Services that are no longer cost effective should be phased out or merged with area providers. Many of the ancillary and post acute services offered by hospitals are inefficiently operated, but still have significant asset value. In many situations, joint ventures with sole-service providers will insure maximum efficiency and immediate cash returns. In addition, all options, including a non-inpatient campus, should be considered before reaching a crisis point.
Access to capital is one of the greatest challenges to existing hospitals and will be the determining factor for surviving entities. The emerging partnerships between for-profit and not-for-profit entities offers a mutually beneficial structure that provides investment capital, efficient operating expertise and a community driven mission that will insure the survival and growth of the hospital. A careful evaluation of the best alternative is critical.
In the emerging health care environment, market share growth is essential to leverage the hospital's position with managed care payers. All hospitals and systems should carefully solicit and evaluate their strategic options with other systems. Outside experts provide the most discrete and objective data to determine the best possible partners.
There are many reputable companies evolving to assist hospitals in the evaluation of billing, operations and administration. They are highly specialized and are able to identify, with specific data, dollars that are rightfully owed to the hospital or services that are provided that may be inappropriately billed. These services are provided on a contingency basis, with minimal disruption to hospital staff.
Many New Jersey hospitals have initiated working groups with area post acute providers to develop mutually beneficial protocols for referrals, care models, medical leadership and re-admission policies. Third party facilitators have been very successful in meeting the needs of both the hospital and post acute provider.
Access to capital is one of the greatest challenges to existing hospitals and will be the determining factor for surviving entities. The emerging partnerships between for-profit and not-for-profit entities offers a mutually beneficial structure that provides investment capital, efficient operating expertise and a community driven mission that will insure the survival and growth of the hospital. A careful evaluation of the best alternative is critical.
In the emerging health care environment, market share growth is essential to leverage the hospital's position with managed care payers. All hospitals and systems should carefully solicit and evaluate their strategic options with other systems. Outside experts provide the most discrete and objective data to determine the best possible partners.
There are many reputable companies evolving to assist hospitals in the evaluation of billing, operations and administration. They are highly specialized and are able to identify, with specific data, dollars that are rightfully owed to the hospital or services that are provided that may be inappropriately billed. These services are provided on a contingency basis, with minimal disruption to hospital staff.
Many New Jersey hospitals have initiated working groups with area post acute providers to develop mutually beneficial protocols for referrals, care models, medical leadership and re-admission policies. Third party facilitators have been very successful in meeting the needs of both the hospital and post acute provider.
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