“Since we’ve updated all of our major pieces of equipment, it’s helped us provide
care to our community. We are able to capture better revenues, and
better serve the patient.”
-Chris Rayner, CEO, Mississippi County Hospital System
As shifts in revenue streams are predicted for healthcare, providers must decide on new revenue sources and invest accordingly. Common investments relate to:
+ new services
+ preventative care and wellness
+ a shift from inpatient care to outpatient care
Many organizations are looking at what else they can offer to better serve patients. Expansion of services can include conventional services, such as rehabilitation centers, surgical units, or specializations such as podiatry, allergy, or psychiatry. Additionally, some providers are investing in medical technology to enhance their services and offerings. Examples include robotic assisted surgical systems or optical scanners to assist in biopsy decisions. Many of these innovations improve patient experience by providing less invasive care with a faster recovery time.
Organizations are also focusing on preventative care and wellness. Promoting routine exams, screenings, immunizations, and education about chronic disease are all ways organizations can help their community focus on wellness. As a result, many diseases are detected early, children are healthier, adults are able to make lifestyle changes, and seniors are able to remain independent longer. This can mean fewer ER visits, earlier detection of disease, and longer lifespans for community members.
As wellness becomes a priority, this leads to a shift from inpatient care to outpatient care. Clinics, surgery centers, doctors groups, and rehabilitation centers are all offering outpatient services. These can be a great alternative to a prolonged stay in the hospital, if the medical team thinks the condition can be cared for properly at the outpatient facilities. These outpatient options reduce ER visits and lessen the strain on hospital staff and resources. The majority of the time, it also decreases costs for both the patient and the provider.
COSTS ASSOCIATED WITH SHIFTS IN REVENUE:
+ Build out of more outpatient facilities.
+ Drive focus on wellness, preventative care and extend outreach to the community.
+ Invest in new services lines and technology.
Are you looking to offer any new services? Expand outpatient services/care? What do you need to do this?