What plans should the hospital board make for next year and the next five years? After reviewing the balance sheets for the Patton Fuller Community Hospital for the next fiscal year, it shows that the hospital will break even. For the year the hospital is making enough money that will cover all of their debts. The hospital will not make any profits. To avoid debts of the hospital from increasing, the hospital will need to increase their revenues.
Healthcare organizations need to realize hospital revenue management enhancements by increasing their patient access to services, by maximizing the utilization of current resources and by being open to additions of new services. There are a wide variety of successful strategies that will enhance a healthcare revenue cycle, achieving long term growth, and allowing the organization to meet its mission of providing quality patient care.
As a team we feel that providing quality care and service will increase the revenue, and also have useful ideas on service quality and can suggest innovations. A high consistent quality of service will is a key to business success. This high quality of service promotes customer satisfaction and customer satisfaction has a direct link to business revenue.
Over the next five years, reducing the amount of debt and increasing the quality of care and service can better access the workflow productivity and can determine which operational points to focus on their efforts on moving forward. Debts of all hospitals should try to achieve the lowest cost of capital. There are certain risks that hospitals can’t afford to take, but the Patton Fuller Hospital Board must determine the appropriate amount and mix of debt they can sustain.