Before the pandemic hit, the healthcare industry was already undergoing widespread transformation. Providers from all parties were hit by consolidation, new payment structures and direct-to - consumer business models. New players, at the same time,
New uses for income
Patient volume from elective surgeries and other non-Covid-19 therapies improved in the months after the outbreak, but still has not rebounded to Covid-19 levels, introducing new uncertainty about the best path forward.
Cost conundrum fixed
It’s also a time for leaders of the industry to step back and evaluate and address their fixed costs objectively.
Healthcare is not unique to real estate, staffing, and supply chain costs. The industry has, however, been slow to consider other models and adopt them. Moving to a variable cost structure, whether through partnerships or outsourcing, could prove to be a smart financial move for leaders facing high overheads and changes in the payer mix at the same time.
Partnerships: How have new prospects for partnerships been considered recently? Partnerships may put like-minded organisations together to boost market presence and community health while encouraging the variable cost approach of an organisation. Lean on aligning with other organisations in the healthcare sector, insurance companies, medical groups, employers, and even retailers.
Growth: Where do the organisation’s strategic growth areas exist? Assess forecasts of volume and growth, including service lines, expansion plans, and potential for merger and acquisition.
Support and investments: What are the available funding resources? What investments are going to deliver the most value and make the greatest difference? What is outsourceable or automated? Traditional methods of providing business services, supply chain, care management , sales cycle, etc. should be closely scrutinised and innovated.Read More from source