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What do you do if your healthcare business is struggling financially while working with physicians?

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When your healthcare business is facing financial difficulties, the situation can be particularly complex if you're working with physicians who are integral to your services. It's crucial to approach this challenge with a strategic mindset, focusing on collaboration, efficiency, and innovation. By engaging with physicians as partners in problem-solving, you can identify areas for cost reduction, revenue enhancement, and service improvement. It's important to maintain open communication, ensuring that physicians understand the financial state of the business and are involved in the decision-making process. Together, you can explore various strategies such as renegotiating contracts, optimizing workflow, and integrating technology to streamline operations. Your goal is to create a sustainable financial plan that supports both the business and the physicians' ability to provide quality care.

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Colton Erickson, MHA, CSM

Senior Manger of Provider Contracting I Adjunct Professor I Network Development Expert I Compliance Driven Leader I…

1 Assess Finances

To tackle financial struggles in your healthcare business, start by conducting a thorough financial assessment. This involves reviewing all aspects of your income and expenditure, identifying any inefficiencies or unnecessary costs. Engage with the physicians to understand the financial implications of their work and seek their insights on potential savings. This collaborative approach can reveal hidden opportunities for cost reduction without compromising patient care.

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Alfredo Sequeira Filho

Assessor de investimentos (AI) e ativista pela liberdade - ???
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Any activity that is not in your area is best developed with a specialist, so if your problem is financial, seek help from a financial advisor

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2 Optimize Operations

Optimizing operations is key to improving your healthcare business's financial health. Work closely with physicians to streamline processes, eliminate waste, and enhance productivity. Consider implementing electronic health records (EHRs) if you haven't already, as they can reduce paperwork and improve patient care coordination. By making operations more efficient, you can cut costs and potentially increase patient throughput, leading to higher revenue.

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Alfredo Sequeira Filho

Assessor de investimentos (AI) e ativista pela liberdade - ???
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A financial advisor can offer you services, systems and products so that you can improve the financial management of your business.

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3 Renegotiate Contracts

If your healthcare business is struggling financially, it's wise to review contracts with suppliers, service providers, and insurance companies. With the help of physicians who understand the clinical implications, renegotiate terms to secure better rates or more favorable conditions. This can reduce overheads and improve your financial position without affecting the quality of care provided to patients.

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Colton Erickson, MHA, CSM

Senior Manger of Provider Contracting I Adjunct Professor I Network Development Expert I Compliance Driven Leader I Healthcare Consultant
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By collaborating with physicians who possess clinical insights, organizations can conduct a thorough analysis of existing contracts to identify opportunities for cost reduction. Renegotiating terms to secure better rates through leverage or more favorable conditions can yield substantial savings. Reducing overhead expenses and advancing payments through contract renegotiation allows the healthcare business to optimize its financial position, freeing up resources to allocate towards essential operational needs and investments. Moreover, this strategic approach fosters financial sustainability, enabling the organization to weather economic challenges and remain competitive in the healthcare market.

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Alfredo Sequeira Filho

Assessor de investimentos (AI) e ativista pela liberdade - ???
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During the analysis of your processes, the financial advisor can help you identify activities that can be improved, and one of them is negotiating with suppliers. Costs are like nails, they must always be cut.

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4 Diversify Revenue

Diversifying revenue streams can provide financial stability for your healthcare business. Explore alternative services or products that complement your current offerings. Physicians can play a crucial role in identifying new opportunities based on their expertise and patient needs. By expanding your services strategically, you can attract new patients and increase income.

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Alfredo Sequeira Filho

Assessor de investimentos (AI) e ativista pela liberdade - ???
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The advantages of having multiple sources of income are: - Greater security for your business; - More negotiating power with suppliers; - Expansion of the shelf of product and service options; - Development of your brand and; - Strengthening the discourse of independence with customers.

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5 Engage Staff

Engaging staff, especially physicians, in financial turnaround efforts is essential. Encourage a culture of financial responsibility where everyone is aware of the impact of their actions on the business's bottom line. Physicians can lead by example, promoting cost-effective practices among their peers and support staff. Their involvement can foster a team effort in overcoming financial challenges.

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6 Invest Wisely

Finally, make informed decisions about investments in technology, equipment, or facilities. Prioritize investments that promise to enhance efficiency, improve patient outcomes, or open up new revenue streams. Physicians can provide valuable input on what investments will most benefit the practice and patients. Strategic investments, even in tough financial times, can set the stage for future growth and stability.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What do you do if your healthcare business is struggling financially while working with physicians?

1

2

3

4

5

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1 Assess Finances

2 Optimize Operations

3 Renegotiate Contracts

4 Diversify Revenue

5 Engage Staff

6 Invest Wisely

7 Here’s what else to consider

Working with Physicians

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What do you do if your healthcare business is struggling financially while working with physicians?

1

2

3

4

5

6

7

1 Assess Finances

2 Optimize Operations

3 Renegotiate Contracts

4 Diversify Revenue

5 Engage Staff

6 Invest Wisely

7 Here’s what else to consider

Working with Physicians

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