Health organizations continue to face challenges relative to costs and revenue. Changes in reimbursement structure is most often cited as one of the biggest challenges for providers. As a result, leaders are developing new approaches aimed at creating additional revenue streams.
Traditionally, hospitals have operated on profit margins that are often described as challenging. As a result of increased labor costs and a shift in payer mix, hospitals are being forced to do more with fewer resources. Consequently, hospitals are seeking new ways to improve their margins. Increasing patient volume is no longer effective in improving margins given the focus on value-driven care. As the CEO of XYZ hospital, you are asked to make a presentation to the board regarding ways to identify new streams of revenue.
Your hospital operates in a low-income community with a significantly large population of residents enrolled in Medicare and Medicaid coverage. Critical issues such as length of stay (LOS) requirements and other financial threats are creating an urgent need for your organization to consider new revenue sources. After conducting research into the development of alternate revenue streams implemented by hospitals, you propose a new state of the art wellness center. Your task is to gain support for the wellness center.
Create a PowerPoint presentation in which you highlight the following:
- Describe, in detail, the service offerings that you would include in your new wellness center.
- Discuss any potential barriers to implementing the wellness center.
- Explain how the new wellness center can potentially affect overall costs.
- Explain how the new wellness center can potentially affect overall quality of care.
- Describe the potential impact of the new wellness center on the underserved.
- Discuss the potential implications of the proposed revenue stream on payers, patients, and providers.
- Your presentation should include either speaker notes or voiceover narration.
- Research the concept of developing wellness centers, using credible sources to create your presentation.