Hospitals Fighting Back… By Looking Around
As every hospital financial manager knows, experiences and ponders: Most hospitals today are suffering from fewer admissions, declining reimbursements and less days’ cash on hand. Compounding these disappointing trends is inflationary expense growth, including increased cost of capital and IT. Put this sad syndrome all together, and the result is reduced ops margins.
Simultaneously, every hospital executive and manager is looking for ways to mitigate these negative dynamics.
Some mitigating approaches are “tried and true”. However, very few are actually proven-in-practice, referenced, affordable, truly risk-free, and produce demonstrable and sustained positive outcomes that you can “take to the bank” (…and to your Board).
One of the most cost-efficient methodologies used to financially unburden hospitals of these negativities is “doing what’s been done”:
In brief, there are 1,018 Sevenex Solutions available, already successfully utilized and implemented, adapted and customized by 100s of the nation’s hospitals on a zero-risk basis. These Solutions can be selected and customized when brought in-house.
Once examined and selected, these Solutions may be further refined and individualized to best fit your current financial needs, operational focus and administrative orientation. Further, no layoffs or new hires are required before, during or after these Solutions’ implementation. Additionally, this process reduces variability and waste, while enhancing cost-effectiveness and quality of care, as well as patient satisfaction.
These solutions cover the entire hospital enterprise, i.e., clinical, operational, financial, acute and non-acute—with you in the driver’s seat—addressing those areas that need your most pointed attention.
Some of the many areas for opportunity are:
- Premium pay
- Clinical waste
- Physician integration
- Blood management
- Energy costs
- Collections
- Employee benefits
- Liability insurance
- Cafeteria efficiency
- Laundry controls
- Patient satisfaction
- Length of stay
- Out-patient growth
- ED collections
- Observation patients
- Physician preference items
- GPO effectiveness
- Out-sourcing, in-sourcing
- Time and attendance, PTO
- Repair/Maintenance
- Mail/Postal services
- Telecom/cells/fax
- ….and on and on…
These Solutions are not about discounts. Instead, these Solutions are about reducing use, converting expenses into revenues and increasing collections, because…...
Given today’s reimbursement mechanisms, e.g., case rates, per diems, shared savings, bundling, ACOs, capitation, etc., there is no (or very little) explicit or direct reimbursement for any specific expense. This means, any time an expense is not made and is instead saved, those savings go right to the bottom line. And by the same token, any time an expense is converted into revenues, these net revenues go to the bottom line.
There is no limit to the desired and necessary areas these Solutions cover.
There is no limit to the magnitude of the new savings and revenues to be achieved.
Done professionally, there is no risk and no net cost, only added savings, new net revenues and enhanced margins.
