Question

in 150-200 words what are some ways that one can improve profits in a healthcare facility, without reducing staff?

Answer 1

The profitability of the healthcare can be improved by various methods. The healthcare must reduce supply costs by approaching the vendors for discount and renegotiating the terms. An effective method of reducing supply cost is to reduce the number of vendors so that it is easier to negotiate and get better deals from them. Another effective method of increasing profitability of a healthcare is to outsource some of its functions. Administrative functions such as accounting and finance can be outsourced to cheaper outsourcing units to reduce the cost of functioning. The third method is to reduce the readmission rates. A reduction of readmission rates will increase the profitability and also save the costs of the healthcare. This can be achieved by improving patient outcomes by providing better care for the patients and ensuring that they have timely post discharge visits. Cost can also be reduced by partnering with local Physicians for the purpose of reducing competition for outpatient cases.