Save a Featured Image (and/or any on-page images) at 1440w x 960h pixels. Use a single file (PSD if Photoshop) to keep the featured images in layers and output the properly sized and cropped images every time. This keeps all previous featured images within a single file as well for ease of locating.
Output the featured image at 60% quality JPEG, or adjust quality as desired. The goal is to reduce file size and site speed while maintaining good visual quality.
Keep featured images in a single folder or shared drive if possible.
If the post will be a featured story on the home page banner slider, save an additional image at 3840w x 1200h pixels. Same file routine as above.
Use the file uploader to add the image while creating the post. You could do it now as well. There is no need for a Caption on a home banner image. The headline seen on the front end is the news story title. The Alt Text MUST have a simple description for Accessibility compliance. Keep this description as simple as possible. Example shown below.