Implementing A Volume-2-Value Strategy With Woman's Hospital
Woman’s Hospital in Baton Rouge, Louisiana, worked with Huron to develop a strategy to reduce costs and add value while maintaining market position. The volume-2-value strategy resulted in $7.4 million in annual recurring revenue cycle benefit.
Woman’s Hospital initiated a volume-2-value (V2V) strategy with the goal of working more efficiently, reducing costs and adding value, while maintaining a superior patient experience.
Huron collaborated with leadership and staff at Woman’s Hospital to design and implement systemwide performance improvement initiatives focused on revenue cycle, labor, supply chain, and clinical operations for the hospital and physician practice.
Optimizing revenue cycle. Implementation of revenue cycle solutions increased financial security at time of admission by 12%, and in-house financial screening improved by 27%. Improved processes and tools helped decrease accounts receivable (A/R) days by 22%. Consistent point-of-service collections at each clinic reduced A/R days by 8.5 days for physician practices.
We partnered with Huron to maximize results in an expedient manner. Their tools and techniques are proven and provided a way for us to hardwire the processes into our day-to-day activities, ensuring sustainability of those results over time.” — Stephanie Anderson, Executive Vice President/Chief Operating Officer, Woman's Hospital (Baton Rouge, LA)
Increasing productivity and reducing expenses. Comprehensive labor solutions aligned resources with volume, reduced overtime by evaluating positions and creating a seasonal staffing plan, and provided extensive training for managers. Supply chain cost savings and revenue enhancements were implemented across purchased services, clinical areas and pharmacy.
Optimizing clinical. The engagement team initiated regular rounds and meeting structures to remove barriers to transition and discharge with the care team.
Woman’s Hospital is the 17th-largest women’s specialty hospital in the United States, with more than 8,700 births; 44,000 breast procedures; and 59,000 Pap screenings annually. As a 168-adult-bed and 72-NICU-bed regional referral hospital and clinical network, Woman’s provides the highest level of critical care for women and infants.
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