Increase your Healthcare Organization ROI

1
(No Transcript)
2
Increase your Healthcare Organization ROI
The pressure on hospitals to improve patient
care at lower costs is not newand its not going
away. Technology has never been more of a
priority than it is right now for healthcare
providers, especially as the industry continues
to shift from fee-for-service to value-based care
models. Hospital leaders are juggling a growing
slate of technology mandates and healthcare IT
projects, while balancing tighter budgets and
more stringent regulations hence a requirement of
outsourcing revenue cycle management services
make sense. Return on investment is a critical
component of the health of any organization. This
single number inherently reflects the success or
failure of your investments. Whether your aim is
to improve the patient experience, increase staff
efficiency, purchase equipment or expedite
processes, it is critical to know that your
investments are worth the cost and effort that is
put into them. The important question is how do
you determine ROI?
3
Increase your Healthcare Organization ROI
Promote Wellness Initiatives The best way to see
tangible results is by planning, implementing,
and perfecting company-wide wellness initiatives.
Some examples could include employee activity
days, goals and rewards for health or fitness
milestones or even a rewards program for
initiative participation. Other benefits may
include having a full-time psychiatrist on site
or offering wellness initiatives to spouses or
children as well. Companies that promote strong
wellness programs often influence employees to
lead healthier lifestyles on their own time. When
employers take a strong, vested interest in the
health and well-being of their employees, overall
employee satisfaction and happiness tends to
increase as well. Know the Risks The bulk of
an organizations healthcare costs are determined
by how healthy its employees are. This includes,
among other things, whether or not employees
smoke, are at risk of cancer, or are
pre-diabetic. These chronic conditions oftentimes
slip through the cracks during periods of open
enrollment, meaning that when issues do occur
later employers have to absorb most of the
overhead costs.
4
Increase your Healthcare Organization ROI
Its also necessary for organizations to
understand current healthcare spend. Running
quick claims analysis, which involves reviewing
past claims data from insurance providers, can
help employers develop strong, outcomes-focused
wellness initiatives. This way, organizations
can make detailed connections between employees
with chronic conditions, such as diabetes, and
actual financial impacts, such as associated
increases in Emergency Department
visits. Helping Employees Avoid Emergency
Department For employers looking to cut back
costs and increase healthcare ROI, helping
employees avoid the emergency room can quickly
reduce costs. One way employers can mitigate the
cost of preventable ED visits is by investing in
an onsite or near-site clinic, which offers
convenient access to needed healthcare services
without emergency department prices. When it
comes time to calculate employer healthcare
costs, these hefty claims charges will certainly
hike up company healthcare rates.