The healthcare industry in India faces several challenges because of increasing competition. A lot of other factors are also responsible that affect hospitals profitability such as economic recession, growth in unsecured care, and increased competition for outpatient services. To provide excellent services with increased profitability a hospital management consultancy in India can help hospitals in achieving their targets. According to top hospital consultants in India, if hospitals start focusing on two factors they can enhance their profitability for sure. These factors are:
- Reducing costs
- Increasing Reimbursement
The practices that help hospitals to increase revenue involve:
Reduce the staffing cost by using HRIS system:
Manpower is the biggest expense for every hospital and it is not possible for hospitals to reduce their staff. Hospitals should adopt the human resource information system (HRIS) which is online software to provide a solution for data tracking, data entry, data and data information required by the HR department of the hospital.
Hospitals can employ part-time or hourly employees. This can help hospitals to track their efficiency on an hourly basis as hours worked per case. Hourly based staff includes nurses and managers who come just a few minutes before the surgery.
Hospitals should reduce the benefits of full-time staff and increase wages on an hourly basis.
Reduce the supply cost by negotiating vendors:
The top hospital consultancy firms in India suggests and train hospital managers for winning negotiations with the vendors to get more and more discount on supplied items.
Another step that can enhance profitability is to reduce the cost of supply. Generally, hospitals make tie-ups with too many vendors for supply as a result hospitals buy a supply at a higher rate. To prevent this situation the hospital should stay connected with 4 to 5 vendors only. This will allow them to receive bulk orders and in lieu of that vendors can offer a maximum discount over the supply.
Ask physicians to help in cost cutting:
Hospitals should involve doctors and physicians in applying strategies that boost cost reduction. Physicians can avoid going for the unnecessary test and emphasize on mandatory test only.
Hospitals should go for buying products that are cost-effective but high in quality such as many orthopaedic implants. Connect with vendors who can supply superior quality product with minimum margin.
The hospital consultancy services emphasize on involving general and medical staff of a hospital in providing cost reducing solutions and encourage them to do the same by the means of motivation and awards.
Link up with outsourcing management companies:
Some services are essential in hospitals that cannot be avoided but somehow out of hospital territory such as food and laundry services and clinical services in some cases. By outsourcing such services hospitals can receive some share from the assigned company or vendor. This also helps hospitals to reduce the manpower.
Partnering with local physicians:
Hospitals can approach local physicians to enhance the working of the outpatient department and stand out of the competition by sharing some revenue with partner physicians.
You will find many experienced and reputed hospital consultants in Delhi NCR who can help hospitals to provide solutions for generating better revenue and boosts profitability by employing several solutions along with provided suggestions.