Even though physicians and hospital administrators work together to provide high-quality healthcare to patients, the two groups do not always see eye to eye when it comes to financial matters.
In a whitepaper, Jon Borroughs, MD, MBA, a senior consultant with The Greeley Company, shares 10 ways hospital officials can build a more collaborative relationship with the medical staff and align over financial matters.
1. Support medical staff and their leaders in efforts to become cognizant of finance language.
2. Go over annotated financial statements with the medical executive committee.
3. Provide ongoing financial training to medical staff members.
4. Show what effect decreasing length of stay can have on costs and reinvestment.
5. Help management understand clinical implications of financial decisions.
6. Help the medical staff understand the financial implications of clinical decisions.
7. Avoid the use of financial jargon.
8. Add medical staff to the governing board.
9. Invite formal and informal medical staff leaders to engage with the senior management team.
10. Use financial and qualitative metrics to create a medical staff recruitment/retention strategy.