hospital impact
Post details: How to turnaround a hospital
How to turnaround a hospital
There have been quite a few successful hospital turnarounds recently:
- Maricopa Medical Center: $12MM in debt to $25MM in the bank in 6 months.
- Tufts-New England Medical Center: $25MM loss to break-even in one year
- Amsterdam Memorial Healthcare: $4.7MM loss to $0.4MM profit in one year
- Detroit Medical Center: $60MM loss to $9MM profit in two years
- Western Suburban Hospital: $19MM loss to break even in 1 year.
So, what's the common thread?
The common thread is that all of these turnarounds resulted from strongly-led team-based effort on several different fronts. If there is any "silver bullet," it is this vague, difficult concept of leadership. Those who led these turnarounds did these things well:
1. Rallied their leaders around them. And if they didn't have strong leaders already, they hired them. Hospital leadership is hard enough even in good times.
2. Attacked the problem on multiple fronts. They simultanously cut costs (revamped staffing practices, renegotiating their credit, renegotiating supply cost), increase revenues (rev cycle management, denials mgmt, contract negotiations, new channels for referrals, marketing new points of differentiation), and improve employee morale (see how this HCA hospital did it)
3. Focused on the key opportunities. Despite the multi-pronged approach, these leaders didn't try to solve everything at once. They focused on the high-impact areas first.
Balancing #2 & #3 is essentially a function of how well you do #1.
Comments:
Michael G. Ryan, FACHE
Chairman
EiG
San Francisco, CA USA
www.execimpactgroup.com
05/02/06 @ 01:09
07/27/07 @ 05:51
04/24/08 @ 12:29 Good job for those hospitals! Were they able to maintain that success into 2008?
MY OBSERVATION: There was no mention of whether the Internet was strategically integrated as part of those 'multiple fronts.' I'd guess that the methods they used were traditional or 20th century methods which in this day and time, could be short-lived.
~~~~~
Now, that was in 2005 and prior.
What success stories have there been lately for other hospitals and medical centers, especially given the decline in the health care services industry?
Being that it is 2008, HOW would/do hospitals and other medical centers survive in today's economic environment?
SOLUTION: Strategically integrate the Internet into the hospital's daily operations!
~~~~~
To begin, look OUTSIDE of the marketing and advertising side of the Internet / Web for just a moment to REALLY recognize the strengths, global reaching power, and automation ability the Internet has available to anyone and everyone everywhere.
When utilized MASTERFULLY, costs can be cut significantly; the hospital's increased competitive edge becomes more apparent to all as more money is freed up to fatten multiple budgets, including advertising, staffing, equipment and research; and their competitors must stop long enough to try to figure out how that hospital actually did it!
Understanding the step-by-step details of the 'HOW' is not at all difficult. You first need to change your old paradigms and create new ones and be willing to learn from others.
AGAIN, HOW?
Find a global business community where you are able to ask specific questions about your particular situation and get answers 24/7. Then, seek out the profitizer's strategies and techniques.
I found that global business community and so far, it is one of the best for any business owner, manager, business wannabes, employees who have the responsibility for improving their department's performance, etc.
~~~~~
See for yourself and ask your questions there. Folks in small businesses also have great ideas. Be open to their responses, too.
Also, make sure you stay up on the latest information here on HospitalImpact.org.
HTH
You can also enter that community here.
06/25/08 @ 18:56 Leave a comment:
Valid
XHTML ::
CSS ::
RSS ::
Atom :: b2evolution
the first healthcare and hospital blog for tomorrow's hospital leaders
