Healthcare costs are comprised of medical equipment and supplies, personnel, and general facility overhead. These costs can be reduced significantly by enhancing operational efficiencies. The employee salaries and benefits make up the highest percentage of healthcare costs. It is difficult to cut salaries or lay off some employees when the patient admission rates are constantly growing. Reducing the working hours or layoffs can lead to reduced quality. As a healthcare leader, I would reduce costs in my department and still maintain the quality of care by optimizing care.
One of the approaches I would use to reduce costs is reducing burnout and employee turnover by adopting technologies. Healthcare providers are at risk of suffering burnout if the patient burden increases. This prompts them to seek better working conditions. Reducing burnout can help in reducing turnover which is expensive as it involves recruiting and training other caregivers. Adopting technologies like wearable biosensors, predictive analytics tools, and staff scheduling software can help in reducing the workload for caregivers and enhancing their efficiency while maintaining the quality of care.
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Secondly, I would ensure repetitive administrative tasks are automated. This will allow nurses and caregivers to concentrate more on their patients thus enhancing their medical outcomes. The burden of administrative tasks increases the time spent in the hospital which translates to increased costs for the facility. The use of automated systems helps in reducing administrative burdens thus reducing the hospital length of stay for patients.
Moreover, I would reduce hospital costs by promoting in-home care with remote monitoring technology. With this technology, patients will not have to stay in hospitals for safe care. The technology allows caregivers to monitor the patient’s vital signs, movement, and sleep while they stay at home. This helps in reducing the general hospital overhead costs while maintaining the quality of care.
References
Nazari, N. (2018, August 6). Three Approaches to Reduce Costs Without Sacrificing Patient Care. https://www.beckershospitalreview.com/finance/three-approaches-to-reduce-costs-without-sacrificing-patient-care.html
