Achieving Financial Sustainability
By uniting EY disciplines such as operational performance improvement, talent, supply chain, technology enablement and digitally enabled processes, our team positions providers to shore up today’s financial performance — and capture tomorrow’s evolving opportunities.
What EY can do for you
Over a tumultuous few years, health care organizations have been on a financial rollercoaster, often facing the need for freed-up capital or even rapid restructurings. Amid this pressure to sustain operations today and reinvent for tomorrow, these groups face a multitude of economic and consumer forces:
- A persistent need for clinical labor amid intense nursing shortages, as health care is poised to be the biggest industry in the US by 2030
- Uncertainty stemming from reimbursements based on quality performance measures, amid downward pressure on revenues
- Increasing demands for investments in patient and customer experience to attract and retain patients in a competitive health care environment
- A supercharged push toward digitally enabled care and operations, as virtual visits and care at home surged in the wake of lockdowns and more smart-health devices enter the market
The EY Achieving Financial Sustainability solution unites capabilities across disciplines to help reduce costs and sharpen efficiencies while boosting quality, improving patient experiences and seizing new growth opportunities.
Encompassing both protect-to-survive and invest-to-thrive action plans, Achieving Financial Sustainability is not one solution: instead, it’s a flexible performance framework backed by top talent in the EY network and enabled by next-generation digital tools, depending on your organization’s priorities. We begin with a rapid, digitally enabled diagnostic that benchmarks against others in your peer group, leveraging data. Next, we analyze the needs and opportunities by department and prioritize them based on impact.
Achieving Financial Sustainability can help you accelerate broad strategic goals, such as:
- Developing new revenue streams. We look at joint ventures and affiliations, payer contracting models, real estate, and more, to help your organization improve top-line growth and market share.
- Decreasing total cost of care. We help find ways to eliminate waste and boost utilization of assets by examining functions in your organization such as workforce efficiency, digital solutions and supply chain.
- Increasing quality. We can help you drive clinical operational excellence though improvements such as greater coordination, utilization and outcomes reporting.
- Improving experiences and equity. We can help strengthen patient-centricity and potentially eliminate health disparities by addressing issues with settings of care, including virtual capabilities, along with a greater focus on tracking outcomes and satisfaction.
See how EY teams worked alongside Lutheran Family Services of Nebraska (LFS) to help create a leading-class finance experience for its stakeholders while also instilling confidence in its employees to better fulfill its mission of service.
