There are dozens of ways for hospitals to drive revenue while also delivering quality care. Simple changes to your business practices can have a significant impact on your bottom line, and enhance the patient experience.
On that note, here are four tips to improve hospital profitability.
1. Focus on improving patient satisfaction
If patients are happy with the level of care that they received while using your healthcare facility, then there is a high chance that they will return to your hospital in the future. Satisfied patients are also more likely to recommend your hospital to their family and friends or leave you a positive review online. Providing superior patient experience can boost your profit margins by 50 percent according to a study by Accenture.
On the other hand, patients who have a bad experience are likely to shop around and find healthcare services elsewhere. Poor patient testimonials may also discourage other patients from attending your healthcare facility in the future.
With that in mind, you must place a special focus on improving patient satisfaction by offering exceptional care.
2. Boost financial performance using analytics
Hospitals must have a clear overview of their finances to help them identify opportunities to boost their bottom line.
One of the easiest ways for hospitals to understand their revenue cycle is by using analytics data. For instance, FRG Systems can be used to provide you with online analytical reports and other auditing services. This data is presented in the form of easy-to-read graphs and charts making it simple to spot trends and act on opportunities to boost financial performance.
Every healthcare facility should utilize analytics to monitor their revenue cycle and improve profitability.
3. Minimize the number of readmissions
High readmission rates can harm a hospital’s profitability and also damage the reputation of your healthcare facility. It is therefore in the hospital’s best interests to minimize the number of patient readmissions.
In some cases, readmission is necessary but research shows that many hospital readmissions are preventable. Hospitals can do the following to improve patient outcomes and avoid preventable readmissions:
- Have a clear understanding of patient risk factors before discharge. Identify those most at risk of readmission and provide them with additional support.
- Provide healthcare staff with quality training on effective discharge practices to help prevent readmissions.
- Ensure that patients attend a follow-up appointment seven days after they are discharged.
- Offer quality transitional care to patients after they have been discharged from the hospital.
- Communicate post-discharge instructions to patients clearly.
4. Invest in healthcare technologies
Medical technology has advanced rapidly and improved healthcare services in various ways. Hospitals and other healthcare facilities can utilize technologies to streamline practices, improve patient care, and boost profitability. For example, online patient portals allow patients to review medical bills and make payments conveniently online without the need to call your hospital. This means that your staff has more time to focus on tasks that will drive growth and revenue.
Patients can also use online portals to set up recurring payments. This reduces the number of later payments and helps you manage your cash flow more efficiently.
