It's Nobody's Money with Drew Lerman | Ep.30

In Episode 30 of The Healthcare Leadership Experience, Lisa is joined by Drew Lerman, Director of Finance at Southwestern Vermont Healthcare, to discuss challenges in healthcare finance and his upcoming book "It's Nobody's Money.’’

Drew comments: ‘’…the challenges I see are accounts receivable, hiring, getting people through the door and planning on living on Medicare. …you have to be a profitable organization assuming that you're only going to be paid the Medicare rates.’’

This episode is sponsored by VIE Healthcare Consulting ® which has proudly helped hospitals save $772 million since 1999. 

In today’s episode you’ll hear:

Strategies for working with vendors and the importance of dialogue when you’re facing cashflow challenges. ‘’ I found it was helpful to at least keep the dialogue going. That kept the supplies coming into the hospital.’’ 

The challenges facing CFOs in 2022, the four combination approach, and why every hospital needs to have a Plan B and a Plan C.  

The big opportunity for finance leaders: to get out of their comfort zone and build relationships. ‘’You don’t want to be called the ‘’C F No’’, you want to be able to engage people, otherwise you can fail.’’

The real reasons people gets into healthcare. Hint; It’s not all about finance. 

Insights into Drew’s upcoming book, ‘’It’s Nobody’s Money’’,‘’The bottom line is, you have to treat the money like it’s your own … that means every director, every department. … you have to get ‘’replacement’’ out of your vocabulary.’’

How your health system can benefit from a performance engineer – and how benchmarking against your own hospital can impact your bottom line. 

The need to think differently, and Drew’s ultimate goal for healthcare finance, ‘’I want to make finance a non-threatening term in a healthcare organization. You don't have to run when finance people call. We're there to help you do your job. We're there to give you the tools.’’

Watch the video referred to in this episode here: Empathy, The Human Connection to Patient Care

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