If you’re interested in healthcare, health finance, and technology, consider adding STAT to your favorites. It’s a smart, online-only publication from the Boston Globe that features a great mix of seasoned health care journalism and many new voices (including an excellent first-person column).
This recent article by Ron Winslow (recently retired from 30+ years at the Wall St. Journal) is a great case in point:
Winslow adeptly takes readers though some of the tough decisions around budgeting at the august Brigham and Women’s Hospital in Boston. “The Brigham,” as it’s known, is a mecca for advanced specialty care, medical research, and a major affiliate of Harvard Medical School.
Teaching hospitals are complex economic engines, both bringing in and spending hundreds of millions (billions, in some markets) of dollars.
Such academic centers have long had a reliable flow of federal dollars through Medicare for patient care and resident training, as well as research grants though the National Institutes of Health.
But both of these resources are challenged as the federal budget for research and development grows ever more uncertain.
In addition, hospitals are under tremendous cost pressure (and deservedly so!) from insurers, who bargain to get beneficiaries better rates–and make the health care dollar stretch further.
Take a look a Winslow’s piece. If you’re at all interested in business, finance, economics, and/or health care, you will learn a lot about process in complex organizations. I’m guessing we will be seeing a lot more of this in the health care world.
Kudos to Winslow and STAT for a great investigative piece and to the Brigham for providing transparency into their finances and decision-making processes.