In Episode 17 of The Healthcare Leadership Experience, Lisa is joined by her producer Lisa Larter, from The Lisa Larter Group. Together they discuss how to maximize margin improvement opportunities for hospitals.
Audiogram A
You're creating a problem if you use one source as your only option and only answer. You need to do what's best for your hospital and not be told what's best. When you look at non-labor costs alone, you can see vast areas of opportunity. The opportunities start with looking at and reviewing contracts and deciding to be bold and visionary. Then, engage your physicians on the clinical costs on the operational side. You'll uncover areas that you didn't recognize would help you start cost savings when you start doing that.
Audiogram B
A strong foundation starts with a strategic margin improvement team that isn't a part of your process improvement team. Their only focus is on margin improvement opportunities. When you bring this invaluable team together separate from the process improvement department, you can see areas of opportunity for improving margins.
Audiogram C
Your strong foundation needs analytics. Strong analytics will support cost, revenue, population management, or any other outliers you need to focus on. For example, you can utilize a company that does not tie to a platform like Power BI to pull and analyze the data. When a solid analytic framework is put in place, you'll have the support needed for cost savings.
Audiogram D
Are you testing your bias? When you take in an unbiased review, people may think it's about their people, but it could be about vendor, service, and marketplace performance. It's essential to look at the results of the evaluation and determine what is best for your hospital. The review can help you get the best cost savings, advisory services, and freedom and flexibility to accomplish that. Ultimately this is about providing the greatest patient care.
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