Cardiovascular Program Coordinator Course Non-CE-Module 8: Session 1

Video Transcription

Video Summary

In Module 8, Session 1 of the Cardiovascular Program Coordinator course, the focus is on Financial Management. The session covers topics such as cardiovascular revenue background, hospital response to change, and the value proposition of accreditation or certification. Hospitals are facing financial challenges due to limited resources and declining margins. To achieve sustainable margins, hospitals need to control expenses and grow revenue. Cost avoidance strategies include standardizing processes, reducing redundancy, and optimizing supply chain management. Labor costs should be managed by slowing workforce growth rather than reducing compensation. Hospitals should also focus on revenue cycle management and strategic technology investments. To increase revenue, hospitals need to win market share and improve patient volumes in both inpatient and outpatient settings. Various factors affecting cardiovascular revenue include changes in payer policies, payment reform, and the shift towards value-based care. Standardization of patient care and following evidence-based guidelines can reduce variation and improve patient outcomes. Hospitals should be proactive in responding to healthcare changes and focus on cost avoidance, value-based initiatives, and improving patient care and outcomes. The ACC accreditations and certifications can help hospitals navigate these challenges and achieve desired results.

Keywords

Financial Management

Cost Avoidance Strategies

Revenue Cycle Management

Value-Based Care

ACC Accreditations and Certifications