Of all the financial monitors hospitals must scrutinize, none are more important than productivity. The biggest threat to keeping productivity on track is that of “FTE creep,” an often used — but very often misunderstood — phrase for an increase in FTEs beyond reasonable control. Wages and benefits generally are about 50 percent of any […]
Every hospital chief financial officer is confronted with that question daily, weekly, monthly and annually. The perception of what constitutes financial performance depends upon the person asking the question. It could be profitability, cash position, cash reserves for future endeavors, degree of current debt leverage, meeting current financial obligations or investing in the facility and […]
The health care industry is experiencing significant change along with an extreme increase in complexity. The pressure to contain costs and expand services while successfully managing an ever-changing and oppressive regulatory environment creates even more challenges to maintaining profitability. With this in mind, here are three key strategies that we have found to be highly […]