Operational excellence: We need your help
The following article was written by Chuck Coder, chief financial officer, Novant Health UVA Health System.
The move to quality and value-based payments coupled with an environment that already is seeing challenging financial pressures means that hospitals have to be better stewards of their resources than ever before. At Novant Health UVA Health System, we must be good stewards of our resources if we are to fulfill our vision of delivering the most remarkable patient experience, in every dimension, every time.
Here’s what you can do to help our organization continue to be successful as we navigate the uncertainties of the current healthcare landscape.
Provide remarkable care. Provide the services our customers demand in a way the competition doesn’t. We must have a competitive advantage here. We cannot be penalized financially due to the quality of care we’re providing.
Meet our physician partners’ needs. We must provide an environment that makes our facilities the easiest place for our providers to practice medicine, and we have to provide the highest quality outcomes to the patients they entrust us with.
Be resourceful. With value now a key component of reimbursement, we must be responsible with our limited resources, including:
- Managing supply costs and using only what is needed.
- Managing labor costs and staffing appropriately for volumes.
- Taking appropriate care of our equipment.
- Eliminating waste and looking for opportunities to impact change.
- Knowing your role in the revenue cycle and taking ownership to make sure that we’re being properly reimbursed for services provided.
The healthcare industry is going to continue to face uncertainty as legislative agendas aim to control the growing costs of this sector. The U.S. spends 18 percent of its government spending on healthcare, which is 50 percent more than all other industrialized nations. The move to value and quality is happening. The hospitals that thrive in the future are going to be the ones who quickly adapt to these changes.