topic: Business Process Optimization
According to a recent report, hospital operating margins were down 55.6% in 2020 compared with 2019, excluding federal CARES funding, and down 16.6% with CARES.
Organizations which follow these steps are more likely to complete their projects on-time, on-budget and to everyone’s satisfaction.
Incrementally working to enhance your care coordination can positively contribute to the long-term success of your organization.
The hospital’s CFO and financial team should be regularly communicating with clinical leadership to detail the dynamics of the system’s finances and care and solicit one another’s support during Covid19.
Based on the clinic’s new emphasis on COVID-19 safety and communication, with data-driven metrics and dashboards guiding the way, the department has been able to successfully return to 80 percent of its prior daily patient volume.
By using some of the patient input strategies outlined here, providers and health plans can potentially mitigate the business challenges of health care consumerism and help shape a more cost-effective, value-based health system that benefits all stakeholders involved.
By seeking to directly hear the voice of your patients, based on the types and qualities of the services you provide, your ACO will be much better prepared to improve your patient experience and satisfaction.
Forward-looking health care organizations realize that physician engagement is key to their clinical and financial performance.
PFC departments have the potential to create financial and clinical integration and be the center of the revenue cycle, helping manage and connect all of its aspects. A high-functioning PFC also likely means a happier and more productive workforce, as well as more satisfied patients.
Led and managed well, a patient access department can be a justifiable source of pride for any health care organization – and a distinct competitive differentiator.
In this article, we look at the potential benefits to a health care organization of using an integrated applications platform versus those from multiple vendors. We also describe a process your organization can use when deciding whether to migrate from a multi-vendor system to a single vendor platform.