The Financial Performance Improvement Initiative
Like most health care systems, Johns Hopkins Medicine is seeing revenues flatten as expenses continue to grow. The Financial Performance Improvement Initiative is an effort to add $150 million to $200 million in annual net operating income by June 2016. This plan is necessary so that we can invest in our strategic priorities, technology and facilities, and preserve jobs. Only with significant financial improvement can we preserve our research, education and clinical care efforts. Spearheading the initiative are co-chairs Rich Grossi, Joanne Pollak and Landon King.
Imagine that your personal income isn’t meeting your household expenses the way it used to— and that you anticipate even higher bills in the near future. Although you may feel anxious, you can also envision the situation as an opportunity to reassess your spending priorities and brainstorm creative ideas for adding dollars and trimming costs. That’s exactly the kind of course that Johns Hopkins Medicine plans to follow. Read more.
What will be the impact of the Patient Protection and Affordable Care Act? What is the future of Medicare and Medicaid? How much will private third-party insurers reduce their reimbursement rates? How will Maryland-based Hopkins hospitals deal with a rate increase of only 0.3 percent from Maryland’s Health Services Cost Review Commission when hospital costs are projected to rise by 2 percent or more? Read Rich Grossi’s response in Dome.