Financial Performance At The Middlefield Hospital Essay

Financial Performance At The Middlefield Hospital Essay

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In order to improve the financial performance at the Middlefield Hospital there are a few strategies I will like to be implemented such as payer relationships, revenue cycle, supply chain, and staff productivity. First of all payer relationships involve stakeholders looking at rising expenses, as well as issues stemming from current reimbursement processes. For example, in order to save costs and ensure more accurate and timely reimbursements, there should be collaborative efforts between stakeholders, providers, payers and patients which should likely improve timely reimbursements and overcome many of the challenges that currently impede timely and accurate payment. However, it is also important to have proper documentation in order to for the hospital to get reimbursed for services rendered to patients. On the hand according to the article I researched in Healthcare Financial Management states that accurate documentation will also help provide higher quality and more efficient care to the patients. Furthermore, if the hospital continues to invest and upgrade their Information Technology (IT) systems this can also be a reduction in operating costs. In addition, new and improved Information Technology systems is a capital expenditure and this cost will somehow pay for itself in the long run; through improved quality of care and better quality of service.
Secondly, another strategy I will focus on will be revenue cycle; this way to see how effective the billing process at the hospital is operating. For example, focusing on insurance verification, medical records coding, billing, and all other activities associated with bill collection; these are strategies associated with revenue cycle and must be look into because revenue cycle m...

... middle of paper ...

... be over staff or under staff. However, it is also crucial that management use data to create staffing decision for the hospital. For example, adjust staffing according to patient data, use part time or on call nursing staff, and use hourly paid nurses every eight hour shift after looking at patient’s data admissions. Furthermore, flexible staffing is another way of saving cost for the hospital; it also reduces the huge amount of benefits paid out to full time staff each year, and also cut back on overtime which is another costs factor.
In conclusion, in order to improve the financial performance at the Middlefield Hospital the strategies implemented in this report will definitely help the hospital regain its financial status in the community. Furthermore, the use of data is evident in all the strategies implemented for the financial success of Middlefield Hospital.

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