healthcare finance

Love Your Bottom Line

For most organizations, healthy finances are the pulse by which operations are measured and improvement strategies developed. Fiscal sustainability sets the tone for services and staffing, balancing cost with demand and quality. Though many would argue that employees, namely nurses, are the heart of a hospital or health system, it is truly a strong margin that determines viability. Having skilled and caring staff is critical to positive clinical outcomes, greater levels of patient and employee satisfaction, and a healthy work environment, but without the proper funding, effective recruitment and retention become challenged. A financially sound organization is one that thrives, withstanding the changes and complexities of a dynamic healthcare industry.

February is Heart Health Awareness month which creates the perfect opportunity for healthcare leaders to give their hospitals and health systems a thorough check-up. The following are some tips for streamlining operations, using data to guide decision-making, and developing a finance-driven culture to give the bottom line some added love!

  • Leadership Development – educating managers to operate each department with a CFO mindset, creating effective stewards of available resources and a structure of cost accountability
  • Optimizing Processes – identifying practice redundancies and outlining improvement strategies to achieve increased efficiency through enhanced productivity and reduced labor expense
  • Validating Goals – using bi-weekly metrics to track real-time progress towards defined financial and operational objectives, setting future targets that are reasonable and attainable, adjusting where necessary
  • Evaluating Performance – using data to routinely assess operations, both global and departmental, to ensure appropriate alignment between staffing, supplies, and patient volume

It is the ALTIUS mission to improve the operating and financial performance of our client hospitals through realistic solutions that achieve lasting results. Through strong partnerships with leadership, our team provides the education, metrics, and support needed to realize meaningful change.

To learn more about our services, contact us here today!

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