When the economy is booming, hospitals and healthcare organizations can struggle to meet demand. But when times are tight, it’s even more difficult to keep up with rising costs—especially when trying to minimize your facility’s downsizing efforts.
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Many facilities are forced to make cuts to remain profitable and competitive. However, that doesn’t mean there aren’t ways you can save money without sacrificing services or causing harm to your patient’s well-being. Here are five strategies for dealing with budget cuts without downsizing services.
Revise current budget allocations
You should start by looking at where you’re spending your money. Are there certain areas that are getting more funds than they should? Is there an area that has seen a decline in funds but is still as important as before?
Looking at previous years’ budgets alongside the current proposed budget can determine the best financial decision. For example, suppose last year there were only two nurses for the entire hospital, and now this year, there are four nurses for the same number of patients. In that case, one thing is clear: Your allocation has shifted from paying for employee salaries to other items like rent or utilities.
Obviously, cutting back on employee salaries would not be ideal. However, what matters most is making sure services remain available—with fewer staff members available at any given time during peak hours when demand is highest, and resources are scarce.
Negotiate with vendors
Your hospital could benefit from a deeper look at the prices of its most common purchases and services. Negotiating can lead to discounts, incentives, and other perks to help keep your budget in check.
If you’re spending too much on medical supplies, consider switching to alternative suppliers offering lower prices on similar products or services.
There’s no reason to pay for manual processes like filing or copying documents in the digital age. Consider investing in software that automates these tasks, saving you both time and money while reducing the likelihood of human error.
Audit resources and software
In the first step, you should audit your software and IT infrastructure. It’s important to know what kind of technology is available to help maximize your hospital’s efficiency.
That also means that you should audit medical equipment and supplies. It may be time for replacement purchases if anything is out of date or nearing its expiration date.
Thirdly, it’s important to audit personnel. An employee who has been with the company for years may be better suited for a different task than one who just started two months ago. Evaluating each person’s abilities can ensure that everyone is put into roles where they can excel.
Finally, space must be analyzed as well—areas such as beds and rooms need regular cleaning because germs spread quickly in hospitals! Ensuring that all of these things are up-to-date will help keep costs down while still providing excellent care for patients
Coordinate with other facilities
Many hospitals have multiple locations; some even serve as a region’s primary care provider. Take advantage of this if you’re an administrator responsible for more than one facility.
By coordinating between these locations, you can easily eliminate duplicate services and use resources more efficiently. For example, share staff members or equipment between facilities when possible.
You may also outsource some services to other providers or vendors who specialize in those areas of expertise. You don’t have to handle every department from top to bottom (and pay for it).
When choosing how much work to keep internal versus outsourcing or farming out entirely (which comes with its own set of risks), consider which skill sets are most critical for success at your organization. Then focus on those areas before considering additional outsourcing options like hiring contractors or freelancers over full-time employees if necessary.
Rent out equipment that you don’t often use
It’s a great way to make extra cash and get more out of the items. If you have any spare machines or tools, you can start renting them out to other hospitals. That will help your hospital earn money while also giving other hospitals access to better equipment than they might be able to afford.
There are many different types of equipment that can be rented out, but some examples include the following:
- MRI machines
- CT scanners
- Operating room tables (OR)
With the right strategies in place, you can keep your hospital operating at capacity while saving money. There are plenty of ways to approach budget cuts and make them work for your facility. The key is being proactive and thinking outside the box!
If you’re looking for a mobile medical imaging solution that will help you feel supported and give you confidence in your diagnosis and treatment—then Catalina Imaging is here for you! For more information, contact us today at email@example.com or call us at (844) 949-1664!