Q&A with Ann Jordan: Financial threats, federal policy, and AI

Los Angeles - Ann Jordan, president and CEO of the Healthcare Financial Management Association, talked about existential threats and exciting opportunities at the ViVE digital health conference.

She spoke with Chief Healthcare Executive in a wide-ranging interview. Here are some excerpts from our conversation.

Q: Can you talk about the survey that found many healthcare leaders think the health system isn’t sustainable?

A: “It is an uncomfortable reality. When we look at the dynamic times of the healthcare industry, we pulled what we considered kind of the top leading minds as to whether or not the system would be financially sustainable in the future. Ninety-four percent said it is not. The majority of those folks believe we will reach an existential tipping point within the next three to five years.

“So as the association that is charged with leading financial management, that really put pressure on us to say: How do we respond? What do our members, as well as the greater ecosystem of healthcare, need from us at this time. And so tackling that issue of financial sustainability, affordability and outcomes is rising to the top of our concerns as an association.”

Q: What would your advice be for health system leaders navigating a really turbulent time?

A: “I do not envy the role of the CFO right now, not only are they the chief financial officer, but they're having to manage all this risk, and in some situations, have almost a crystal ball as to figure out whether or not some of these investments are going to pay off down the road, or whether or not some of the changes in the administration are going to stay in place, and what they need to do from a cost management perspective to get through these really lean times.

“You know it is a truth that a large number of hospitals are still operating in the red. On top of it, they're looking at this investment needs and all this awesome innovation that's going on, that ViVE is covering, as well as managing what's expected in terms of Medicaid cuts, site neutrality and 340B, so it is a truly challenging time on financial professionals that shows how they're needed in the industry right now.”

Q: What are some of the things that you are enthusiastic about?

A: “How can you not be enthusiastic about AI? A core part of HFMA is revenue cycle management, obviously. And so the opportunity that automation and AI has to really evolutionize that entire process is exciting. You also look at how it can assist and advance the clinical side of health care.

“You know, AI is never going to replace the human touch in health care. But it's going to make it better. It's going to make sure that it's more efficient as well as more accurate. That truly is going to be a breakthrough that everyone in this country is going to benefit from, and I'm truly excited to see where it's going to go.”