In Episode 19 of The Healthcare Leadership Experience, Lisa Miller speaks with Lisa Larter of The Lisa Larter Group on being cost aware for patient care.
Audiogram A:
It’s a huge myth that most hospitals are making lots of money. Just like in any business, they have an enormous amount of cost, And, just like with any business, their goal is to have a positive operating margin—that’s key.
Audiogram B:
If you're growing a service line that has a negative margin, or a minimum margin, or not capturing opportunities for new growth, it seems like that's misplaced. It’s better to have spend optimized before growth so you can avoid growing a negative problem.
Audiogram C:
Data analysis impacts hospitals from the way we analyze outcomes on discharge, to readmissions, to social determinants of health, to managed care, to cost. There are probably 100 plus different ways that data analytics could be used for healthcare performance. But it’s under-used.
Audiogram D:
There was a study done that showed a 14% profitability difference between companies that have a systemic negotiation process versus those who don’t. Negotiation has a direct correlation with profitability. If you think about all the contracts your hospital has, negotiation is tied to the profitability. The better you become at negotiations and having a plan and strategy, the better your rewards are.
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