The American Health Law Association (AHLA) has published Part Two of PYA’s article covering challenges faced by academic medical centers (AMCs). Co-authored by PYA President and CEO Marty Brown; Senior Manager Marcy Cent; Senior Staff Consultant Ericka Beane; and Lawrence Vernaglia, a partner at Foley & Lardner, LLC, “Innovative Revenue Streams for Academic Medical Centers—Reaching Beyond Patient Care: Part Two” describes additional opportunities for these providers to generate funds to ensure the success and sustainability of their clinical, research, and teaching missions. AMCs face challenges in the form of reductions in reimbursement and increasing costs to provide education, research, and comprehensive patient care. Through interviews with leaders at top AMCs in the country, the authors identify and share innovative revenue-generating strategies and the business and legal implications of implementing them.
Article Excerpt
[These opportunities] also allow an AMC to expand its mission and strategic plan and afford opportunities not only for clinical AMC leaders, but also for other areas of the organization, such as legal, accounting, and administration. Empowering all staff to perform at the highest level of expertise will push AMCs to become “market makers” in the respective fields, leveraging the AMC brand and skill, and potentially creating the next great clinical or technological innovation to change the course of healthcare. Ultimately, these opportunities will provide additional funding sources for AMCs to continue the pursuit of improved healthcare and outcomes.
Access Part Two of the article here. Part One can be found here.
(Copyright 2022, American Health Law Association, Washington, DC. Reprint permission granted.)
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