Hospital senior executives see the continuing migration of services from the inpatient to outpatient setting. Growing outpatient services and profit margins naturally follow as a primary focus.
CMS continues to push population health ACO’s, even extending the safe period which minimizes potential hospital losses. Embracing population health is another natural key focus.
Entrepreneurial health care is here as evidenced by Wal-Mart, CVS, and other business giants taking a run at walk-in medicine. Opening-up free-standing ER’s and GP clinics naturally attracts interest.
Revenues are at risk as more patients with either a high deductible plan or skinny insurance seek treatment. Tightening the revenue cycle and exercising greater ‘revenue diligence’ are essential to deal with this new reality.
The CMS audit review program looks like it could be on steroids, and the two Midnight Rule impacts payments and relationships with seniors. Hospitals are implementing programs to mitigate the adverse effects of each.
Long term strategy sessions are no longer star-gazing exercises with little discernible value. The pressure to embrace change and find the sweet targets of opportunity is the 900 pound elephant in the room.
How do you position your hospital for success in a hyper-dynamic health care environment?
Don’t disregard the obvious, even if it seems like a reaction. Each new challenge brings an opportunity.
Engage your financial, operational, and clinical leaders and innovators to star-gaze yet again. Make sure your team has reality-based metrics for each possible strategy forward.
Divide potential growth areas into enhancing existing service lines, growing new lines, and partnering with other entities in a different health care niche.
Be bold and dare to be different. Each team needs at least one strong contrarian who can argue against a possible pathway forward based on fact and data.
Your hospital is not in a turnaround mode now, but it will be in the future if strategic “bets” fail.
Secure the insights and recommendations of a turnaround marketing group.
They will help you develop and assess real options moving forward, starting with an analysis of your existing market, strategies to grow revenues, and brand acceptance. Each market is unique, including yours, but an outside expert opinion from a turnaround critical thinker has great value.
Positioning your hospital for the future demands a firm grasp of the financial, operational, and clinical drivers of your hospital’s success, and also requires a team of seasoned, smart, and savvy geometric thinkers.
Assembling the right mix of talent ensures your hospital’s strategic bets will be placed where they have the best chance of delivering success.