When hospitals are not drowning in debt, they are able to provide better care for their patients. In terms of performance, hospitals, clinics, and other health-related organizations could use the help of a financial management company to improve their monetary productivity.
Nearterm and other financial experts list some ways hospitals can become more efficient:
Ensuring that licensed professionals are working at their full capacity.
If registered nurses end up working on tasks that can be done with nursing aides, then the hospital has not maximized the investments they make and the salary they provide to licensed professionals. Hospitals will never run out of menial tasks for nurses and aides, but ensure that people are working at their full capacity and expertise.
Develop a deeper understand of your costs for care.
How do hospitals make money? By treating patients, right? Without a complete understanding of the costs involved in taking care of patients, hospitals can lose more money than they make. For example, hospitals should have more than enough surgeries to pay for the costs involved in the maintenance of operating rooms. Otherwise, all the money will simply go into maintenance.
Create and maintain an efficient risk management protocol.
In early 2016, a 60-year-old woman sued the Yale-New Haven Hospital in Connecticut for removing a wrong body part during surgery. After an investigation, the hospital issued a statement recognizing the error. The hospital also issued an apology. While medical errors do happen, healthcare organizations should create an efficient risk management protocol and business continuity practice to manage such PR nightmares and financial liabilities.
The financial health of an organization affects how employees work as well as the experience and satisfaction customers feel. Consider these ideas to help improve your organization’s financial health and work towards building a stronger company.