Why Hospitals Need to Focus on Cost – Especially During Coronavirus Outbreak

Dan Michelson is the CEO of Strata Decision Technology, an analytics and financial planning platform that helps over 1,000 leading healthcare organizations and system in the U.S. to figure out and lower their true costs. In this episode, Dan explains why health systems don't understand the true costs of their treatments and operations, the key interests and incentives for doctors and patients to demand reforms, the reasons why Silicon Valley startups have failed to "disrupt" the industry, and the need to understand healthcare on a deeper level. Dan also discusses the impact of coronavirus on hospitals’ bottom lines, the enormous responsibilities that healthcare workers are taking on, his optimism of how we will come out of this crisis stronger, and ways we can get both acknowledge the problems and contribute to the solutions. We would strongly encourage you to follow Strata's campaign and tag #MyHealthcareHero to thank those who are risking their lives for our safety. With close to 30 years of healthcare experience and the mission to "help heal healthcare," Dan has been one of the industry’s key thought leaders in developing the Decision Support, Financial Planning, Electronic Prescribing and Electronic Health Record markets, including serving on the Certification Commission for Healthcare Information Technology and co-authoring the books "Margin + Mission: A Prescription for Curing Healthcare’s Cost Crisis" and "The Electronic Physician."