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Hospital Business Planning Best Practices

Vital to an organization’s future, a business plan is a framework outlining the steps for financial and operational success. For many hospitals, this process has occurred at five-year intervals tied to strategic planning efforts. However, in today’s healthcare environment marked by ongoing industry, reimbursement, and market shifts, development of an annual business plan offers leaders a greater measure of security and flexibility to manage change.

Best practices for your hospital’s business planning include:

Align business planning efforts with strategic initiatives

Getting started, associate business planning efforts with strategic goals and...


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The Far-reaching Impact of Your Hospital’s Cost Report

Ever-expanding in complexity, cost reports influence current and future reimbursement levels for your hospital. Think of a cost report as an annual report with numbers instead of words. Far-reaching in scope, mistakes can result in lost revenue that may profoundly affect your hospital’s sustainability and ability to effectively serve patients.

The Center for Medicare and Medicaid Services (CMS) requires Medicare certified hospitals and other Medicare reimbursable provider facilities to file cost reports annually that identify the costs and charges related to facility Medicare reimbursable activities. Acting as annual reconciliations, these...


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Physician-Hospital Engagement and Alignment: Healthy Practices

Community hospitals can strengthen bonds with physicians through proactive engagement that is genuine and mutually beneficial. Foremost, it’s optimal to consider the physician point of view, from their clinical practice and other commitments, to perks that may drive growth strategies long-term for all parties.

When physicians understand how working together with the hospital can help them provide better care for their patients, it’s a win-win. Among the benefits cited by physicians and healthcare system leaders in a HealthLeaders survey on physician alignment, positive outcomes can be:

Greater confidence in hospital leadership...

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Turn Around Efforts Start with a Look at Operations

Hospital leaders may recognize the need for improvement but may not know where to turn. Even before a hospital shows signs of financial distress, the responsible action is to take a close look at areas of operations. Since operations span the entire hospital, a head-to-toe operational assessment may be warranted to fully address financial and performance issues.

Taking a thorough look at operations may seem daunting. Consider starting with an evaluation of outsourced contracts; some may have been in place for years and can be renegotiated or even eliminated. Below...


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