LUMINA Insights Blog

Virtual Continuing Medical Education conference for physicians and executive leaders set for October

Lumina Leadership Institute (LLI) and Interstate Postgraduate Medical Association’s (IPMA) Ascent Physician Leadership are collaborating to host “Leading for Results: Building a Collaborative Leadership Model,” a virtual Continuing Medical Education (CME) conference for physician and executive leaders on Thursday, Oct. 14, 10 a.m. to 1 p.m. CT.

Healthcare organizations are experiencing change at a rapid pace; hospitals are merging, large medical groups are forming, and clinically integrated networks and integrated delivery networks are acquiring hospitals and physicians.

These business transactions also have a direct effect on the most valuable asset any healthcare organization has: its employees. Although the human side of these transactions is seldom talked about, failing to address employee issues can be expensive in both cost and reputation, and can lead to unresolved conflict.

Lumina Health Partners Introduces an Up-Skill Solution for Stressed Healthcare Executives and Physician Leaders

Chicago, IL - Healthcare organizations and hospitals across the country are estimated to lose millions caused in part by unprepared leaders and apparent increasing physician burnout. In response, Lumina Health Partners, a Chicago-based healthcare advisory firm, is launching the Lumina Leadership Institute (LLI) to help healthcare organizations better equip executives and physicians to effectively navigate today’s environment, where strategic objectives in business and clinical areas require stronger, more competent leaders.

While U.S. providers have suffered profound financial losses because of COVID-19, health insurance companies have actually benefited from the pandemic. Providers require effective strategies to achieve a more equitable balance.

Healthcare utilization has dropped sharply as a result of COVID-19, causing most hospitals to experience a major drop in revenue and margin. But for most commercial payers, lower utilization has slashed claims expenses and created a  huge financial windfall.

For example, United  Healthcare’s net income doubled during the first  wave of the pandemic, jumping from $3.3 billion  (2019 Q2) to $6.6 billion (2020 Q2).^a 

Although these market dynamics clearly seem unfair to providers, there is no reason  that providers should simply accept the status  quo. As they struggle to recover financially from COVID-19, hospitals and health systems should  not hesitate to look to insurers to share their  excessive surpluses. 

Right now, the biggest potential opportunities for providers are in contracting with insurers. Financial leaders should focus on three broad areas where they should seek to renegotiate existing contracts and lay the groundwork  for beneficial new partnerships. 

As their organizations make major adjustments to operations, healthcare leaders should be prepared for increased levels of workplace conflict. Fortunately, taking the right approach can turn a conflict into an impetus for positive change.

Healthcare organizations are experiencing change at a rapid pace as technological innovations and alternative payment models greatly impact operations — and people. As a leader, you can expect these changes to create workplace conflict. But you also should be assured that you can manage this conflict, and make it a productive rather than disruptive force, by using the following approaches.

“By failing to prepare, you are preparing to fail.” ― Benjamin Franklin

The COVID-19 pandemic has forced every industry to rethink how they do business — and the healthcare industry is one of the most heavily impacted. In this ever-changing set of circumstances, providers are challenged to determine the best way to adapt the delivery of care.

One tool they increasingly are turning to is telehealth services.

The appeal of telehealth right now is obvious. Patients appreciate being able to receive healthcare without risking exposure, while physicians appreciate being able to provide safe and convenient care.

Lucy Zielinski and Dan Marino follow up on Zielinski's successful Virtual Conference presentation by tackling some of the most challenging aspects of telehealth during the COVID-19 pandemic. 

Chicago, IL - Throughout the continuing COVID-19 pandemic, healthcare organizations have taken the lead, tirelessly caring for their patients, our communities, and our nation in unparalleled fashion.

Lumina Health Partners, a long-time advisor for hospitals and physicians who are transforming clinical care to a value-based world, has developed a playbook to help these organizations launch a financial recovery strategy, involving the alignment of key finance, contracting, strategy and clinical leaders.

While physicians as well as hospital clinical and operations staff are focused on patient care and the clinical side of health care, the financial leaders—including CFOs, financial analysts, business, strategy and contracting/payer relations teams—have their own focus: beginning to forecast the pandemic’s effects on the bottom line.

This forecasting and future planning is essential to ensuring the health care system is still viable and strong as leaders manage through the crisis. Understanding and modeling the financial impact is challenging, however, what with so many critical forces in play from all avenues and key stakeholders.