Healthcare's Financial Health, JP Morgan Conference, and Price Transparency with Retired CFO Rob DeMichiei
January 22, 2021: Rob DeMichiei, Board Director, Strategic Advisor and Former CFO lends Bill his wisdom and expertise in dissecting the JP Morgan Healthcare Conference. What did they hear and what are the implications moving forward? Social determinants of health is a key area of focus and investment. How can this issue be addressed? Who are the new entrants into healthcare? Will CVS, Walmart and Amazon be the biggest players? What’s going on in the financial reports of health systems right now? What do you do with a workforce that is fatigued from the demands of COVID? Can we get the pre-pandemic volumes of people back in? Or has the model completely changed?
- Health systems employee satisfaction surveys are showing a 10% rise. Employees like the flexibility of working from home. [00:05:40]
- From a balance sheet standpoint and a liquidity standpoint, the takeaway from the conference is that health systems are still in very good shape [00:07:15]
- You've got to pull that Cares Act funding out to see where you really stand from a true volume, less volume slash revenue, less expense standpoint.
- Ascension’s horizontal integration plan [00:09:20]
- Price transparency is the first crack in the dam. Over the coming years, there will be more disclosure and more transparency. And once brokers, insurers and employers get a hold of this data it's going to lead to lower prices for providers. No doubt. [00:33:20]
- Fee for service is a brutal paradigm to be in [00:38:40]
- JP Morgan Healthcare Conderence