Healthcare providers face a myriad of challenges. Becoming, or remaining, financially sustainable is at the top of their list. With the coronavirus pandemic exasperating existing problem areas for many hospitals and health systems, healthcare executives are increasingly looking to find ways to increase profits, enhance margins and improve their financial health.
In addition, to become financially sustainability, hospitals must focus on improving a wide array of areas such as cost containment measures, revenue cycle management and service line performance. Hospitals must also use up-to-date technology and services to maximize workflow and run the business in the most effective way possible. Beyond these focus areas, it is also important for hospitals to investigate other avenues and find new ways to expand revenue streams.
To learn more about this topic, read a recent Baker Tilly-contributed article from the Healthcare Financial Management Association New Jersey Chapter (HFMA NJ) about financial sustainability for hospitals and health systems, and the different ways healthcare executives can forge a path to success.