The shift in healthcare reimbursement systems is challenging CFO’s and other fiscal decision makers to reevaluate financial management like never before. Shorter patient stays and a growing emphasis on quality vs quantity of care are among the contributing factors. While the initial reaction of budget makers may be to just spend less across the board, a smarter approach is strategic spending. Some areas will produce a greater return on investment (ROI) and should be considered worthy of receiving funds trimmed from other areas. Here are 4 hospital financial management trends for 2014:
- Reevaluate construction needs – In 1990 the average length of stay for both sexes was 6.4 days. By 2010 that number had fallen to 4.8 days, and the data suggests stays will continue to get shorter. Construction plans should not focus on more patient beds.
- Strategically source medical equipment – With trends moving away from main hospital to outpatient care it is more important than ever to make sure you are getting the best possible price for necessary equipment acquisitions.
- Upgrade Emergency Rooms – In 2010 Emergency room visits topped 120 million, but only 20 million of those visits resulted in admissions to either the hospital in general or critical care. Upgrades can improve quality of care, decrease wait times and enhance the overall patient experience.
- Invest in IT – This is one area which contributes to the entire institution working smarter, not harder. Software and hardware spending produce great ROI. PeopleSoft is an example of software that can add great value, but it’s not without its pain points. Belmero’s PeopleSoft Experts provides proprietary solutions to optimize this technology. Other initiatives like data analysis give a clear picture of an institution’s outcome patterns, and foundational elements like electronic health records are a must in today’s healthcare environment.
For more information on how Belmero Inc can assist you with hospital financial management programs, please contact us.
Share this Post
