Tatum Healthcare, part of the executive services firm Tatum, recommends hospitals consider four essential steps to meet challenges in 2011, according to a release by Tatum Healthcare.
"With so many priorities competing for hospital executives' attention, CEOs, COOs and CFOs need to be able to rely on a practical blueprint for responding to today's challenges while taking advantage of tomorrow’s opportunities," the release said. Here are the four steps.
1. Refocus on growing revenue. Hospitals cannot "cut their way" to success, Tatum said. After the belt-tightening of the past few years, hospitals should renew efforts to grow revenue in 2011. "The first step is to have better information about where current revenues are coming from and the drivers and constraints around growth," the company said.
2. Rethink processes to raise efficiency. Hospitals need to find the time and expertise to intelligently plan for process changes that can lead to reduced costs or improved patient satisfaction. "Effective procedures are critical to both patient care and achieving financial results," Tatum said.
3. Improve patient-intake procedures. Many hospitals have not yet improved patient intake procedures and use processes that virtually guarantee bad debt. Making changes to processes is the only way to reach sustainable improvement in cash management.
4. Develop an agile administrative team. "In an era of extended and dramatic change, hospitals need a talented team with the experience and flexibility to quickly adapt and thrive as new challenges emerge," Tatum advises. Hospitals need to develop a culture that embraces change and agility at all levels. Sometimes people who thrive in a "steady state" are overwhelmed when there is extreme change. "Adopt a new perspective on talent," the company said.
Read the Tatum release on hospital strategy.
Related Articles on Hospital Improvement Strategies:
Dr. Eneida Roldan: Jackson Health System's Strategies for the Future
Make a Hospital Faster in 5 Days
Consultants Offer 6-Step Turnaround Plan for Miami's Struggling Jackson Health
"With so many priorities competing for hospital executives' attention, CEOs, COOs and CFOs need to be able to rely on a practical blueprint for responding to today's challenges while taking advantage of tomorrow’s opportunities," the release said. Here are the four steps.
1. Refocus on growing revenue. Hospitals cannot "cut their way" to success, Tatum said. After the belt-tightening of the past few years, hospitals should renew efforts to grow revenue in 2011. "The first step is to have better information about where current revenues are coming from and the drivers and constraints around growth," the company said.
2. Rethink processes to raise efficiency. Hospitals need to find the time and expertise to intelligently plan for process changes that can lead to reduced costs or improved patient satisfaction. "Effective procedures are critical to both patient care and achieving financial results," Tatum said.
3. Improve patient-intake procedures. Many hospitals have not yet improved patient intake procedures and use processes that virtually guarantee bad debt. Making changes to processes is the only way to reach sustainable improvement in cash management.
4. Develop an agile administrative team. "In an era of extended and dramatic change, hospitals need a talented team with the experience and flexibility to quickly adapt and thrive as new challenges emerge," Tatum advises. Hospitals need to develop a culture that embraces change and agility at all levels. Sometimes people who thrive in a "steady state" are overwhelmed when there is extreme change. "Adopt a new perspective on talent," the company said.
Read the Tatum release on hospital strategy.
Related Articles on Hospital Improvement Strategies:
Dr. Eneida Roldan: Jackson Health System's Strategies for the Future
Make a Hospital Faster in 5 Days
Consultants Offer 6-Step Turnaround Plan for Miami's Struggling Jackson Health