In medicine, a clear and accurate diagnosis of an illness is essential to curing the ailment. The same is true for helping a struggling rural or small community hospital return to financial profitability. In many cases, hospital administrators are capable of helping a hospital grow to profitability when they have a clear understanding of the causes contributing to financial distress and a step-by-step plan for correcting the issues.
Although often skilled leaders, many hospital administrators lack the experience and methodology needed to accurately identify the factors inhibiting profitability and to develop a plan to return the hospital to long-term sustainable profitability. It is also common for hospital administrators to seek a second opinion on the plan they have developed in order to reconfirm their analysis of the financial situation. In both cases, NewLight Healthcare can provide a team of skilled healthcare professional to analyze the financial performance of a hospital and provide a clear and executable corrective plan of action.
The performance diagnostic performed by NewLight Healthcare is based upon its proven approach its leaders have used to successfully help numerous rural and community hospitals establish long-term financial success. NewLight Healthcare’s approach is based upon the fundamental philosophy that a hospital cannot simply cut costs. Long-term financial success requires a hospital to grow to profitability.
When conducting a performance diagnostic on a hospital, NewLight Healthcare will conduct a detailed analysis of the key levers of profitability:
- Revenue Cycle Management
- Staffing Alignment
- Facility Improvement
- Service Optimization
Throughout the process, NewLight Healthcare will rely on the insights from the staff, nurses, doctors, technicians, and partners. NewLight Healthcare has proven time and time again that the successful transformation of a rural or small community hospital begins and ends with people who work hard and do their best to overcome the challenges they face. Identifying these challenges and organizing them into a clear picture that outlines the factors causing financial distress is the key to success.
Once the factors limiting a hospitals ability to remain profitable are known, developing a effective and actionable plan to correct the issues is easy.