Bright Road Health Care System is currently facing several financial challenges due to economic losses in various areas of activity. The issues affecting the hospital include delayed payments from insurers, a high rate of Medicare readmissions, significant staff turnover, and a low volume of admissions to its Obstetrics department. After thorough analysis and consultation with key staff members, key weaknesses have been identified. Each problem deserves separate consideration and recommendations for improving and optimizing processes.
First, the issues with delays in receiving payments from insurers can be managed by updating the billing software to include better automatic cross-referencing and fail-safe checking. The hospital can implement a more effective electronic medical record system for better data management. To address rejected claims, streamlining the physician review process can be introduced via email alerts and an efficient electronic records system. The second problem is high Medicare patients return to the hospital within 30 days. The statistics can be improved by developing patient education and discharge planning to reduce unnecessary readmissions (Miller, 2022). Moreover, Bright Road can establish a hotline for patients to call for follow-up questions. Doctors must be educated regarding the financial impact of readmissions and the importance of discharge planning.
Third, the hospital must reevaluate staff compensation and consider offering competitive salaries, especially for nurses, to tackle the issue of high staff turnover. Investing in better training programs to enhance staff skills and job satisfaction can make people more competent and efficient. An effective Electronic Health Record system can significantly help workers by reducing workload and stress levels and improving working conditions. Overall, focusing on improving patient satisfaction will positively impact staff morale. Fourth, the hospital should launch a targeted marketing campaign to raise awareness of the Obstetrics services offered at Bright Road Health Care System. This must be done parallel with investing in state-of-the-art equipment and technology to attract more patients and justify higher service fees. Furthermore, Bright Road must regularly collaborate with marketing and operations teams to stay informed about potential expansions, upgrades, or new services.
By implementing these recommendations, Bright Road Health Care System can address its current financial challenges and work towards achieving long-term financial stability. It is essential to monitor the progress of these changes and make adjustments as necessary to ensure sustained growth and achievement. To monitor the implementation of recommendations, it is necessary to define measurable goals and key performance indicators and assign responsibility for their implementation and control.
Reference
Miller, L. (2022). How to improve your hospital’s financial performance. VIE Healthcare Consulting. Web.