4 Pressing Financial Issues Facing Hospital Executives Today

Source: Becker’s Hospital Review

A recent report from L.E.K. Consulting found that more than 60 percent of hospital executives expect to have higher budgets this year, roughly double the amount from two years ago, but higher budgets do not necessarily lead to easier financial decisions. Bob Lavoie, vice president of L.E.K. Consulting and head of its New York office, says the study fielded responses from roughly 200 hospital leaders, including CEOs, COOs, CFOs, material managers and purchasing directors. After combing through the results and forecasting pressures over the next 12 to 18 months, he says there are four main financial issues facing hospitals today, ranging from supplier negotiations to health information technology initiatives.

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People's Choice Hospital is a boutique company that specializes in managing the unique environment of a hospital with its complicated communication and documentation systems. PCH is led by practicing physicians and hospital administrators with expertise in financially distressed facilities. People's Choice Hospital understands the daily challenges of operating a high volume, under-funded medical center in a large urban community. Our goal is to restore struggling hospitals to a position of strength in their communities by leveraging superior technology, communications, and business acumen.