Vew Do Balance Board
Community General Hospital (a fictitious entity) is a 250-bed hospital located in the periphery of a large metropolitan area. The revenue of the General is flat in the final three years of 2001 and with increased expenditures, the hospital's operating deficit grew from $ 2 million in 1998 to U.S. $ 5 million in 2001. Managers hospital finance all reasonable measures could think or [to control expenditure and increase revenue performance, but their efforts only slowed the pace of financial decline.
In late 2001, the Board decided to replace the CEO.
The new CEO said the hospital had a problem income and embarked on an aggressive set of initiatives to expand revenue, based on the premise that with the hospital of high fixed costs, almost all the incremental revenue contribution margin and would, more likely, the net margin. Revenue increased $ 100 million in 2001 to U.S. $ 125 million in 2003, but operating losses increased to $ 10 million too.
Once again, the Board chose to fire the CEO, this time with senior financial executives. What went wrong?
Lessons Learned
This fictional case study highlights three important lessons that hospitals should consider when seeking to balance the growth of new revenue to expenditure control.
Start by getting the house in order and have a solid foundation on which to grow. Like all good financial managers know, there is no substitute for sound fundamentals. Community General may in fact have had a revenue problem, but also had a spending problem. The second CEO could and should have found ways to cut costs.
Sound easy? Most of these recommendations are simple business discipline essential to successful growth, but surprisingly lacks health industry today.
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