Hospitals are facing greater financial challenges, but can use strategies to maintain stability.
According to the American Hospital Association (AHA), hospitals have continued to face financial losses in the billions due to factors such as rising costs, decreasing reimbursements, and the ongoing COVID-19 pandemic. Despite these challenges, many hospitals have been able to maintain their financial stability through various strategies, such as increasing efficiency and diversifying their revenue streams.
How can you learn to do a lot with a little?
Hospitalists. To build sustainable healthcare, it's important to be efficient with resources, and the doctors who excel at this are known as hospitalists. They have a deep understanding of the hospital's operations, including its workflows and efficiency opportunities, as well as its challenges and barriers. By giving them a platform to speak up and be heard, we can listen to their insights and ideas, and work together to improve the quality of care, increase efficiency, and reduce costs.
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Hospitalists play a crucial role in providing value-based care, according to a recent study published in the Journal of Hospital Medicine (JHM). The study highlights the importance of hospitalists in improving outcomes and reducing costs for patients, especially those with complex medical needs.
Value-based care emphasizes achieving the best possible outcomes for patients while minimizing costs. In this model, hospitals are incentivized to improve patient outcomes, reduce unnecessary medical interventions, and lower healthcare costs. Hospitalists are a key component of value-based care because they are responsible for coordinating care during a patient's hospital stay.
The JHM study found that hospitalists can help reduce healthcare costs by shortening the length of a patient's hospital stay without compromising the quality of care. This is because hospitalists are skilled at managing a patient's care and ensuring that all necessary treatments and interventions are provided in a timely and efficient manner. By reducing the length of a patient's hospital stay, hospitalists can also reduce the risk of hospital-acquired infections and other adverse events.
In addition, hospitalists play a crucial role in ensuring that patients receive appropriate care and follow-up after they leave the hospital. The JHM study found that hospitalists can improve patient outcomes by providing clear discharge instructions, coordinating with primary care providers, and ensuring that patients receive appropriate follow-up care after they leave the hospital. By doing so, hospitalists can help reduce the risk of hospital readmissions and improve patient satisfaction.
What's the difference?
In a traditional fee-for-service healthcare model, doctors are incentivized to provide as much care as possible, often leading to over treatment and costly, unnecessary interventions. This mentality can compromise the quality of care and prevent providers from making the best treatment decisions for each patient.
However, in a value-based care model, providers are incentivized to prioritize efficient and effective care over maximizing the number of services provided. Providers equipped with medical knowledge and streamlined clinical workflows can reduce the length of hospital stays by choosing high-efficacy treatments and avoiding unnecessary tests and consultations.
Hospitalists are instrumental in improving outcomes and reducing costs for patients, and their role in healthcare delivery will only continue to grow as value-based care becomes more prevalent. This model allows providers to prioritize the well-being of their patients while also being financially rewarded for their efforts, even if they see a smaller pool of patients.
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