What Is the Best Growth Strategy for Today’s Hospitals

Today it seems acquisition is the growth strategy that most healthcare providers are pursuing. Does getting bigger always improve the bottom line? Acquisitions as a way to grow have become the norm since the enactment of the Affordable Care Act (ACA). However, is there an alternative to acquisitions — a way to grow by improving patient services and the services hospitals provide to their referring communities?

The answer is yes! And, those service improvements can be achieved by providing better connectivity throughout the healthcare delivery environment.

The overriding goal for any healthcare delivery system is to improve the value delivered to patients and the referring communities who use the hospital’s services. Value in healthcare can be measured in terms of the patient outcomes achieved per dollar expended. Is there a way to improve services level, while still holding down or reducing the costs of providing those services? More care and more expensive care delivery do not necessarily mean better care.

What drives patient and physician loyalty to a hospital? Based on numerous industry studies and interviews with patients and physicians, the key driver to loyalty is superior hospital customer service and quality care.  Patient “word of mouth” praise and physicians who believe their patients are receiving optimal care and services will drive hospital revenue growth. This could include things such as quick turnaround on ordered tests, availability of services, knowledgeable nursing/medical staff and ease of obtaining information. Physicians are genuinely interested in giving quality care to their patients and they expect the same commitment from their community hospital.

To improve connectivity and reduce costs, hospitals need to take advantage of cost-effective alternatives to expensive and time-consuming EMR interfaces by deploying solutions similar to those offered by DigitalOne.  Such solutions offer hospitals a competitive advantage to help them grow market share by significantly increasing their referrals and retaining the customers gained by improving service levels.  

These connectivity solutions also provide hospitals with the capabilities required to support transition to the new ACI program, while helping them improve their bottom lines with easy-to use technology.