Time is Money in Healthcare

The healthcare industry in the US has been a bone of contention for some time now. The reform and economic crisis have taken their effect. Job losses are ripping out the heart and health of America and improved systems to deal with the changes bring their own challenges to the community. The NG Healthcare Summit which has just taken place in Florida has been key the sort of future planning which will protect the industry into the future.

The United States spends around $2 trillion a year on healthcare expenses, more than any other country across the globe, but critics are still questioning if the country’s finances will be able to support the reform. Despite original predictions that costs would be initially reduced it would do little to stem healthcare expenditure, something which executives from the industry are determined not to let happen.

Electronic medical records (EMR) have been named as key technology innovation to improving patient care and reducing medical errors say the NG Healthcare committees who have just had their latest meeting. This has been backed through federal stimulus money that along with legislation can reshape the healthcare industry.

Still, talk to people in healthcare and it is clear that there are myriad issues that need to be resolved before there is unanimous adoption of electronic records. Key challenges include financing the conversion from paper to computerized records, designing the work flow, making systems easier to use, integrating files from multiple sources and, of course, ongoing technical support.

“Staff time is valuable especially within the healthcare industry where understaffing can mean the difference between life and death. Rather than paying trained staff overtime to enter data at the end of their shift it allows them to update as they go along without having to input the same thing multiple times” The discussion was moderated by Greg Caressi —the SVP of Healthcare and Life Sciences at Frost and Sullivan—and is was used as an exercise to openly discuss the common challenges that the group is facing as they move their respective hospital systems to a more digitally-centric future. Participants included, Mark Elmer, the CTO of Texas Health Resources; Paul Brown, the CIO of Trinity Health; Tom Doyle, the VP & Chief Architect from HCA; Eric Paternoster, SVP and Unit Head—Insurance, Healthcare & Life Sciences at Infosys Technologies; Jeff Gartland, VP of Business Development for RelayHealth and Diana Nole, President of Digital Medical Solutions for Carestream Health.

The Federal stimulus Bill has promised anywhere from $44,000 and $65,000 to doctors who convert to electronic records but the funds will be paid in increments over a span of a few years and there are still questions the committee wants answered.

“We must also remember that a shift to electronic files will not just be a financial strain but will require an overhaul of the processes used for treating patients, to make this a smooth transition is key to success”Continued the committee “With the targets set it is now up to us to implement the strategies to achieve greatness within the industry.

Despite the concerns it has never been argued that change isn’t hard but with a united industry and the budget to support the future seems set.

Healthcare CFO’s V-tach on Obama’s Healthcare Reform

Urgent meetings are being held by the financial leaders of American Healthcare companies in the wake of Obama’s Healthcare Reform being passed 219 – 212 in the House of Representatives. The introduction of this policy heralds a transformation in the fabric of American society, and the way U.S citizens receive medical care has suddenly been revolutionalised in a direction which healthcare CFO’s cannot afford to ignore.

Obama states: “[It] answers the prayers of every American who has hoped deeply for something to be done about a healthcare system that works for insurance companies, but not for ordinary people.”

As miraculous as this sounds, the campaigns against the bill have been vehement, and during these unstable economic times not everyone is content with Obama’s changes. CFO’s need to strategize together to implement a plan that ensures the successful revenue cycle of their organizations. Industry leaders such as Vince Schmidt SVP and CFO of Multicare Health System, Mark Spafford CFO and VP of Health Management Associates, Robert Booth CFO of Summit Medical Group, and Larry Dupper CFO of Valley View Hospital are attending a series of closed door meetings at the ‘CFO Healthcare Summit US 2010’ in Arizona to discuss at this illustrious occurrence what action needs to be taken, and how.

A leading source, who wished to remain anonymous stated, “ I think most CFO’s feel thrown in at the deep end like never before. It is sink or swim, and we need a consistent approach to tackle these difficulties so the ‘CFO Healthcare Summit US 2010’ is a crucial event for our company, and for the American Healthcare industry as a whole.”

Obama’s greatest allies and fiercest critics await the outcome of the ‘CFO Healthcare Summit US 2010’ with baited breath, as not only the financial future of the American Healthcare system will be decided, but also the sagacity of the bill which Obama fought so hard to win will be revealed.

Fuel for thought: Total e&p and Aspect Energy CEOs head to Englewood, Colorado

Brian Rovelli, President and CEO of Total e&p Research and Technology USA, LLC, and Stephen Lipari, President and CEO AASLAP/EVP Aspect Energy have both confirmed attendance at the Next Generation Oil and Gas Summit in June.

The summit, which will begin on June 3rd at The Inverness Hotel in Colorado, has been organised for Oil and Gas visionaries to combat the economic crisis and unite in this unreliable climate.

The question has been asked by many. Was the oil and gas industry to blame for the economic downfall? Accused of limiting supply to increase demand and therefore making prices rise, has lead to small businesses failing, subsequently contributing to the crumble in the financial world.

But with its multi-billion pound infrastructure can the Oil and Gas sector lead the economic turnaround?

Mr. Rovelli and Mr. Lipari are two of the most influential men in the sector. Their audience and peers will consist of many other industry leaders, whose decisions and business models in the coming years will shape the way the United States faces the energy crisis, the Obama administration’s regulations and decisions, and the relationship with oil-rich countries abroad.

Amongst this group are BG Group Head of Well Engineering John de Lange, Bill Barett Corporation Onshore Oil & Gas Exploration and Production Executive Wilfred Roux, Bonanza Creek Energy EVP of Engineering and Planning Gary Grove, and Ellora Energy’s Vice President of Exploration Valerie Walker. These industry veterans and many others will spend three days discussing the major issues that will shape the most vital of topics. If targets are achieved, with a large investment and unity amongst the sector, new innovation could pave the way to an economic upturn.

Candidate for US Senate wows elite Oil & Gas delegates at the NG O&G Summit

Commissioner Elizabeth Jones, a recognised leader in the field of energy supply, and recently announced candidate for the US Senate, wowed an audience of top Oil & Gas executives at the Next Generation Oil & Gas Summit last week in Colorado.

The Commissioner¹s policies are well-known throughout the industry, and she impressively oversees the Texas¹s energy supply, which is key to America¹s economical stability.
Last week¹s meeting was focused around Jones¹s political hurdles with the Obama Administration and the issues she faces in developing America¹s energy security by advancing domestic energy resources as an alternative to Obama¹s wish to outsource supplies from other countries. Her focus appears to be on the need to support the industry and the state during the unstable economic climate, and in turn create more jobs for US citizens.

As a fourth generation family member in energy supply, her passion and drive were a mere catalyst at the summit for Oil & Gas visionaries including John de Lange, Head of Well Engineering at BG Group; John t¹Hart, VP of Exploration at Talisman Energy; Juan Uribe, Manager Global Operations Upstream at Repsol; and Jay Still, EVP Domestic Operations at Pioneer Natural Resources. This esteemed group discussed new ways to deliver energy across America with technology leaders from CSC, Dupont, Landmark, Deep Down and MDA Geospatial.

Influential thinkers like Commissioner Elizabeth Jones are now stepping up to the challenge, and willing to take on the responsibility of America¹s energy supply by discussing political and economical ideas with other thought leaders. Platforms like the Colorado summit need to become available to the industry¹s figureheads for discussions to occur more frequently.

It is not very often that leaders of this calibre in the Oil & Gas industry can gather in one place. It is even more rare that a state can be held up as an example for the rest of America as Jones has done with Texas.
The question is ¬ will the US utilise these innovative ideas effectively in order to create a self-sufficient domestic energy supply, or will one of the richest economies in the world ultimately have to depend on smaller, less developed regions in order to survive?

NIMBY Attitude Stalling U.S. Growth -AEP Chairman, Michael Morris

Electricity growth has increased over the last decade. Coal in particular accounts for over 50 percent of U.S. electricity and over 32 percent of its carbon emissions. However, with constant media coverage on the urgency to use renewable energy to power our homes, utility leaders seem to be fighting a time-battle to create innovative ways to produce energy whilst keeping up with user demand.

Unfortunately, this is not the only problem they seem to be facing. In an interview on MeettheBoss.com, Michael Morris, Chairman of American Electric Power says that any move towards a cleaner energy future will have to combat two, major challenges: NIMBYs and a lack of proper federal legislative control.

"There is an inertia in the country of nothing in my backyard," says Morris. "We all want energy. We want all of it that we can get. We want it cheap, and we want it clean, and we want no opportunity to see where it came from."

Morris's concerns should be taken seriously. AEP is the largest electricity generator in America, delivering electricity to more than 5 million customers in 11 states over 39,000 miles of network. His influence in creating a sustainable future will be vital over the next decade.

Morris believes that now is the perfect time to build out a better electricity network. "It's great for jobs [and] if we're ultimately going to make this country greener and less dependent on fossil-based fuels, it's essential," he says. "Federal legislative control and a legislative federal cost allocation authority would really take down the barriers that are holding back the capital investment needed."

View the interview now on www.meettheboss.com