Is your business meeting its financial goals? No matter how a company's economic condition and competitive position is, it must always strive towards improvement. Considering the intense competition and pressures faced by organizations in every sector, this is especially true for hospitals and healthcare institutions. Read the following whitepaper titled, "4 Ways to Improve Financial Performance." It is a high-level overview of four key areas where medical centres and healthcare institutes can significantly improve their financial operations.
Manage Expenses and ResourcesCompanies need to own what they are good at. This means they should use their comparative advantage to build partnerships with vendors. This will assist with the tasks that are not directly related to patient care. How does this help the organization? They can convert fixed costs to variable costs, scale up the infrastructure and free up busy employees to focus on core value propositions. Organizations can also search for good opportunities to reduce or completely eliminate fees. They can do this through software upgrades, clearing houses, interfaces and lock boxes.
Attract and Retain PatientsHealthcare institutions can conduct an effective outreach program. By aggregating claims and clinical data, they can identify gaps in care. This helps them during the targeting of outreach campaigns. By further examining the results of the outreach, organizations will be able to draw important conclusions.
Fill Scheduling GapsThese include pointers on how and when to message patients and encourage them to book an appointment. By incorporating the right combination of email, texts, voicemails, and calls, medicos can attract patients for routine visits and preventive care. For example flu vaccines and annual medical checkups. They can also fill gaps in schedules and reduce the number of no-shows.
Boost ProductivityIt is important that the core hospital and clinical staff focus on providing healthcare. Organizations must design workflows in such a way that they can delegate administrative tasks to non-clinical employees. They must also work towards understanding and applying performance data. This can be done by sharing the department performance with the staff. Doing so will improve productivity and identify performance benchmarks.
Integrating Technology and WorkflowResearchers have found that ability to work from any place at any time has the highest impact on job productivity. Organizations can give productivity a huge boost by adopting enterprise mobility. They can also improve patient data access by making it simple and affordable. Finding vendors to automate back-office processes can help free up hospital staff to focus on patients and more important work.
Improve Collection RateOrganizations must negotiate and engage with payers in a proactive manner. They need to make each claim count and also get out in front of bad debt. By prioritizing value-based care, businesses can maximize revenue and avoid compliance penalties. Hence, having a good technology partner is of key importance.
Key Takeaways from "4 Ways to Improve Financial Performance"
- How organizations can manage their costs and resources
- How medicos can acquire and retain new patients
- The different ways companies can boost productivity and collection rates
- Tech partners need to have a shared interest in driving results in the organization