HSM 541 Week 6 You Decide
As the Chief Executive Office of Middlefield Hospital, it has been brought to my attention by the Chief Financial Officer that our financial performance has been deteriorating for the past six (6) months. It has also been brought to my attention that the new facility has been admitting more new patients and our admissions have been declining. The number of uninsured patients has increased over this period of time. The management team has identified some other interesting facts that are possibly hurting the reputation of Middlefield Hospital. My determination is that the financial performance of Middlefield Hospital needs to be improved.
Research has shown that hospitals are operating on tight budget all over the world, and they need to find way to reduce their costs and also try to manage productivity in all areas and job categories. I have developed some strategies and recommendations for Middlefield Hospital that will help us to improve the financial performance of the hospital. I will individually address each of the facts discovered by the management team and discuss the proposed recommendations for each.
The payer mix of Middlefield Hospital is comprised of more and more Medicare, Medicaid, and uninsured patients and fewer patients have commercial insurance.
This has caused a decrease in the net income of the hospital. Therefore, I think we should considering more advertising to increase the new come. Advertising should and will attract more profitable patients.
The nearby hospital that competes with Middlefield has opened a wellness center that offers a comprehensive array of preventive and wellness services to the community.
Wellness centers can offer services that are very useful and convenient to the community. Some of these services are skin care and body services, which include fitness services, personal training and nutrition consulting, chiropractic, holistic medicine, and acupuncture.
Research has shown that hospitals are operating on tight budget all over the world, and they need to find way to reduce their costs and also try to manage productivity in all areas and job categories. I have developed some strategies and recommendations for Middlefield Hospital that will help us to improve the financial performance of the hospital. I will individually address each of the facts discovered by the management team and discuss the proposed recommendations for each.
The payer mix of Middlefield Hospital is comprised of more and more Medicare, Medicaid, and uninsured patients and fewer patients have commercial insurance.
This has caused a decrease in the net income of the hospital. Therefore, I think we should considering more advertising to increase the new come. Advertising should and will attract more profitable patients.
The nearby hospital that competes with Middlefield has opened a wellness center that offers a comprehensive array of preventive and wellness services to the community.
Wellness centers can offer services that are very useful and convenient to the community. Some of these services are skin care and body services, which include fitness services, personal training and nutrition consulting, chiropractic, holistic medicine, and acupuncture.
References: Barton, Phoebe Lindsey. Understanding the U.S. Health Services System, Fourth Edition. Foundation of the American College of Healthcare Executives, 2010. Dunn, Lindsey. “Quint Studer: 3 Simple Ways to Improve Your Hospital’s Performance.” www.beckerhospitalreview.com Herman, Bob. “How to Create Sustainable Hospital Financial Improvements: 3 Steps.” www.beckerhospitalreview.com http://www.doctorsdigest.net/pdf/0102_02.pdf http://www.salonbuilder.com/info/wellness-centers.html Madison County Hospital. “Hospital Launches Plan to Improve Financial Performance.”