Healthcare Finance Executives Gather in Sunny Amelia Island for the 2023 Healthcare Finance Institute
Last month, from April 2nd – 4th, we hosted the 12th annual Healthcare Finance Institute.
Every year for over a decade, IPMI looks forward to the month of April when we can reunite CFOs from large Hospitals and Health Systems across the country to network and share critical strategies about their essential roles. The event serves as a pinnacle moment to recognize the CFO as the lifeblood of the organization, examining the weight and implications for playing such a key part in the survival of US healthcare systems.
The two-and-a-half-day event focused on remarkable achievements healthcare finance leaders made in response to the tremendous challenges sparked by COVID-19. Systems across the country reinvented processes and adopted new capabilities to better manage finances during the most complex storm of variables in recent history, and this year’s event was a wonderful opportunity to unpack all these accomplishments and examine where they will lead as we look towards the year ahead.
With ongoing changes to clinical and operational business models, variations in workplace structure, staffing shortages, burnout, impacts on wage inflation, and a greater emphasis on consumers and virtual care, the program hit the ground running on Sunday, April 2nd to address how healthcare finance executives are continuing to evolve strategies to tackle the disruption.
Successful navigation will depend on how leadership teams communicate, with collaboration as a key theme of the 2023 program. The agenda featured perspectives from a number of different leaders working in tandem with the CFO to lower costs and improve patient care.
Perspectives from esteemed CEOs Stephen Scogna, President & CEO of Norhtwest Community Healthcare, Cliff Deveny, MD, President & CEO of Summa Health and Steve Purves, President & CEO of Valleywise Health highlighted how to build and maintain a strategic alliance.
To address the staffing shortage and increased workforce burnout, Sharon M. Kelly, Chair of Mayo Clinic Revenue Cycle hosted a panel featuring helpful insights from Dr. Richard Wadas, VP of Physician Practice Excellence at UPMC and Craig Felty, CNO and COO of Hancock Regional Health. Together they identified challenges and solutions for the changing needs and priorities of the healthcare workforce, and implications for the ‘new’ workplace including contingent staffing models, engagement and culture initiatives and remote work structures.
Hospitals must also focus on the ongoing improvement and management of the revenue cycle to maintain cash flow and financial health. To address how to adapt to regulatory changes, emerging payment models, healthcare consumerism and health reform, the agenda provided a platform to leaders within the Revenue Cycle for an interactive fireside chat, creating a safe space for the audience to exchange questions and comments with the experts.
Continuing on the theme of collaboration, the agenda also showcased an eye-opening session on the pharmacy landscape, hosting experienced pharmacy executives Binita Patel from Memorial Hermann and Andrea Read from Novant Health. Together, they shared tactics to control pharmacy costs and enhance growth within the landscape to create new revenue streams and partnerships.
Looking beyond internal health system perspectives to get a big-picture sense of the state of Healthcare in the US, the attendees were fortunate to hear from Joseph Doyle, Ph.D., Erwin H. Schell Professor of Management and Applied Economics at the MIT Sloan School of Management. He shared his assessment of the fiscal challenges facing the American healthcare system overall, providing insights into likely policy responses related to healthcare innovation.
IPMI would like to extend a heartfelt thank you to our esteemed Speaker Faculty, 2023 Advisory Committee, Service Provider Partners, and Attending Delegation.
The 2024 iteration of the Healthcare Finance Institute will take place April 7th – 9th, 2024 at the Four Seasons New Orleans.
To contribute to the next Healthcare Finance Institute whether sharing some insights and experiences as a member of the Speaker Faculty, suggesting topic areas for the agenda or joining the waiting list for attendance, please contact Jennifer Holmes at firstname.lastname@example.org
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