# Financial Management * **Definition:** The process of managing financial activities within healthcare organizations, including budgeting, financial reporting, transaction automation, and improving purchasing controls to ensure efficient allocation of resources and compliance with regulations. * **Taxonomy:** CTO Topics / Financial Management ## News * Selected news on the topic of **Financial Management**, for healthcare technology leaders * 32K news items are in the system for this topic * Posts have been filtered for tech and healthcare-related keywords | Date | Title | Source | | --- | --- | --- | | 5/8/2025 | [**Health systems shake up CFOs amid financial pressures**](https://www.beckershospitalreview.com/finance/health-systems-shake-up-cfos-amid-financial-pressures/) | [[Beckers Hospital Review]] | | 4/23/2025 | [**Former NCI director appointed CEO of Ohio State cancer center**](https://www.beckershospitalreview.com/oncology/former-nci-director-appointed-ceo-of-ohio-state-cancer-center/) | [[Beckers Hospital Review]] | | 4/23/2025 | [**DHL suspends high-value shipments to US amid tariffs**](https://www.beckershospitalreview.com/supply-chain/dhl-suspends-high-value-shipments-to-us-amid-tariffs/) | [[Beckers Hospital Review]] | | 4/23/2025 | [**Bristol Myers' schizophrenia drug fails key study**](https://www.beckershospitalreview.com/pharmacy/bristol-myers-schizophrenia-drug-fails-key-study/) | [[Beckers Hospital Review]] | | 4/23/2025 | [**Walgreens to pay for pharmacy techs' PharmD prerequisites: 5 notes**](https://www.beckershospitalreview.com/pharmacy/walgreens-to-pay-for-pharmacy-techs-pharmd-prerequisites-5-notes/) | [[Beckers Hospital Review]] | | 4/23/2025 | [**50 hospitals with the lowest rates of ED visits for chemotherapy patients**](https://www.beckershospitalreview.com/oncology/50-hospitals-with-the-lowest-rates-of-ed-visits-for-chemotherapy-patients/) | [[Beckers Hospital Review]] | | 4/23/2025 | [**ECU Health taps Force Therapeutics for care automation**](https://www.beckershospitalreview.com/care-coordination/ecu-health-taps-force-therapeutics-for-care-automation/) | [[Beckers Hospital Review]] | | 4/23/2025 | [**Stanford Medicine blood test detects cancer: What to know**](https://www.beckershospitalreview.com/oncology/stanford-medicine-blood-test-detects-cancer-what-to-know/) | [[Beckers Hospital Review]] | | 4/23/2025 | [**Managers lead global drop in employee engagement: 4 key takeaways**](https://www.beckershospitalreview.com/workforce/managers-lead-global-drop-in-employee-engagement-4-key-takeaways/) | [[Beckers Hospital Review]] | | 4/23/2025 | [**Baptist Memorial Health Care to sell long-term care hospital**](https://www.beckershospitalreview.com/post-acute/baptist-memorial-health-care-to-sell-long-term-care-hospital/) | [[Beckers Hospital Review]] | | 4/22/2025 | [**Bon Secours Mercy Health hospital taps CFO**](https://www.beckershospitalreview.com/hospital-executive-moves/bon-secours-mercy-health-hospital-taps-cfo/) | [[Beckers Hospital Review]] | | 4/21/2025 | [**Introducing Ambient Order Staging in Suki Assistant**](https://www.beckershospitalreview.com/healthcare-information-technology/ai/introducing-ambient-order-staging-in-suki-assistant/) | [[Beckers Hospital Review]] | | 4/18/2025 | [**Which imaging platforms are cloud-ready?: KLAS**](https://www.beckershospitalreview.com/radiology/which-imaging-platforms-are-cloud-ready-klas/) | [[Beckers Hospital Review]] | | 4/18/2025 | [**Health system IT executives target future growth**](https://www.beckershospitalreview.com/healthcare-information-technology/health-system-it-executives-target-future-growth/) | [[Beckers Hospital Review]] | | 4/18/2025 | [**Top healthcare AI companies, per Forbes**](https://www.beckershospitalreview.com/healthcare-information-technology/ai/top-healthcare-ai-companies-per-forbes/) | [[Beckers Hospital Review]] | | 4/3/2025 | [**Pennsylvania hospital to close June 30**](https://www.beckershospitalreview.com/finance/pennsylvania-hospital-to-close-june-30/) | [[Beckers Hospital Review]] | | 3/20/2025 | [**Sasikiran Vepanambattu Subramanyam Honored with 2025 Noble Business Awards for ...**](https://markets.businessinsider.com/news/stocks/sasikiran-vepanambattu-subramanyam-honored-with-2025-noble-business-awards-for-excellence-in-healthcare-automation-and-financial-systems-innovation-1034495958) | [[Business Insider Markets]] | | 3/16/2025 | [**Sharp HealthCare bets big on spatial computing**](https://www.beckershospitalreview.com/innovation/sharp-healthcare-bets-big-on-spatial-computing/) | [[Beckers Hospital Review]] | | 3/10/2025 | [**Northwell CFO: Revenue cycle optimization critical as system grows**](https://www.beckershospitalreview.com/finance/northwell-cfo-revenue-cycle-optimization-critical-as-system-grows.html) | [[Beckers Hospital Review]] | | 3/4/2025 | [**Illinois hospital extends staff furloughs, hires nurses amid financial struggles**](https://www.beckershospitalreview.com/finance/illinois-hospital-extends-staff-furloughs-hires-nurses-amid-financial-struggles.html) | [[Beckers Hospital Review]] | | 3/4/2025 | [**The headwinds revenue cycle leaders are facing in 2025, per Kodiak**](https://www.beckershospitalreview.com/finance/the-headwinds-revenue-cycle-leaders-are-facing-in-2025-per-kodiak.html) | [[Beckers Hospital Review]] | | 1/31/2025 | [**Inside Errol Musk's foray into the volatile world of memecoins - Fortune**](https://fortune.com/2025/01/31/inside-errol-musks-foray-into-the-volatile-world-of-memecoins/) | [[Fortune]] | | 12/13/2024 | [**Hospital CEOs: What to expect from CMS next year**](https://www.beckershospitalreview.com/finance/hospital-ceos-what-to-expect-from-cms-next-year.html) | [[Beckers Hospital Review]] | | 12/12/2024 | [**Longitude Health launches population health company**](https://www.beckershospitalreview.com/finance/longitude-health-launches-population-health-company.html) | [[Beckers Hospital Review]] | | 12/12/2024 | [**15 profitable health systems in Q3**](https://www.beckershospitalreview.com/finance/15-profitable-health-systems-in-q3.html) | [[Beckers Hospital Review]] | ## Topic Overview (Some LLM-derived content — please confirm with above primary sources) ### Key Players - **SMX Elevate Financial Management**: A financial management solution added to the U.S. Treasury's FM QSMO Marketplace, aimed at modernizing federal financial operations. - **Healthcare Financial Management Association (HFMA)**: An organization that provides guidance and tools for healthcare finance professionals, helping them navigate the complexities of the industry. - **IBN Technologies**: Offers customized financial management solutions to enhance operational efficiency in modern enterprises, including healthcare. - **BeeSeen**: Assists medical practices and hospitals in managing budgets through outsourced administration, billing, and revenue management services. - **Blue Cypress**: A consultancy utilizing AI for financial management in associations and nonprofits. - **ECS**: Provides program and financial management support to ARPA-H's Health Science Futures and Scalable Solutions mission offices. - **Info-Tech Research Group**: A research firm that provides insights and strategic solutions for IT financial management in healthcare. - **Vispa**: A healthcare technology firm focusing on the human element in financial management discussions. - **Cedar**: A company emphasizing the importance of understanding patient financial experiences. - **Guidehouse**: A consultancy providing advisory services in healthcare financial management and revenue cycle optimization. - **Infinx**: A healthcare technology company specializing in AI-driven solutions for optimizing the financial lifecycle of healthcare providers. - **Terry Metzger**: CFO of ProMedica, known for transforming financial losses into gains through strategic restructuring and operational efficiency. - **Outbound AI**: Streamlines healthcare revenue cycle management through automation. - **Gorilla Technology Group**: A company specializing in Security Intelligence and IoT technology, focusing on optimizing financial operations under new leadership. - **Green Security LLC**: A healthcare technology company focused on enhancing safety and security through financial leadership. - **Lynx**: A FinTech platform focused on simplifying healthcare payments and administration, recently securing $27 million in Series A funding. - **Deloitte**: A leading global consulting firm that provides insights into healthcare technology trends and financial management strategies. - **Mayo Clinic**: Reported a decrease in operating income to $55 million in Q3 2024 despite a revenue increase. - **Tenet Healthcare**: Nearly doubled its operating income to $1.1 billion in Q3 2024, indicating strong financial performance. ### Partnerships and Collaborations - **HFMA and FinThrive**: HFMA's acquisition of FinThrive highlights the focus on enhancing revenue cycle management technology. - **ProMedica**: Undergoes restructuring and focuses on shared services and vendor relationships to optimize financial management. - **TREND Health Partners**: Collaborates with visionary health systems and insurance plans to move towards transparency and trust in healthcare financial management. - **Lili**: Launches international wire payments to enhance global trade for small business owners, integrating financial management tools. - **Avelity and Janus**: Partnership aimed at improving healthcare reporting and revenue cycle management performance. - **Lynx and FIS Global**: Lynx partners with FIS Global to connect its payment solutions to a vast network of retailers, enhancing healthcare payment processing. - **ECS and ARPA-H**: ECS provides program and financial management support to ARPA-H, focusing on biotechnology and healthcare access. - **ALIGNMT AI and HFMA**: Partnered to launch a micro-credentialing program aimed at enhancing AI governance skills among healthcare professionals. - **Infinx**: Announced strategic appointments to enhance growth and healthcare solutions, focusing on expanding client base and partnerships. - **Star Health Insurance and Oracle**: Partnering to automate processes and improve compliance through cloud services. - **ECU Health and Force Therapeutics**: Partnered to enhance care delivery processes through a patient engagement platform and remote monitoring tools. - **Waséyabek Development Company and Potawatomi Ventures**: Collaborated in investments in BAMF Health, focusing on precision medicine. - **Deloitte and ACTICO**: Collaborating to leverage SaaS RegTech solutions for regulatory compliance. - **Cleveland Clinic and AI Tools**: Cleveland Clinic is deploying AI tools to reduce administrative burdens and improve patient care. - **Commure and Memora Health**: Commure acquired Memora Health to enhance AI-driven automation capabilities in clinical workflows. - **Scripps Health and Anthem Blue Cross**: Extended their in-network contracts to ensure patient access to services after a previous out-of-network period. - **Vitalchat**: Appointed new executives to drive growth and expansion in digital healthcare. - **Sharp HealthCare and Zeiss**: Collaborated to develop the first ophthalmology spatial computing app for Apple Vision Pro, enhancing surgical analysis. - **Inovalon**: Hosted the Empower 2024 summit to discuss innovative strategies at the intersection of healthcare and technology. - **DarioHealth and Blue Shield of California**: This partnership aims to make digital health platforms more accessible to underserved communities, particularly Spanish speakers. ### Innovations, Trends, and Initiatives - **Adaptive IT Financial Management**: Organizations are encouraged to adopt adaptive systems to optimize financial processes and integrate finance with procurement. - **AI in Financial Management**: Integration of AI and automation is transforming financial operations, enhancing forecasting accuracy and decision-making. - **AI and Automation in Financial Management**: The integration of AI and automation in financial operations is streamlining processes, reducing errors, and enabling real-time data analysis for strategic decision-making. - **Cloud-Based Financial Management**: Healthcare providers are transitioning to cloud solutions for improved operational visibility and decision-making. - **Value-Based Care (VBC)**: CFOs are adapting financial strategies to enhance patient outcomes while managing costs effectively in the transition to VBC. - **Cloud-Based Solutions**: The shift towards cloud-based financial management is driven by the need for real-time insights and operational efficiency, as seen with IBN Technologies. - **EHR Systems**: The selection of adaptable and interoperable EHR systems is critical for effective financial management and operational efficiency. - **Regions Embedded ERP Finance**: A new solution by Regions Bank that integrates financial data into existing ERP systems, improving cash flow management and decision-making. - **SaaS Growth**: The rise of Software as a Service (SaaS) is transforming financial management in healthcare, promoting mobility and easy access to financial tools. - **Revenue Cycle Management**: Integrated EHR systems are revolutionizing revenue cycle management by automating processes and providing data-driven insights. - **Healthcare Management Service Organizations (MSOs)**: Expected to grow significantly, providing essential services like revenue cycle management to enhance operational efficiency. - **Revenue Cycle Management Technology Adoption Model (RCMTAM)**: A framework developed to evaluate operational performance and maturity of revenue cycle technology in healthcare organizations. - **Revenue Cycle Management Automation**: Outbound AI aims to automate labor-intensive tasks in the healthcare revenue cycle, allowing billing teams to focus on key claims. - **Digital Transformation in Healthcare**: Healthcare organizations are increasingly adopting digital tools such as EHRs and telemedicine to improve financial management and patient care. - **Cloud FinOps Market**: Projected to grow from $2.3 billion in 2024 to $10.8 billion by 2032, driven by cloud adoption and demand for cost optimization. - **AI in Revenue Cycle Management**: Healthcare organizations are increasingly investing in AI and automation technologies to enhance revenue cycle performance. - **AI and Automation in Revenue Cycle Management**: Healthcare executives prioritize investments in technology, particularly AI and automation, to enhance revenue cycle performance. - **Optum Integrity One**: An AI-powered revenue cycle management platform designed to streamline processes and improve financial stability. - **SaaS Growth in Healthcare**: The Software as a Service (SaaS) model is gaining traction, providing subscription-based access to applications that enhance flexibility and scalability in healthcare financial management. - **AI Integration**: Healthcare providers are increasingly utilizing AI to enhance clinical workflows and back-office operations, leading to improved financial metrics and patient care. ### Challenges and Concerns - **Inefficiencies in Financial Processes**: Current IT financial management systems are inadequate, leading to inefficiencies and missed opportunities. - **Data Privacy Concerns**: Ongoing issues related to data breaches and compliance with regulations like HIPAA, impacting financial management. - **Financial Risks in Value-Based Care**: CFOs must manage financial risks associated with high-cost patient cases while ensuring financial incentives align with quality performance metrics. - **Data Security Risks**: Organizations face challenges in ensuring data security while adopting cloud solutions for financial management. - **Financial Pressures**: Many healthcare systems are facing ongoing financial difficulties, with a significant percentage of hospitals operating at a loss. - **Economic Shocks**: The need for real-time financial data analysis is critical for organizations to respond effectively to economic shocks and maintain financial stability. - **Security and Data Management**: Cloud providers must address critical concerns regarding the protection of sensitive data while enabling agile deployment of financial technologies. - **Skills Gap**: A significant skills gap remains a barrier to effective implementation of Cloud FinOps and AI technologies in financial management. - **Staffing Shortages**: Labor shortages in revenue cycle management hinder organizations' abilities to secure payments. - **Regulatory Compliance**: Organizations must navigate complex regulatory environments while implementing new technologies and maintaining financial health. - **Regulatory Changes**: Potential Medicaid funding cuts and evolving federal policies pose risks to healthcare systems' financial stability. - **Rising Costs and Declining Reimbursements**: Healthcare systems like ProMedica face challenges in managing costs while ensuring operational efficiency and cash flow. - **Labor Shortages**: The healthcare sector is grappling with systemic labor shortages, impacting operational efficiency and financial management. - **Cost Transparency**: Healthcare organizations face challenges in evaluating EHR vendors due to hidden costs and the need for transparency in implementation. - **Payer Challenges**: Healthcare leaders face significant stress from payer-related issues, including high denial rates and prior authorization complexities. - **High Initial Investments**: Barriers to adopting advanced analytics solutions in healthcare due to the costs involved. - **Workforce Shortages**: Revenue cycle workforce shortages are a major concern, prompting healthcare organizations to seek consulting and outsourcing solutions. - **Compliance Pressures**: Healthcare organizations face significant compliance pressures, cybersecurity threats, and resource constraints that hinder effective risk management. - **Fragmentation in Healthcare Payments**: Fragmentation and regulatory challenges hinder innovation in healthcare payments, necessitating sophisticated infrastructure for integration. ## Related Topics [[Budget Management]]; [[Cost Management]]; [[Investment Management]]; [[Expense Management]]