Regulators hint at some flexibility.

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David F. Carr
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David F. Carr,
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2/24/2014 | 1:41:04 PM
Re: No. 1 Challenge
It may not be a straight cost cutting exercise, but it will have to be one with strong ROI in order to make the economics work - so that, overall, healthcare organizations are delivering better care with less money.

At this morning's keynote, Aetna CEO Mark Bertolini cited estimates that about 30% of the money spent on healthcare in this country is wasted. That equates to $800 billion per year. So cut the waste, and it ought to be possible to achieve great savings. The problem for hospitals is that many of the strategies for reducing overall costs emphasize performing care outside of the hospital, the most expensive setting. So hospital execs have to worry about seeing less business coming in the door and the business they do attract is likely to come with a demand for deep discounts.
RobPreston
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RobPreston,
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2/24/2014 | 11:03:52 AM
No. 1 Challenge
As Dr. Sutaria suggests, this isn't a challenge that healthcare providers can automate their way through. Their future financial health rests on their ability to provide "fundamentally different care, better care, enabled by information." That's not a cost-cutting exercise.
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