Thanks to all your hard work last year, we are starting 2020 well-positioned to have another successful year. In FY19, our system generated some of the strongest financial results ever experienced. Here’s what to expect in 2020:
1. We will continue to build upon the success of Partners 2.0. As a system, we have executed well with respect to expense management thanks to the tremendous amount of work that has been devoted to Partners 2.0 efforts and strategies. Working together, our hospitals and physicians have been successful in moving less complex care into the community to create added capacity for more complex care at our academic medical centers. This is better for our patients and helps generate a healthier bottom line. Our Partners 2.0 efforts will continue throughout 2020.
2. Our primary areas of focus – the delivery of the best patient care possible and the pursuit of new cures through research – delivered strong operating results for our system last year and we expect that to continue. According to Peter Markell, Executive Vice President of Finance and Administration, Chief Financial Officer and Treasurer, in 2020 “we will execute on efforts to manage our overall efficiency and improve the patient experience. This will require continued expense management to ensure that we can generate our target 2-3% operating margin.”
3.The health care environment is constantly changing, and there are various policy proposals at both the state and federal level that we will need to keep an eye on. It will undoubtedly be a busy year for health care on Capitol Hill and Beacon Hill – and changes in health care policy can have a big impact on our performance.
4. We will execute on our new strategic vision. As we begin to implement our new strategy under the Mass General Brigham name, we will be focused on improving the patient experience through major investments in digital health and new, more convenient outpatient sites.