New Pricing Initiative from Saint Francis
In almost every profession, higher quality means higher costs. But in healthcare, quality actually costs less. There are several logical reasons to this seemingly illogical reality:
- The amount of government reimbursements from Medicare and Medicaid are now based largely on outcomes. The better the outcomes, the higher the reimbursement;
- Most private insurance contracts, group policies and insurance co-ops also carry performance provisions. For example, if a patient has to return to the hospital within 30 days due to complications from the original visit, reimbursement is significantly affected. As a Leapfrog Grade A Hospital, Saint Francis has a solid and consistent record for ‘doing things right the first time.’
- At Saint Francis, we’ve made significant and well-placed investments in people and technologies that have helped us achieve exceptional results in terms of positive outcomes and operating efficiencies. And…
- …by connecting resources throughout our healthcare system – and a focus on internal communication and collaboration – we’ve eliminated unnecessary expenses while leveraging our volume to further increase efficiencies and operational cost savings.
This all adds up to higher quality and lower operating costs. We’re pleased to once again pass our savings on to our patients and their families! At Saint Francis, we think that’s the right direction for healthcare – and a great, tangible expression of our commitment to be Called to Serve YOU!
Maryann Reese, president and chief executive officer of Saint Francis Healthcare System, shares how higher quality equates to lower prices for you: