Insights

No Time For Margin(Al) Tweaks

21 July, 2020

U.S. health systems and hospitals are experiencing significant pressure on operating margins as the COVID-19 pandemic continues to depress non-emergent procedure volume and drive up expenses.

Even prior to the pandemic, organizations were in the midst of considerable belt-tightening to weather sluggish revenue cycles and rising costs. Now the problem is even more acute.

Traditional approaches to margin improvement do not have a good track record in most hospitals and are even less likely to be successful in the unforgiving COVID-era.

A new white paper from GE Healthcare Partners Consulting, the advisory arm of GE Healthcare, argues that now is No Time for Margin(al) Tweaks and discusses the value of taking a big swing at margin improvement by deploying a strategic, data-driven approach.

The white paper explains:

  • The 3 leading reasons that traditional margin initiatives fail—and how to solve for them
  • The critical relationship between cost reduction and revenue enhancement efforts—and how to keep it in balance
  • How the right data platforms can predict opportunities for revenue and cost improvement in near real time to enable quicker wins
  • Why strategies that fail to engage your staff will short-change your outcomes
  • 3 actions to take immediately to become more systematic in your improvement efforts
The No Time for Margin(al) Tweaks white paper also includes a detailed checklist of essential activities to activate your margin initiative.

Related: Jefferson Health reports success 2 years into GE partnership: 6 questions with Chief Integration Officer Kathleen Kinslow

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