# Cost Management * **Definition:** Cost Management in healthcare refers to the process of planning and controlling the budget of healthcare services and technologies to ensure that expenditures align with financial goals while maintaining quality of care. It involves analyzing costs, forecasting future financial performance, and implementing strategies to optimize resource allocation and reduce waste. * **Taxonomy:** Healthcare Topics / Cost Management ## News * Selected news on the topic of **Cost Management**, for healthcare technology leaders * 11K news items are in the system for this topic * Posts have been filtered for tech and healthcare-related keywords | Date | Title | Source | | --- | --- | --- | | 5/14/2025 | [**Harnessing Technology: Innovations Shaping IT Asset Management Practices**](https://www.cioreview.com/news/harnessing-technology-innovations-shaping-it-asset-management-practices-nid-41001-cid-190.html) | [[CIO Review]] | | 4/3/2025 | [**5 Reasons Why Remote Patient Monitoring for Blood Pressure is Beneficial for Maternal Health**](https://hitconsultant.net/2025/04/03/5-reasons-why-remote-patient-monitoring-for-blood-pressure-is-beneficial-for-maternal-health/) | [[HIT Consultant]] | | 4/3/2025 | [**Lark Joins CVS Caremark PBM for GLP-1 Obesity Management**](https://hitconsultant.net/2025/04/03/lark-joins-cvs-caremark-pbm-for-glp-1-obesity-management/) | [[HIT Consultant]] | | 1/23/2025 | [**Data-driven care: Venkateswara Kancharla's innovations in healthcare technology**](https://venturebeat.com/business/data-driven-care-venkateswara-kancharlas-innovations-in-healthcare-technology/) | [[VentureBeat]] | | 1/22/2025 | [**3 Key Principles to Ensuring Ethical AI Use in Healthcare**](https://hitconsultant.net/2025/01/22/3-key-principles-to-ensuring-ethical-ai-use-in-healthcare/) | [[HIT Consultant]] | | 1/21/2025 | [**Healthcare Analytics Industry to Hit USD 133.1 billion by 2029 with 24.3AGR**](https://www.prnewswire.com/news-releases/healthcare-analytics-industry-to-hit-usd-133-1-billion-by-2029-with-24-3-cagr--marketsandmarkets-302355936.html) | [[PR Newswire]] | | 1/9/2025 | [**Cloud Operations At Scale: Balancing Innovation With Effective Cost Management**](https://www.forbes.com/councils/forbestechcouncil/2025/01/10/cloud-operations-at-scale-balancing-innovation-with-effective-cost-management/) | [[Forbes]] | | 12/26/2024 | [**The Business and Finance of Healthcare in 2025**](https://www.healthitanswers.net/the-business-and-finance-of-healthcare-in-2025/) | [[Health IT Answers]] | | 12/23/2024 | [**3 Questions to Ask Before Modernizing Healthcare IT Infrastructure**](https://healthtechmagazine.net/article/2024/12/3-questions-ask-modernizing-healthcare-it-infrastructure) | [[HealthTech Magazine]] | | 12/13/2024 | [**AI Innovations in Healthcare Technology - by David Hirschfeld - Dec, 2024 - Medium**](https://medium.com/@dmhirschfeld/ai-innovations-in-healthcare-technology-6873f6cf1dfc) | [[Medium]] | | 12/12/2024 | [**Banner Health, Cleveland Clinic invest millions in analytics startup: 7 notes**](https://www.beckershospitalreview.com/innovation/banner-health-cleveland-clinic-invest-millions-in-analytics-startup-7-notes.html) | [[Beckers Hospital Review]] | | 12/12/2024 | [**Outpatient pharmacy costs outpace total spend by 52**](https://www.beckershospitalreview.com/pharmacy/outpatient-pharmacy-costs-outpace-total-spend-by-52.html) | [[Beckers Hospital Review]] | | 12/11/2024 | [**Generative AI: Transforming Healthcare Payers from Cost Centers to Value Creators**](https://blogs.perficient.com/2024/12/11/generative-ai-transforming-healthcare-payers-from-cost-centers-to-value-creators/) | [[Perficient Healthcare]] | | 11/22/2024 | [**IT Professional Services Market to Expand by USD 621.4 Billion (2024-2028), Driven by ...**](https://www.prnewswire.com/news-releases/it-professional-services-market-to-expand-by-usd-621-4-billion-2024-2028-driven-by-growing-digital-transformation-market-evolution-powered-by-ai---technavio-302313562.html) | [[PR Newswire]] | | 11/12/2024 | [**5 Hospital Stocks Set to Thrive Amid Robust Industry Trends - Nasdaq**](https://www.nasdaq.com/articles/5-hospital-stocks-set-thrive-amid-robust-industry-trends) | [[Nasdaq]] | | 11/12/2024 | [**Post-Roe, Your Period App Can - And Will - Be Used Against You - Forbes**](http://www.forbes.com/sites/abigaildubiniecki/2024/11/12/post-roe-your-period-app-can---and-will---be-used-against-you/) | [[Forbes]] | | 11/11/2024 | [**5 Hospital Stocks Set to Thrive Amid Robust Industry Trends - Yahoo Finance**](https://finance.yahoo.com/news/5-hospital-stocks-set-thrive-170200996.html) | [[Yahoo Finance]] | | 11/4/2024 | [**Delivering better business outcomes for CIOs**](https://www.cio.com/article/3598899/delivering-better-business-outcomes-for-cios.html) | [[CIO]] | | 10/22/2024 | [**The Medical SaaS System Market: Refracting Market Trends and Consumer Behaviors (2024-2031)**](https://www.linkedin.com/pulse/medical-saas-system-market-refracting-trends-consumer-82rge) | [[Linkedin]] | | 10/17/2024 | [**Healthcare Payer Services Business Research Report 2023-2024 & 2030 - Growth in Telehealth and Virtual Care Services Expands the Scope of Payer Services - ResearchAndMarkets.com**](http://www.businesswire.com/news/home/20241017425707/en/Healthcare-Payer-Services-Business-Research-Report-2023-2024-2030---Growth-in-Telehealth-and-Virtual-Care-Services-Expands-the-Scope-of-Payer-Services---ResearchAndMarkets.com/?feedref=JjAwJuNHiystnCoBq_hl-RLXHJgazfQJNuOVHefdHP-D8R-QU5o2AvY8bhI9uvWSD8DYIYv4TIC1g1u0AKcacnnViVjtb72bOP4-4nHK5ieT3WxPE8m_kWI77F87CseT) | [[Business Wire]] | | 10/17/2024 | [**Healthcare Payer Services Business Research Report 2023-2024 & 2030 - Growth in Telehealth and Virtual Care Services Expands the Scope of Payer Services - ResearchAndMarkets.com**](http://www.businesswire.com/news/home/20241017425707/en/Healthcare-Payer-Services-Business-Research-Report-2023-2024-2030---Growth-in-Telehealth-and-Virtual-Care-Services-Expands-the-Scope-of-Payer-Services---ResearchAndMarkets.com/?feedref=JjAwJuNHiystnCoBq_hl-Q-tiwWZwkcswR1UZtV7eGe24xL9TZOyQUMS3J72mJlQ7fxFuNFTHSunhvli30RlBNXya2izy9YOgHlBiZQk2LOzmn6JePCpHPCiYGaEx4DL1Rq8pNwkf3AarimpDzQGuQ==) | [[Business Wire]] | | 8/19/2024 | [**5 Hospital Stocks Poised to Benefit From Strong Industry Growth - Yahoo Finance**](https://finance.yahoo.com/news/5-hospital-stocks-poised-benefit-150200616.html) | [[Yahoo Finance]] | | 7/30/2024 | [**Optimize Cloud Spend with Effective FinOps Strategy for Dynamic Cost Management, Says Info-Tech Research Group**](https://www.lelezard.com/en/news-21470793.html) | lelezard.com | | 6/26/2024 | [**Population Health Management Market Advancements Highlighted by Size Forecast ... - WhaTech**](https://www.whatech.com/og/markets-research/medical/847535-population-health-management-market-size-forecast-between-2023-2032) | whatech.com | | 12/13/2023 | [**6 Best Mid-Cap Tech Stocks to Buy Right Now**](https://money.usnews.com/investing/articles/best-mid-cap-tech-stocks-to-buy-now) | [[US News]] | ## Topic Overview (Some LLM-derived content — please confirm with above primary sources) ### Key Players - **Microland**: A leader in managed services for multi-cloud services, focusing on cloud cost management and operational efficiency. - **Microsoft**: A major player in healthcare technology, providing cloud-based solutions for cost management. - **Carrum Health**: A company dedicated to managing specialty care costs through value-based care programs. - **Orion Innovation**: Recognized for its capabilities in cloud cost management and FinOps practices. - **Centivo**: A healthcare company focused on making high-quality healthcare more affordable through innovative cost management strategies. - **Zesty**: A cloud infrastructure optimization platform recognized for its effectiveness in managing multi-cloud resources and cost strategies. - **Cleveland Clinic**: A leading healthcare provider focusing on tech-enabled solutions for efficiency and cost management. - **Banner Health**: A health system investing in data analytics to predict financial and operational risks. - **Change Healthcare**: A key player in revenue cycle management, focusing on technology-driven solutions. - **Payerset**: A technology firm that processes pricing data to help healthcare organizations manage costs and contract performance. - **Vizient**: A healthcare performance improvement company that provides insights on pharmacy spending trends. - **McKesson Corporation**: Another major player in the population health management market, focusing on improving patient outcomes and reducing costs. - **Medecision**: Provider of cloud-based software solutions aimed at improving healthcare outcomes and operational efficiencies. - **Cerner Corporation**: A key player in the population health management market, investing in R&D to enhance offerings. - **Mayo Clinic**: A leading healthcare provider emphasizing the importance of financial health in care access. - **IBM**: Offers advanced analytics and AI solutions to enhance financial management in healthcare. - **Florida Cancer Specialists & Research Institute (FCS)**: A healthcare provider focusing on value-based care to improve patient outcomes and manage costs effectively. - **PAR Excellence Systems Inc.**: A healthcare technology company focused on improving supply chain management and operational efficiency. - **Lark Health**: A digital health company providing coaching programs for obesity management, emphasizing cost containment. - **Oracle**: Provides comprehensive healthcare solutions, including revenue cycle management and data security. ### Partnerships and Collaborations - **PAR Excellence and NotiSphere**: An acquisition aimed at improving supply chain integrity and cost management through automated recall management solutions. - **HIMSS Forum**: Gathering healthcare professionals to discuss AI's role in cost management and operational efficiency. - **Carrum Health and Health Systems**: Carrum Health partners with health systems to implement value-based care programs aimed at managing specialty care costs. - **Banner Health and Cleveland Clinic**: Investing in a data analytics startup to predict financial and operational risks for health systems. - **UMMS and iHarbor Innovation Center**: Collaboration to develop the Gallion solution for optimizing healthcare supply chain management. - **Lark Health and CVS Caremark**: Partnering to provide clients access to obesity management programs through CVS's digital health platform. - **Fovia and Konica Minolta**: A strategic partnership to integrate advanced visualization technology into cloud-based imaging solutions, enhancing diagnostic efficiency. - **PurpleLab and Payerset**: Collaborating to launch a price intelligence solution suite aimed at enhancing healthcare pricing transparency. - **P3 Health Partners and Innovaccer**: A strategic partnership to utilize AI for personalized interventions and cost-effective healthcare delivery. - **Bergen New Bridge Medical Center and Inserra Supermarkets**: A partnership to improve access to care through community health services. - **Innovaccer and P3 Health Partners**: A strategic partnership aimed at transforming care delivery for Medicare patients through advanced AI and data-driven insights. - **Innovaccer and Kaiser Permanente**: Innovaccer has formed partnerships with major organizations like Kaiser Permanente to enhance its AI offerings. - **Becker's Healthcare and UC San Diego**: Collaborating to compile a list of leading children's hospitals pioneering AI usage. ### Innovations, Trends, and Initiatives - **Cloud Cost Management**: Organizations are adopting FinOps strategies to enhance financial transparency and optimize cloud expenditures amidst rising costs. - **FinOps Practices**: Increasing focus on cloud cost management as organizations expand their cloud usage. - **Value-Based Care Initiatives**: Led by Dr. Maen Hussein at FCS, focusing on patient-centric approaches to enhance care quality while managing costs. - **Value-Based Care Models**: The healthcare industry is shifting towards value-based care, emphasizing improved patient outcomes and cost management. - **Medical SaaS Growth**: Projected to grow at 6.2% annually, focusing on cost control and efficiency improvements. - **Revenue Cycle Management (RCM) Market**: Expected to grow from USD 141.61 billion in 2024 to USD 272.78 billion by 2030, driven by technology adoption. - **Predictive Analytics**: Revolutionizing cash flow management in hospitals by anticipating financial challenges. - **Remote Patient Monitoring (RPM)**: Utilized for managing hypertension during pregnancy, improving cost control and patient engagement. - **Gallion Solution**: Developed by UMMS, it digitizes workflows in supply chain management, leading to significant reductions in completion time and error rates. - **Automated Prior Authorization**: Innovative solutions in pharmacy benefit management that have resulted in significant cost savings. - **Medical Coding Automation**: AI-driven medical coding automation is being implemented to enhance operational efficiency and financial performance in healthcare. - **Gallion Technology**: Developed by UMMS, this digital solution has improved operational efficiency by reducing completion time by 75% and lowering error rates significantly. - **Aerial Data Platform by Medecision**: A platform designed to improve outcomes, reduce costs, and enhance patient engagement through data management. - **Telemedicine Adoption**: Healthcare providers are increasingly adopting telemedicine and remote monitoring technologies to reduce costs and improve patient care. - **AI-Powered Insights and Automation**: Zesty's platform delivers actionable recommendations to support DevOps and FinOps teams, helping organizations scale cloud operations without overspending. - **AI in Healthcare**: Artificial intelligence is projected to significantly enhance operational efficiency and cost management, with a focus on proactive health enablement. - **AI Integration**: Healthcare systems are increasingly adopting AI to enhance operational efficiency and reduce costs, with potential savings of $150 billion annually by 2026. - **Virtual Hospital Model**: Adopted by health systems to deliver hospital-grade care at home, improving patient experience and reducing costs. - **Healthcare Business Intelligence (BI)**: The market is projected to grow significantly, focusing on data analytics and visualization tools to enhance decision-making and operational efficiency. ### Challenges and Concerns - **Cost Management in AI Deployment**: Organizations must balance performance with expenses while ensuring compliance with data ownership regulations. - **Cost Management Preparedness**: 40% of corporate leaders feel unprepared for market shocks in 2025, despite prioritizing cost management. - **Rising Operational Expenses**: Healthcare organizations face increasing costs for supplies and labor, necessitating effective cost management strategies. - **Labor Scarcity**: Healthcare CFOs are challenged by labor shortages and the need to optimize care access while maintaining financial health. - **Financial Pressures**: Rising healthcare costs and inflation are forcing providers to manage expenses without sacrificing care quality. - **Economic Pressures**: Concerns about national economic pressures affecting healthcare operating margins. - **Labor Shortages**: Identified as a major stressor in revenue cycle management, impacting operational efficiency. - **Staffing Shortages and Operational Costs**: Inflation and labor shortages are significant financial challenges impacting healthcare systems. - **Technology Inefficiencies**: Frustrations with outdated technology hindering efficiency improvements in financial processes. - **Reimbursement Cuts**: Concerns regarding potential reimbursement cuts for oncology providers due to drug price negotiations under the Inflation Reduction Act. - **Rising Healthcare Costs**: Projected to rise by 8% in 2025, presenting sustainability challenges for providers, payers, and patients. - **Data Management and Compliance**: Healthcare organizations face challenges in managing diverse data types and ensuring compliance with regulations. - **Regulatory Complexities**: Changes in regulations, such as the Inflation Reduction Act, add complexity to healthcare operations. - **Workforce Shortages**: Healthcare systems are facing workforce shortages, prompting a need for sustainable solutions rather than immediate cost-cutting. - **Rising Medical Costs**: Global medical costs are projected to rise by 10.4% in 2025, driven by new technologies and increased healthcare utilization. - **Data Privacy and Governance**: As healthcare generates a significant amount of data, concerns regarding data privacy and governance are paramount. - **Data Privacy and Interoperability**: The population health management market faces challenges related to data privacy concerns and interoperability issues between healthcare systems. - **Data Fragmentation**: Interoperability issues hinder effective healthcare delivery and population health management. ## Related Topics [[Budget Management]]; [[Financial Management]]; [[Expense Management]]; [[Cost Controls]]