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Technology
Preparing for the Next Wave of Smart Hospitals
Digital transformation remains a key strategic goal for the health care industry, and the ongoing pressure to optimize workflows, maximize human resources and adjust to powerful technologies like generative AI has led to a resurging interest in the smart hospital concept. Broadly defined, a smart hospital is one that is fully digitized and interconnected across the care continuum, leveraging inter...
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Health Care LandscapeAccess StrategyPayment EvolutionDigital Health
Strategy Is (Finally) Back in the Driver’s Seat
Health care organizations have turned the corner on pandemic recovery and are now strongly focused on strategy and investment. Day-to-day operations have stabilized for most. But the industry’s competitive landscape has irrevocably shifted, and the performance gap between the best and worst has widened. Health systems must chart this new territory with less capital, which makes strategy&mdas...
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Digital Health
Digital Health’s Cybersecurity Conundrum
I've started labeling cybersecurity as the "Achilles' heel" of digital health. Across meetings, workshops, and events, Sg2 experts have touted the opportunities that telehealth, AI, and other digital technologies can bring to health care, but cybersecurity risk always pumps the breaks on those discussions. It's the looming dark cloud. The elephant in the room. A digital skeptic's favorite topic to...
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Smart Growth
Sg2 and St. Luke’s: Guiding Future Growth and Transformation
St. Luke’s Hospital, a nonprofit health system in the greater St. Louis area, consists of two hospitals with 636 beds, two ambulatory surgery centers, eight urgent care facilities, nearly 200 employed physicians, and a medical staff of over 1,000 physicians across 60 specialties. Post-pandemic, the hospital faced challenges due to the lack of a formalized strategic plan and wanted to refine ...
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Payment Evolution
It's Time for Providers to Reevaluate Clinical and Economic Models for Value-Based Care
Environmental factors are adversely impacting provider financials and weakening providers’ positions in fee-for-service (FFS) contracting. Providers have been working to regain financial stability after pandemic-driven volume swings that were quickly followed by workforce shortages—now the health care industry can add inflation to the list of considerable challenges. These pressures have quickly ...
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Service Lines
Bridging the Gap: Increasing Access to Behavioral Healthcare
Editor's note: Randena Hulstrand, Lead Brand Journalist, Vizient, contributed to this post. By addressing hospital utilization and quality, implementing innovative models of care and forging partnerships, health systems can help reduce economic disparities and improve patient access to behavioral healthcare services. While behavioral health conditions—including major depression, anxiety and ...
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Finance
Appetite Remains Strong for Private Equity Investment in Health Care
Despite headwinds, private equity (PE) continues to make strong inroads into health care. PE investment will remain a significant force for the foreseeable future, which represents both an opportunity and a challenge for health systems. Although some see PE as an unwelcome intrusion that complicates physician alignment and service line growth, forward-thinking health systems are leveraging PE par...
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Health Care LandscapeStrategic Planning
Health Care's Three-Year Horizon
For most health systems, the post-COVID survivor mode has ended. Systems have reached some level of cost structure and workforce stability, and they can turn their attention once again to strategic investments and growth. But that doesn’t mean the coming years will be without challenges. Top of mind for many is ambulatory growth and access, capacity management, new revenue generation, and s...
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Digital Health
Supporting Clinical and Operational Goals With a Digitally Enhanced Supply Chain
Since the introduction of ChatGPT in late 2022, we’ve been busy discussing with health care stakeholders how to best plan for and use AI across their organizations, from supporting clinical decision-making to reducing administrative burdens. What I didn’t plan for was having nearly half of these discussions focus on supply chain. But perhaps this shouldn’t be a surprise—wh...
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FinancePayment Evolution
ACO REACH Is Here! How Will It Impact Your Value-Based Care Strategy?
Understanding the Transition: ACO REACH Replaces Current Direct Contracting Model On February 24, 2022, the Center for Medicare & Medicaid Innovation (CMMI) announced the ACO REACH (Realizing Equity, Access, and Community Health) Model, with an application period ending April 22, 2022. ACO REACH will replace the current Direct Contracting Model (DC) on January 1, 2023, as the highest level of...