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Health expenditures totaled 3.8 trillion USD in 2019, according to the KFF analysis of the National Health Expenditure in the United States. At the beginning of the pandemic, the sharp decrease in expenditures bounced back to a 1.3% increase in the last quarter of 2020. It is expected to increase in the next few years as hospitals are still compelled to provide supplies and personal protective equipment for health workers in the new normal in the re-opening of non-COVID treatments.
It can be problematic to reduce spending at the expense of patient care or add out-of-pocket costs to patients, especially at a critical time. However, there are simple ways to reduce your spending and maximize revenues without cutting corners. Here are five cost-cutting management strategies you can do without sacrificing quality patient care and laying off your healthcare staff.
Reduce facility and equipment maintenance costs. There is plenty of available water-saving technology in the market you can try, like low-flow plumbing fixtures and automatic hands-free controls. Lighting and ventilation are the main sources of energy use in hospitals. You can try dimmers and daylighting controls to save lighting electricity and re-commissioning economizer control of ventilators to save heating and cooling energy. Switching to an energy-saving facility requires great investment, but it is sustainable in the long run. Maintenance of this equipment and other medical devices may have different service contracts from brand-specific companies. However, you can hire an in-house engineer to do the job and save a lot of money.
Improve the welfare of healthcare staff. Turnover of staff entails cost as hiring new workers are expensive and time-consuming. So, it is best to review their workloads from time to time. Make sure that they are getting enough rest and break. You may also provide training to maximize their skills and increase retention rates. Being recognized is also one of the keys to keeping your staff, especially for millennials who find purpose as the sense of satisfaction in a job.
Automate payment methods. Missed payments can be difficult and add to the enormous administrative tasks of your staff. So, automating the process through electronic payments for both suppliers and patients can reduce the workload and increase efficiency. This also reduces unnecessary contact with patients.
Provide telehealth services. Telehealth consultation can decrease the number of readmissions in the hospital and hence cut costs associated with it. Also, virtual video visits are preferred by patients because of convenience and travel time. It was reported by 52.5% of clinicians to be more efficient than office visits.
Use time-saving devices like ActivGo®. This easy device reduces working time by 10 to 30 minutes to change diapers. It also saves money as diapers are more expensive in the long run, in addition to the risks of contracting urinary tract infections (UTI) among patients. Frontliners can also wear it inside a hazmat suit to save them time from going to the bathroom and protect them against diseases from not drinking enough water or holding back their urine. It cuts costs by decreasing their exposure to viruses and saves money from changing protective suits.
Learn more about ProvenMed ActivGo Kit™ here and start saving money without compromising the quality of your services.