strategy report: cost reduction
Successful Cost Reduction Strategies in the Wake of COVID-19
Key Takeaways and Lessons Learned from the Pandemic
Even as health system volumes continue their slow return to pre-pandemic levels, organizations determined to be better prepared for the next emergency are rethinking their cost reduction strategies.
In this paper, we share strategies and tactics presented in a webinar for members of the Healthcare Financial Management Association (HFMA).
- See the top 5 archetypes driving organizational cost reduction strategies
- Learn the 7 steps to a successful cost reduction strategy
- Understand the three approaches to cost reduction
- See the formula for driving post-COVID-19 recovery
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Roundtable Participants Included:
- Ryan Self, vice president of Professional Services at Strata Decision Technology. Self is a seasoned decision support manager after spending 10 years managing large-scale projects across the provider spectrum at Deloitte Consulting in the margin improvement, strategy and decision support groups.
- John Baker, senior director of Continuous Improvement at Strata Decision Technology. Baker previously built cost reduction and productivity improvement programs that removed hundreds of millions of dollars in waste at Northwestern Memorial (Chicago), UnityPoint Health and Wellmark Blue Cross Blue Shield.
Key Themes:
Dynamic Planning Adds Speed & Agility When Needed Most
Increase The Focus on Quantifying Market Risk & Exposure
No Second Chances for Major Cost-Reduction Programs
Communicate Transparently & Go All-In is Key