Strategies of Resolving the Challenge of Increased Healthcare costs
Standardization of Services
For any healthcare organization focused on cost reduction in healthcare, standardization is its best opportunity. For instance, some of the reasons for the rise of healthcare costs is different departments working separately with huge budges. Outsourcing specialties such as pharmacies, laboratory services, information technology, and human resources will help in reducing costs. It will help in reducing overhead costs and save up some dollars that can be invested in crucial areas and functions such as clinicians. Having too many and complex specialties can consume a lot of money and complicate the provision of effective and efficient healthcare services.
Streamlining patient flow
Streamlining the way patients enter and leave the facility will help a lot in regulating financial costs. Some hospitals are experiencing the problem of long queues which are not only costly to the patient but also cost the healthcare facility financially. “Standardizing how patients move around in your hospital is a great way to reduce costs and improve the quality of care” (Compass One Healthcare, 2018). Ensuring there is enough staff to handle patients as they come in and leave the facility will ensure a high level of efficiency and effectiveness. It will promote the provision of high-quality healthcare services and this will attract clients to the facility, thus increasing revenue. In addition, the optimization of patient flow will see the facility reduce patient wait times and delays, preserve resources, and ensure the facility can handle the maximum number.
Other important strategies include managing the healthcare staff and reducing patient readmissions. Managing the healthcare staff does not mean laying-off nurses. It includes reducing over-time, encouraging coordination, and training. These are essential strategies in reducing costs. Patient readmissions are another cause of increased healthcare costs. Therefore, ensuring proper admission, handling, and discharge of patients will help a lot in reducing hospital readmissions while increasing the quality of care.
Generally, every healthcare facility has to focus on managing healthcare costs. An increase in healthcare costs is a danger to a healthcare organization and essential strategies must be put in place to prevent the rise in costs. Issues such as long wait times and too many complex specialties lead to an increase in healthcare costs for facilities. Standardizing services, streamlining patient flow, minimizing overtime, and reducing readmissions are essential in reducing healthcare costs.
Compass One Healthcare (2018). Cost Reduction Strategies for Health Systems. Retrieved from https://www.compassonehealthcare.com/blog/cost-reduction-strategies-health-systems/ (Links to an external site.)