Strategic Planning
Unleash Your Health Care Organization’s Hidden Revenue Potential
Editor's note: Tammy Tiller-Hewitt, FACHE, CEO, Tiller-Hewitt HealthCare Strategies, contributed to this post.
Imagine being able to report that you discovered an opportunity to generate $26 million on average in year-one incremental net revenue. This kind of opportunity comes from high-value referrals based on your health system's current facility footprint and service lines. You can tap into your full growth potential for your system by:
- Harnessing the power of data
- Solving access challenges
- Driving growth with high-performance outreach
In the ever-changing landscape of healthcare, your hospital or health system faces numerous challenges that impact your growth and financial stability. By uncovering hidden revenue opportunities, you have the power to tap into your organization's full potential and generate near-term revenue if you invest in long-term growth strategies.
Let’s explore how you can identify and use these hidden opportunities to maximize revenue and thrive in a competitive market.
1) Harness the power of data to discover hidden gems
Data analysis is essential for identifying hidden revenue opportunities within an organization. Thorough analysis of claims data and referral trends provides valuable insights for prioritizing service lines and specialties with the potential to generate high-value referrals and near-term, strategic revenue. In the case of Lake Charles Memorial Health System (LCMH), the new CEO was looking to protect and enhance the organization's competitive advantage. During our initial assessment and analysis, we discovered over $100 million of outmigration from their medical group to local competitors for services LCMH offers. The assessment was key to identifying access-related bottlenecks, creating opportunities for stronger collaboration, implementing rapid process improvements and developing the strategic outreach playbook to mitigate this leakage and generate near-term incremental revenue.
2) Overcome access challenges to open the doors to success
The LCMH story is not unique! Access bottlenecks very often masquerade as capacity issues, hiding the latent growth potential your organization can rapidly unleash. By implementing a collaborative method for process improvement that focuses on the customer, you can rapidly streamline access, reduce wait times and enhance the overall patient experience. For example, at Archbold Medical Center, we established buy-in and then employed lean value stream mapping methods to analyze and streamline over 350 instances where there were unnecessary duplications and obstacles in the process of referring patients. Once we identified and solved these barriers, Archbold was ready for targeted provider outreach, which produced immediate, double-digit increases in outpatient MRIs and CT scans. By addressing challenges like these head-on, you can unlock latent capacity and become the preferred choice for patients and providers.
3) Build trust and drive referrals through physician liaisons
Physician liaison programs are instrumental in generating high-value referrals and driving strategic revenue growth for your organization. Professionally trained outreach teams act as the growth engine for health systems, help create the “path of least resistance” to your services, and effectively represent the leadership team in the field. By building relationships, communicating clearly, and delivering value to referring physicians and their teams, physician liaisons become trusted advisors to providers. As the LCMH and Archbold case studies show, starting or strengthening a data-driven physician liaison program can help you increase referrals, improve market share and achieve rapid and consistent revenue growth.
Figure in reference to Archbold Medical Center
Unleashing your hidden revenue potential requires a strategic, data-driven approach
The strategic partnership between Vizient and Tiller-Hewitt HealthCare Strategies drives systems to identify and stop leakage, optimize their network and grow incremental, near-term revenue. We position our clients to achieve consistent strategic growth and measurable results through the design and execution of high-performance outreach programs. We can help you achieve double-digit revenue growth in the first year and boost market share by quickly prioritizing areas of focus, identifying and eliminating access and capacity barriers, and executing a data-driven strategy. This is the proven recipe for producing immediate results and positioning your organization for growth far into the future.
These steps can get you to the next step on your systems’ near-term growth journey. Don't miss out on the chance to unlock hidden revenue and secure the future success of your organization. Act today and embark on a journey toward sustainable growth. The power to unleash your hidden revenue potential lies in your hands.
Reach out to us today!