EVENTS
Necessity: The Mother of Innovation COVID-19 proved the point
Along with its challenges, the pandemic has forced providers to get creative in the ways they deliver care.
Smart suppliers have helped them. Speakers at the recent 2021 IMDA/HIRA Conference in Chicago spoke about innovations in processes and products that have emerged from COVID-19. IMDA is the Independent Medical Specialty Dealers Association, and HIRA is the Health Industry Representatives Association.
Speaking about financial management: Todd Nelson, chief partnership executive, Healthcare Financial Management Association Forced to postpone many elective procedures because of the pandemic, hospitals and health systems had to figure out how to provide care to those who needed it while maintaining revenues, said Nelson. Many turned to telehealth, and others explored mergers and acquisitions, repurposing old facilities and reducing their building footprints. Next up? Navigating the risks and rewards of capitation instead of fee-for-service reimbursement. 54
December 2021
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Because of the pandemic, financial managers tuned in to the fact that supply chain management is far more than the purchase price of products and equipment. It also involves considering the country of origin of critical products, warehousing and distribution, and the potential benefits of buying from reliable local suppliers. When considering the cost-effectiveness of a medical product or piece of equipment, financial managers think in terms of spending time and money appropriately to achieve the best possible outcome in terms of patient health and safety, said Nelson. It’s more about mission than margin.
