According to Becker’s Hospital CFO Report, hospitals across the country are experiencing tremendous profit losses. In fact, over the past six months, 30 medium to large-sized hospitals have lost their CEOs; some left on their own volition, and some were let go.
“That’s an increase in turnover, probably a reflection of the current volatility of the healthcare market,” Dr. Orlowski, a chief healthcare officer for the Association of American Medical Colleges, told the Houston Chronicle.
In addition to the aforementioned factors, difficulties can be attributed to alternative payment processes, and an inability to maintain consistent engagement with the internal/administrative processes of these struggling facilities.
“Many hospitals are losing money now and the future only looks rockier, with more uninsured and less Medicaid support. Boards want the right person to lead them into such turbulent times,” Dr. Orlowski added.
In light of these major setbacks, hospitals are tasked with facing these glaring bottlenecks head-on, working diligently to meet the needs of their facilities. This means looking for ways to track and better manage costs and improve budgeting. Using this data, hospitals can then look for areas of improvement in order to increase efficiency and accuracy of the billing process. All the while, CEOs and staff need to remain engaged in their work at the same time and focus on what matters: providing quality care to patients.
While such a tall order can seem near impossible, cutting edge CTMS technology may offer a viable solution for hospitals looking to increase efficiency and streamline expenditure.
Using a CTMS (Clinical Trial Management System) can help hospitals effectively manage research-related financials by offering valuable insight allowing CEOS and hospital staff to focus on improving processes. This healthcare software helps track where research procedures are to be billed, in turn increasing accuracy and efficiency while simultaneously reducing risks from improper billing. A CTMS has built-in budgeting, billing, and financial reporting tools designed specifically for clinical trials.
The clinical trial software’s detailed cost tracking and budgeting capabilities allow for forecasting of revenue and payment information, as well as detailed setup of billing designation for each procedure in every clinical trial run by the organization. With less time spent on administrative tasks, CEOs are able to gain a clearer picture of their facilities’ financial state while having the bandwidth and time to focus more on patient care.
While regulatory uncertainty and the stability of the healthcare industry are outside of hospital CEOs’ locus of control, having an understanding of how these issues are effecting minute facets of their facilities will result in more sound financial decisions, and more cost-effective budgets. Additionally, automating certain facets of the research billing allocation and payment process will ensure more accurate and efficient payment schedules without CEOs having to waste extra bandwidth tending to administrative/financial tasks.
In this climate, a CTMS allows the clinical trials component of the hospital to be a larger source of revenue than ever before, allowing CEOs and staff alike to focus on patient care and improving systems within their facilities.