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The United Health Fund recently noted that 13 of 35 non-profit, acute care hospitals in New York City are in such financial distress that their long-term viability is in doubt — a warning for all healthcare institutions struggling to survive.
But the conventional cost-cutting and layoff prescriptions for health care providers in trouble aren’t enough to solve this growing problem. Hospitals can’t continue to slash their way to survival Clinica Iztacalco without sacrificing quality and patient services. Traditional price reduction frequently contributes to additional market share erosion and revenue reduction. Since the healthcare system moves into an environment focusing more on patient/customer satisfaction, the conventional management answers could lead to even greater losses for the hospital. Patients might stop coming due to non or reduced services, the fact that their doctors have gone elsewhere, or the understanding that the hospitals reputation is declining. Doctors may leave due to declining service quality, experiences with insufficient clinical and support staff, and frustration using outdated equipment and facilities.
Maverick Healthcare Consulting has discovered that fiscal difficulties can often be effectively solved with growth strategies that expand and enhance existing revenue streams, generate new sources of revenue and increase market share. These strategies include investments in improved quality to increase patient and physician satisfaction; investments in equipment and staffing which will speed the individual experience, enhance convenience and increase patient volume and throughput; and investments in new services that improve a hospitals profile and make it far more aggressive for market share.
Maverick Healthcare Consulting has the opportunity to help lots of Greater New York hospitals in designing and implementing innovative approaches towards growing from the financial doldrums. Following are some examples of these types of improvements. In addition to enhancing quality and support, such activities were instrumental in avoiding layoffs and other sacrifices to the communities they serve, and in creating new job opportunities as projected revenue streams and services were successfully attained.