Health Condition   In the last note I discussed the need to understand your current patient demographics, since they can both positively or negatively impact your cash flows. We briefly discussed how the Ability to pay impacts cash flows. Next on our list is Health Condition. It is important to understand the mix of current patients’ health.                Categorizations. Start with a simple categorization: Excellent, Good, Average, Below Average, Poor and Very Poor. Obviously if the majority of the…

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  Healthcare is one of the most segmented markets. Healthcare professionals specialize either in diagnosing or treating the whole person or focus on a special part of the body and mind. For that reason, it is vital to clearly understand the current patient demographics of your practice or hospital, determine which demographics are most vital to its “cash flow” and assess how changes in these demographics will impact the future type of practice and its financials.   Patient Profile…

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                In our last discussion, we outlined some of the sources of cash. The first was the patient. Only a decade ago, most patients relied on their insurance, employers or government programs to pay their healthcare bills. Providers got paid and didn’t have to inform patients of their charges and fees.               This has changed dramatically over the past decade and the changes are increasing rapidly. These are some of the changes that must be monitored and evaluated…

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Examine your cash flow inputs. The place to start your cash flow analysis is to determine where you generate your revenues. CASH INPUTS Let’s begin with examining the cash inputs and some trends that impact your ability to generate revenues. Revenues from Services and Procedures are derived from: Patients directly- this is increasing and patients will be required to pay more of the costs. Insurance companies have increased their premiums and deductibles because of increasing costs and Obama-care requirements….

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EXAMINING the current state of your healthcare practice or organization! Vital Signs…and Measures!             I said that “strategic thinking and leadership” is the same as the approach you were taught in medical or other healthcare professional schools. In your healthcare training you started with examining the patient and recording their vital signs. Tests were conducted to determine the patient’s blood pressure and other vital signs. The results were then compared to the “normal scores” and deviations noted. The patient’s…

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INTRODUCING “STRATEGIC THINKING/ LEADERSHIP” for   HEALTHCARE PROFESSIONALS           Are you having cash flow problems? Are you losing patients to new retail outlets? Are you prepared for the changes in technology, regulations that will change the way that healthcare is provided?             These are several of the key issues that need to be addressed by all healthcare professionals. Most have not taken the time to think through these questions and develop a viable strategic response. Many…

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