The U.S. healthcare industry has been focused on Improving healthcare quality since at least 1999, when the Institute of Medicine (IOM) published To Err is Human: Building a Safer Health System. The current framework for making healthcare better, adopted widely by the U.S. Department of Health and Human Services (HHS), the Centers for Medicare and Medicaid Services (CMS), and other institutions, is commonly known as the “Quadruple Aim.”
This blog post continues our blog series based on the HealthStream eBook, The Quadruple Aim, that explores this important effort to improve and reform U.S. healthcare. Here we will briefly examine the effort to reduce the cost of providing and receiving care.
Hospitals and other healthcare organizations were in financial trouble even before COVID-19 became a global problem. Even in the best of times, the typical hospital barely survives by operating on a super thin margin—in the vicinity of 3.5%—which is expected to decline for many in coming years. Even pre-pandemic, as many as half of all U.S. hospitals were expected to experience negative margins as soon as 2025. The outlook was bleak, and COVID-19 may turn it into a disaster.
Hospital margins have plummeted during the pandemic—many are in a deep financial hole from which it may take multiple years to recover. In reaction, there will be a strong incentive to reduce costs in many directions. The pandemic may be an impetus for greatly increased government financial involvement in healthcare, as well as in encouraging many organizations to make far greater changes in how they provide care. Here are some suggestions many hospitals may implement in their efforts to earn to do more with less while still working to improve care:
Even in the midst of a challenging moment in healthcare, many people are working to find ways to make caregiving more effective and successful in the future. Download the Quadruple Aim eBook to learn more about each Aim and how HealthStream has mapped multiple solutions to each of these critical issues.
From solutions with a focus ranging from clinical development and reimbursement to quality and performance management, HealthStream is dedicated to improving patient outcomes through the development of healthcare organizations’ greatest asset: their people.
HealthStream’s learning management system and comprehensive suite of competency management tools empower your healthcare workforce to deliver the best patient care.View All Learning & Performance
When you enact HealthStream's quality compliance solutions, you can do so with the confidence your healthcare organization will meet all standards of care.View All Quality & Compliance
Fulfill compliance requirements with a variety of programs and courseware designed to address critical regulatory requirements as well as educate staff to recognize and mitigate risks.View All Products
HealthStream offers professional training and education on how to best optimize your reimbursement process within your healthcare organization.View All Reimbursement
Improve the preparedness of your staff, increase survival rates, and cut costs with the advanced resuscitation training services from HealthStream.View All Resuscitation
Expand the decision-making skills and effectiveness of your healthcare workforce with HealthStream's clinical development programs and services.View All Clinical Development
HealthStream’s learning management system and comprehensive suite of competency management tools empower your healthcare workforce to deliver the best patient care.View All Products
Delivers everything you need to request, gather, and validate information about a provider to create a single source of truth for downstream processes.View All Credentialing
Make sure your healthcare staff can schedule out appointments and work schedules with ease using HealthStream's line of software solutions.View All Scheduling & Capacity Management