For a hospital to remain profitable today, it must overcome a host of challenges. They include competition from other hospitals, rising cases of uninsured care, cuts to Medicaid programs, cuts to Medicare reimbursements, and an economic recession.
However, despite the tough times facing the health sector, a hospital can not only thrive but also be profitable. The secret lies in increasing revenue and reimbursement while at the same time reducing costs. Here are ways hospital management can achieve these two goals.
- Reduce staffing costs with meticulous data collecting
- Reduce supply costs by working with vendors and physicians
- Outsourcing the management of some services
- Reduce readmissions
- Review drug costs
- Reduce unnecessary testing
- Improve deficiencies in the emergency room and operating room
- Understand revenue cycle performance
- Providing quality customer service
- Revamp the energy cost strategy
- Invest in health IT systems to monitor utilization
- Renegotiate managed care contracts
- Consider partnering with local physicians to reduce competition for outpatient cases
- Manage new service lines if they have a good return to increase market share
- Improve reputation
- Revamp billing and collections — from big-ticket items down to bottled water.
- Focus on communication strategy hospital management system
- Conduct rigorous benchmarking of salaries, wages, and scheduling
- Pay attention to quality incentive programs and other healthcare reform measures
- Invest in “green” projects and sustainability measures for energy savings
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This is possible if a hospital system reduces its staffing price, which can account management for half of its budget. The next biggest expense after labor is the costing of supplies. This too should be divide with. Finally, hospitals must outsource some provide services, and pull in readmissions. see more live software demo use you can decide.