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
To download the full article as a PDF document, please use the form below:
Related Posts
Leveraging Data Analytics To Optimize Supply Availability In The Operating Room
Imagine you are the OR nurse or surgical technician setting up the sterile field for a procedure when you discover that a critical supply or instrument is ...
Control and Maintain Costs Through Non-Labor Expense Reduction
Healthcare organizations must constantly keep an eye on Non-Labor expenses, which typically represent approximately 40% of their total operating expenses.
Battling Extreme Drug Price Increases
Top of mind for nearly every hospital or health system CFO is the roughly 10% annual increase in the cost of pharmaceuticals.
Physician Preference Cards: An OR Director’s Key To Efficiency
Efficiency and cost management – the metrics by which OR Directors live and breathe. Data on First Case On Time Starts, cut to close times, room turnover, ...
5 Keys To Getting Value From Your Value Analysis Process
One of the first questions I ask my new clients is about their value analysis review process. Why? Because that’s the rigorous process every hospital and ...
Improving the Business Performance of Pharmacy Operations
This brief describes how GE Healthcare Consulting works with health systems to improve the overall business performance of their pharmacy operations.