If you do not have an adequate financial strategy, sooner or later you will have problems fulfilling your mission and strategic objectives.
No matter what its mission is, whether it is non-profit or for-profit, whether it is publicly or privately owned, every hospital will benefit from an adequate financial strategy that supports its mission.
Profitability is the goal of every business, and hospitals are no exception. In a market as competitive as healthcare, it is difficult to keep all the activities carried out within a hospital institution profitable.
Here are 4 activities that promote the profitability of a hospital:
1. Innovate services to increase their market share
The decision to enter a new specialty to attract a market or increase its market share is a decision that must respond to an arduous investigation that provides information on the needs of the locality that serves the institution, as that would considerably increase your success rate and income.
The hospital must analyze the health trends of the population, with demographic data on possible chronic diseases that may occur and with statistics that help favor one specialty or another.
2. Plan your operation around occupancy to control costs
Today’s business intelligence offers the necessary visibility to make decisions in support of resource planning by providing occupancy statistical data over time periods, to make forecasts or to plan the personnel to be assigned according to the flow presented by area and/or days of the week.
When each medical director and each administrative director coordinate to forecast and plan staff, many savings and awareness are achieved in staff management.
3. Reduce warehouse costs by working with your supply chain and your doctors:
There is technology that enables data capture at all points in the supply chain, and sharing the information generated at these points with key people will allow the transformation of this into usable data for decision making, making it an asset of the hospital business.
An excellent practice to reduce costs is to identify the costs of the material used in the procedures, compare them with the national standards and share that information with the doctors to participate in the control of costs.
4. Subrogate some services:
On some occasions, as a consequence of all the operational needs of a hospital, it is easy to lose focus and have money leaks when performing activities outside the direct responsibilities of a hospital, which consist of providing care and patient services.
With this in mind, it is recommended to subrogate certain services such as cleaning, laundry, cafeteria and laboratory services, since when managed by third parties, significant savings are generated.
Top hospital consulting firms in India can help health systems make the right decisions about using competition as a tool to provide access to high-quality and effective health care.
Hospital management consulting company can deliver noticeable performance gains by helping healthcare organizations transform their fragmented activities and evolve them into integrated ecosystems of providers, customers and researchers who can interact with patients, caregivers and others in an individualized manner.