September 21, 2011
6 East 44th Street
New York, NY 10017
CPE Credits: 0
Hosted by The CFO AllianceCost: Free for Executive Members
Registration for this event is closed.
Unable to attend? Join the discussion online and watch it unfold with our live stream.
Only by looking into healthcare’s future, will CFOs be able to better understand how to reshape the healthcare mind-set of their organizations and begin investing in ways that will better prepare their business models for healthcare’s global future. This discussion is intended to supply CFOs with the type of forward-looking insight that 21st century leadership requires.
Fordham University Professor Dr. Falguni Sen facilitates a discussion that explores how new models for healthcare delivery and development are expected to impact organizations and their employees. Learn how your organization will be able to leverage new models and assist employees in accessing alternative offerings at lower cost and greater efficiency.Professor Sen is the Management Systems Area Chair at Fordham Schools of Business and is the Founder-Director of the Global Healthcare Innovation Management Center at Fordham University.
Related Discussion Excerpt (Charlotte Chapter, September 13, 2011):
Mary Kesel, an adjunct professor of HR Management at the Schools of Business, Wake Forest University, and President and CEO of Benefits Advocates, Inc.
Blog Excerpt: When the words “healthcare” and “outsourcing” are spoken inside our CFO discussions these days, most often the topic being dissected is how America’s hefty healthcare tab is leading companies to transfer jobs overseas.
Now, one of our upcoming CFO chapter talks plans to turn that discussion on its head when Professor Falguni Sen of Fordham University facilitates a discussion for our New York chapter that explores how outsourcing could well be the key to lowering the healthcare costs of America’s workforce.
Readers of this blog may recall how in an earlier interview we reported that Professor Sen had illustrated this point by naming a hospital in New York City that captures a substantial cost savings by outsourcing its radiology department after 6:00 p.m. each night to a group in India. “Within India, these are all HIPAA-compliant employees,” Sen said. “In fact, the radiologist who signs off on CT scan results is normally credited to practice in the states of New York, New Jersey, and Connecticut and is covered by the local hospital liability insurance.”
However, outsourcing is only one component of the newly emerging healthcare management models that Professor Sen plans to explore with our CFOA members. The Fordham professor says that any discussion concerning healthcare innovation is inseparable from those exploring new drug discovery and delivery models. He estimates the cost of introducing a new drug today to be as much as $1.2 billion but suggests that new innovations in a globalized discovery and development process have the capability of reducing this cost by as much as 70 percent.
This event is part of the CFO Discussion: Healthcare & Other Employee Benefits Discussion. Join the discussion today and share your voice.
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Recorded 9-21-11. A video excerpt from our recent New York chapter discussion titled New Models in Healthcare Management. iPhone excerpt compliments of Apple! For related materials visit the New Models in Healthcare Management discussion page, here.
Recorded 9-21-11 New York Chapter
Recorded 9-21-11 (NYC Chapter). CFOA Member Randal Pernicone reports back at the NYC chapter round table titled New Models in Healthcare Management, facilitated by Fordham University Professor Dr. Falguni Sen. View related materials here.
NYC Chapter (Recorded 9-21-11) New Models in Healthcare Management
"I’m Allan Shaw,… And the example that that we used as a proxy for cost containment is the U.S. right now is subsidizing global medicine. For instance, a lot of pharmaceutical products in the United States go for anywhere between 50% to 100 times higher prices than in the United States. And we had a little bit of a debate in terms of whether or not taxation in other social regimes is causing that. But from personal experience, I know the manufacturers are not benefitting from that interaction and getting a lot less.
With that said, people were debating whether or not, well, are you really then creating more regulation? And I would actually counter that quite differently and say that the cost of pharmaceutical products is a proxy for other medical services that are being rendered, and it’s not necessarily isolated there. It’s just a good picture and a good example.
And what I would suggest is actually reducing regulation. Right now there are laws that prohibit parallel imports from other countries. So I would very simply relax that kind of restriction and let free market, global trade work itself out, and medical care won’t cost as much. Because until you’ve created a paradigm and create cost containment, we’re kind of chasing our tails here. At the end of the day, I think in terms of insurance programs and insurance packages, you know, I think what we want is a cap on insurance. It may take flexibility or better choice. As long as you can continue to pass this on, the objective’s going to be much harder to achieve.
And I think in terms of stakeholders, this society, at the end of the day, they’re the real stakeholder. We’re wrestling with our global issues right now, or even fiscal issues. You know, Medicare and all of that is a major issue here. It’s a looming issue, one that no one really wants to deal with, and we’re just kicking the can. So until we deal with cost containment, all these things are details, in my opinion, and that’s where we are when we start the discussion."
Like so many of our CFOA members, Tony Mendoza, CFO of IntegraColor, Ltd., of Dallas, has embarked on an extended mission to better manage and control his company’s healthcare costs. Along the way, he has become increasingly focused on the dollars-and-cents impact that preventative care measures can have on a company’s financial health, a fact that has led him to work alongside his company’s human resources professionals as they scrutinize the health habits of his company’s employees.