3 Tips for Improving Your Healthcare Organization’s Financial Wellness
Healthcare organizations have perhaps one of the tallest orders when it comes to simply functioning on a day-to-day basis. That’s because not only do they have to worry about staying financially solvent, but they have mounds upon mounds of regulations they must comply with to stay on the correct side of patient care – and the law.
Those troubles are doubly onerous for smaller to mid-size healthcare organizations, which typically don’t have the same expansive financial resources of their larger, more established brethren.
If your healthcare organization is a little under the weather financially, or you’re just looking for ways to keep your business in prime shape, consider these three tips for improving your organization’s financial wellness.
1. Reduce Overstaffing: Analytics can help you determine how your current human resources are being spent, and how better to spend them. That isn’t to say you should necessarily start wielding the ax and cutting work force – but you might find that as certain people retire, simply rehiring their positions might do nothing more than keep a redundancy in play. Examine your staff before your next employee departs and have a plan in place about where to redeploy your current staffers in that situation.
2. Make It Simpler: A complex billing system might be doing you a considerable amount of harm. We’re all familiar with the issue of patients failing to pay, or being habitually late to pay – and complicated, intimidating bills are among the things that can exacerbate that practice. Consider patient-friendly practices such as providing pre-treatment cost and coverage estimates, which not only promotes more responsible decision-making on the patient’s part, but also helps patients better know what to expect – making it more likely that sticker shock won’t lead them to try to duck the bill.
3. Get a Systems Check-Up and Touch-Up: Sometimes, there’s no single, easily identifiable thing that’s holding your healthcare organization back – sometimes, it’s “death by a thousand needles.” That is, it could be that a number of small inefficiencies are keeping you from maximizing your business’ potential. That’s where McManamon & Co. can help. While we’re Certified Public Accountants, that doesn’t mean our expertise is limited to your tax and financial reporting issues. We have a deep knowledge of the healthcare industry, and can provide solutions to help you with various areas, including increasing revenue, containing costs, managing risk and achieving regulatory compliance.
If you believe you have a quality healthcare organization but aren’t sure where the profits are, if you want to make sure you’re compliant with financial and medical regulations or if you need help dealing with the IRS, we’re at your beckon call. Give us a call at 440.892.8900 or contact us online!
Tags: healthcare, healthcare organization financial wellness, McManamon & Co., taxes | Posted in accounting, Healthcare, McManamon & Co., small business