Great article on cost cutting strategies for healthcare executives. This article looks at seven cost cutting strategies that can help reduce cost. Please also review our Healthcare Case Management Program to learn more.
The article, Healthcare finance leaders share 7 cost-cutting strategies, by Kelly Gooch states,
“Hospitals and health systems increasingly face financial pressures from dwindling reimbursement, increasing competition, deteriorating payer mix and other factors.
Due to these pressures, reducing costs is at the forefront of healthcare finance leaders’ minds, whether they are at a rural, nonprofit, urban or safety-net organization.
Here, executives from various types of facilities discuss seven strategies to reduce costs.
1. Revisit staffing plans. John Ulberg, senior vice president and CFO of NYC Health + Hospitals, New York City’s public healthcare system, recommended revisiting staffing plans every few years. “Staffing is the single greatest expense for hospitals, and innovation can lead to changing staffing needs,” he said. “The staff you required 10 years ago may not be the right staffing mix for today. You may be able to eliminate redundant positions and, rather than recruiting in a tough job market to fill today’s gaps, reassign highly qualified staff to fill those gaps. Improving financial performance is just one of the benefits.”
To read about the other cost cutting strategies, please click here
It is very important as healthcare professionals to reduce prices without lowering the quality of care. This article points to how this can be done.
Please also review our Case Management Program and see if it matches your academic and professional needs.