Hospitals and health systems are facing extreme challenges, from managing increasing costs to adapting to new workforce structures, all while providing quality care to their patients. And while every organization is unique, we at VHHA Shared Services hear trends that show some issues are universal. We’ve compiled some of the most common challenges Virginia hospitals are focusing on, and how we work with our members to solve them. 

Data & Cyber 

The best decision-making involves data. Hospitals rely on past performances to identify ways they can improve. But to do so, they need to know they have not only enough data, but that they can trust its accuracy. Many health systems are joining with trusted partners to complement their own data. However, with additional data comes additional risk – the healthcare industry is one of the most targeted industries for identity theft and data breaches. Hospitals and health systems must continue to implement additional safeguards to ensure their data and systems remain secure. 

Finances 

The uncertainty in the economy, and financial landscape across multiple industries have been talked about in the media lately, so it’s no surprise that this is an important focus for hospitals, too. CFOs and financial leaders are discovering new ways to manage costs and increase revenue. Hospitals should look at ways to improve their revenue cycle management systems, use technology to automate routine tasks to reduce labor expenses, and focus on patient experience to create loyalty and return customers to their system.

Patient Safety & Quality 

Any hospital’s primary goal is the treatment and safety of its patients, and as such, it always remains a top priority. Hospitals are continually looking for ways to increase their quality scores and patient satisfaction. As the workforce remains a challenge in most health systems, leaders are also examining the return on investment of projects, looking to maximize the results they see while minimizing the additional staff effort required. We’ve seen many hospitals employ new techniques and technologies by partnering with innovative companies to achieve these goals. 

Payor Solutions 

Hospitals must be actively managing their health insurance payor relationships by understanding each payor’s reimbursement policies, contracting terms, and patient eligibility requirements. Additionally, hospitals should continuously monitor their reimbursement rates and contract terms, use technology to track payor performance, and be prepared to renegotiate or terminate contracts when necessary to maintain financial sustainability and ensure high-quality patient care. Effective management of health insurance payor relationships is crucial for hospitals to remain financially viable and provide quality care to their patients. 

Supplies & Equipment 

Hospitals require a multitude of supplies and equipment to operate at peak performance. Any delay in supply can significantly impact a hospital’s ability to operate and care for patients. We’re seeing more hospitals ensure they have the supplies they need to treat their patients by reviewing and refining their supplier networks or by bringing on secondary suppliers. This can also help minimize costs, which is especially important while hospitals deal with inflation and the increase in the cost of supplies. 

Workforce 

Many industries are facing workforce challenges currently, and healthcare is no exception. We hear how hospitals are working to combat a shortage of employees by focusing on employee recruitment, retention and reimagining the healthcare workforce structure. Hospitals are reviewing their benefits and policies to make sure they’re creating a positive working environment and retaining their employees. This can include more flexible scheduling or refining the composition of their employees, finding the right balance between full-time and gig employees, and everything in between. 

While these challenges exist, we see hospitals and health systems overcome them in innovative ways. At VHHA Shared Services, we work with our hospital and health system members to understand their biggest challenges and help connect them with solutions that not only address these challenges but support their future planning. We’ll be exploring these areas in more depth throughout the year, continually sharing best practices and new ideas to help hospitals improve. If you’re facing a challenge in your hospital or health system and would like to see how we can help, connect with us here.