Hospitals that only track gross patient volumes, net revenue, and hospital profit margins are missing out on the data that drives sound strategy development and decision making that drives growth. Often, growth and strategy metrics are not calculated in the hospital’s data systems and comparisons with local competitor data are not available.
Growth, strategy and the ability to lead your organization to increased volume and revenue requires a multi-faceted approach that promotes intentional action through careful analysis of these areas:
- hospital market and competitors
- physician relationships and referral patterns
- service line growth with the right case mix
- capacity and efficiency to handle additional volume
Market, Competitors and Leakage
Data about market share, population demographics and service areas is a critical component to understanding your opportunities. Combining that information with data about your competitors, total payments in your market and which patients are affiliated with your organization, but are being admitted to your competitors, is the first step in developing an action plan to drive growth.
Development: Getting the Right Case Mix
Reviewing your top paying DRGs and outpatient services is an important part of ensuring you have a profitable case mix and for identifying new service line opportunities.
Creating an execution plan with timelines, milestones and results is critical to taking intentional steps that drive patient traffic and revenue. MEDHOST Consulting Group is committed to working through the necessary steps that drive growth and keep your hospital strong.
Need more information about how MEDHOST Consulting can help you grow your business? Contact Stephanie Randa or Sharon Ulep today!