How to Increase Revenues For Hospitals

Most hospital administration teams have revenue cycle people working on shoring up costs, so that the organization can be profitable. Indeed, the mantra of the revenue cycle junkie is: Keep More Of What We Make! These are great professionals and this is a reasonable approach, but as many Wall Street companies are learning, getting lean has its limits and can sometimes compromise things like quality and service.

It's important to remember that if revenues are fixed in place, keeping more of what we make is limited to what we make and is subject to efforts that produce diminishing returns. Savvy hospital decision teams are now investing more heavily into efforts to grow the top line of their business. By growing new revenue streams and fortifying the revenue streams they already enjoy with stronger cash flows, the hospital has a geometric result stemming from successful Keep More of What We Make strategies.

Some of the hospital organizations we've served are discovering that building new pipelines and increasing customership in older ones are not as insurmountable  as one might guess. We've helped them to reconnect with their consumers -- their patients and families and physicians -- and by genuinely listening to their desires for better healthcare at the hospital setting. We've uncovered serving opportunities that cement their relationships to the hospital and affiliated physicians while building ways to grow substantial revenues. By keeping an open mind, these organizations are growing their brand while growing their finances, and with relative immediacy.

What are your experiences with growing the top line for hospital services? What creative ideas have infused new life into old service lines to beef up cash flow? Which ancillary products and services have bolstered current hospital offerings to create new revenues and customers who benefit from a better continuum of care focused on their lifestyles and health events?

If your hospital decision team isn't working to grow revenues for the organization, along with innovative services and experiences for the customer, your strategies are limiting your financial success and sustainability.

------Michael