
In the ever-evolving landscape of healthcare, financial efficiency is paramount. But how does a health system already deemed best in class push the boundaries of revenue improvement?
In the ever-evolving landscape of healthcare, financial efficiency is paramount. But how does a health system already deemed best in class push the boundaries of revenue improvement? In a recent episode of our podcast, we explored this intriguing question with insights from a remarkable case study involving a seven-time award-winning health system.
The Challenge of Incremental Gains
When you’re already at the top, finding areas for improvement can be daunting. Sabrina shared how their organization managed to deliver a 4% net patient revenue improvement for a $2 billion health system. While the first percentage point might come easily, the last few are notoriously challenging. Yet, through strategic partnership and collaboration, they achieved what seemed nearly impossible.
The Power of Partnership
One of the key takeaways from our discussion was the importance of functioning as an extension of the health system’s team. By aligning goals and working closely together, they were able to identify and capture what might seem like “crumbs” in a massive budget. However, these crumbs amounted to a staggering $50 million, a sum that can significantly impact community resources and initiatives.
Reinvesting in Community and Mission
The financial gains weren’t just about boosting the bottom line. The additional revenue allowed the health system to reinvest in its community and support various initiatives beyond the revenue cycle. This holistic approach not only strengthens the organization’s mission but also enhances the quality of care provided to patients.
Direct Impact on Providers and Patients
Our guest emphasized the fulfillment that comes from seeing the direct impact of their work on both providers and patients. By improving financial efficiency, they were able to support the health system’s broader goals, ultimately benefiting the entire community.