Objective Health’s Margins Solution is for hospitals that need to quickly get to profitability on government reimbursed lines of business. It includes a thorough review of hospital functions, with a focus on identifying cost saving and revenue generating opportunities.
Proven Experience and Best Practices to Deliver the Greatest Impact
A Broad, Comprehensive Analysis of 5 Key Areas:
- Hospital Labor Productivity
- Materials Management
- Operational Efficiency / Lean Methodology
- Clinical Variation
- Revenue Cycle Management
How It Works
Objective Health’s four phase approach to operating at Medicare Margins provides a thorough and comprehensive analysis of a hospital’s cost base and revenue cycle to identify ways to increase efficiency and profit margins. We collaborate with your team to understand your culture, develop actionable initiatives, and support implementation.
Comprehensive Assessment of 5 Key Focus Areas: A Unique Approach
Phase 1: DISCOVERY
Data Collection to Build the Fact Base
The Discovery phase focuses on collecting and transforming data to build a fact base for modeling and scenario planning.
Phase 2: ASSESSMENT
Evaluation of Performance in Five Key Functional Areas
We conduct an assessment of each of five focus areas: hospital labor productivity, purchasing and supply chain, clinical service line variability, operational efficiency, and revenue cycle. Next, we conduct problem-solving workshops with the hospital team on margin improvements, and discuss preliminary initiative recommendations.
Phase 3: DESIGN
Opportunity Prioritization and Initiative Development
We assess opportunities for hospital-wide, and inpatient and outpatient service line growth. Then we conclude with a list of growth opportunities and initiatives prioritized by the size of the projected impact, risk, and timing. Then we work with your team to develop and design initiatives to capture these opportunities, defining key steps, timelines and targets.
Phase 4: EXECUTION
Monitor Performance and Sustain Results
This phase is focused on aligning the hospital executive team and key stakeholders on the multi-year plan of strategic growth initiatives. We provide training and launch support of key initiatives to drive effective change management. Web-based, user friendly tools ensure successful implementation, with analytics to measure impact.