The basic core philosophy of healthcare reform is to reduce cost and improve quality. The emergence of Accountable Care Organizations (ACOs) and Bundled Payment regulations are two relevant examples of the external pressures healthcare organizations are navigating.
The pressures to cut cost are only going to increase. So why wait for the next external pressure points? Why not take more control of your own destiny now in a way that both your employees and Board will respect. Shouldn’t I just continue “tweaking” my revenue cycle and working on ways to increase cash and accelerate cash flow? Absolutely! No one will argue against getting more cash in and getting it in faster. But for many organizations, it’s time to look at the expense side of the coin and take action. And let’s admit it. Cost reduction is not fun!
So where is the win-win? It is at the front line of your organization where your employees and patients are engaging each day. Before you look up and find that you have to take urgent and perhaps drastic action on reducing costs, look inward and ask your directors, managers and front-line employees for help. Your people know where there is duplication, scheduling issues, rework, long wait times, inventory excess and other process flow issues that are causing excessive costs for your organization.
This approach requires solid sponsorship from the leaders of organization and the call to a “no penalty” doctrine. Here is an example:
This is a win-win. The hospital wins by engaging its own employees to contribute to cost reduction. The patients wins by experiencing a more timely discharge. So what’s the first step? Where do you start? That’s where we come in. Blue & Co. has experienced professionals who can guide you through this process.
Want more information about how to get started? Please contact John Britt at firstname.lastname@example.org or 502-992-2598.