Maximizing Margin Improvements in Healthcare | E.17
Why competing priorities and unexpected urgent issues like Covid get in the way of margin improvement initiatives.
In Episode 17 of The Healthcare Leadership Experience, Lisa is joined by her producer Lisa Larter, from The Lisa Larter Group. Together they discuss how to maximize margin improvement opportunities for hospitals.
Lisa Miller explains, ‘’I'm very passionate about hospitals getting the best cost savings, getting the best advisory services and being able to have the freedom and flexibility to do that, because ultimately this is about patient care.’’
This episode is sponsored by VIE Healthcare Consulting® which has proudly helped hospitals save $758 million since 1999.
In today’s episode you’ll hear:
The danger of settling for things being good enough - and why good is the enemy of being great.
The importance of an unbiased performance review. Hint: validating success is equally as important as validating opportunities. ‘’…the unbiased review isn’t a gotcha game’ – it’s also about finding things people are doing right.’’
The need for a strategic team in every hospital dedicated to margin improvement opportunities.
Why non-labor spend is the largest cost savings opportunity.
The importance of engaging physicians (and the JAMA study that reveals the real cost of not providing physicians with cost data). ‘’You can’t be cost conscious if you don’t know what something costs.’’
Why data analytics is foundational in value based agreements - and why mapping your managed care agreements directly to cost is a huge margin improvement opportunity.
Why negotiation isn't always just about money, it's also about freedom and flexibility of choice. ‘’There should be no …. agreement that says you're restricted from using a third party consultant.’’
The positive effect on margin improvement that happens when you provide your team with the resources, expertise and skills they need to maximize cost savings.
For more on high performing healthcare contracts, listen to Episode 6 of The Healthcare Leadership Experience, featuring Ray O’Kelley, CEO & Founder of Healthy Contracts and Business Data Applications (BDA), Inc.
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