Hospital CFO Advice to Improve Bottom Line and Generate Value Quickly
by XSOLIS Insights, on Nov 14, 2022 8:00:00 AM
Jerry Yang has a unique vantage point to discuss the current industry challenges facing hospital CFOs. His experience spans over a decade with five different hospital systems, and he currently serves as Vice President, Chief Financial Officer of Operations for MultiCare Health Systems in Seattle, Washington.
As a young CFO in 2012, Jerry was early to adopt the idea that the right technological solutions – particularly AI-driven ones – could quickly create high-value returns, which is what led him to discover XSOLIS.
“A lot of folks didn’t understand the technology and its capabilities yet, but I got involved and really understood the possibilities,” said Jerry. “Predictive DRGs and predictive status allow us to really prioritize patients, so we can use our labor a lot more effectively.”
Jerry’s roles advanced at different health systems as XSOLIS’ technology evolved.
Fast forward ten years – and currently at his third employer that has partnered with XSOLIS – little did he know that these gains would become especially valuable in today’s staff-stretched and revenue-challenged environment for hospitals and health systems.
While Jerry shares that utilization management has fared better due to that team’s ability to work remotely, it still experiences higher turnover compared to pre-pandemic levels.
“We have a lot less staff, but XSOLIS allows us to cover the same amount of patients at a higher level of clarity and accuracy than we’ve ever done before, with a lot less cost,” said Jerry.
“(We've been) able to drive up our inpatient status of patients over two midnights from low 90% to very high 90s, almost 99% compliance, which is astronomical. And for patients under two midnights, the compliance on inpatient observation has gone up 20%.”
“So even with the staffing shortage and inflation on the salary side, we're still able to see 20% improvement in denials, rates, and compliance on two midnight rule, with less staff.”
While the industry has been working toward value-based care for a long time, Jerry describes the theme of the current environment – doing more with less – as something that will accelerate the adoption of value-based care.
“We have to transform the way we do business and be even more efficient. We have to rely on our technologies. We have to have creative thinkers and create partnerships – not just with payers but also with partners, including folks like XSOLIS.”
Watch a video interview with Jerry Yang.
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