Question

What are some monitoring methodologies for tracking the financial growth of healthcare hospital systems?

Answer 1

Methodologies for tracking the financial growth of healthcare hospital systems:

1) Increased demand for quality healthcare delivery services led by greater awareness and expectations for advanced and modern treatment and company is striving to meet this by continuing to focus on building our clinical expertise, improving infrastructure and strengthening core specialities to serve patients with unfettered zeal and enthusiasm.

2) Company's world-class diagnostic facilities to ensure early detection.

3) There are several factors which are responsible for hospital's financial performance such as Average Revenue Per Occupied Bed, Average Occupancy across hospital network, Average Length of Stay.

4) Hospital's initiatives on the cost side resulted in (1) a reduction in direct costs as an outcome of improving lab efficiency and vendor costs negotiations and (2) savings in manpower costs as a result of lab rationalisation and staffing optimisation.

5) Revenue from International Patients.

6) Hospital's reputation or image in people to serve patients such as high level of quality care being provided to their patients.

7) Medical Processes: To develop a structured system-based approach, and ensure standard processes across the organisation,

8) Medical Process Assurance (MPA): A robust and structured audit programme, conceptualised to enhance the organisation’s governance mechanism through continuous improvement pertaining to clinical and para-clinical fields