You cannot be among the best leaders without mastering the art of persuasion; yes, it’s an ART! Some of us have it naturally – looking at these masters doing their magic is impressive, the charisma of convincing others to do as they ask. The frustrating part is that this skill is difficult to teach or pass on to your team; these masters are far better at doing it than explaining it. As executives, we know this frustration, so what do we do? How do you get everyone in your team to master this art?
Strategy & Execution Challenges for CEOs
NCP Management’s latest venture was the recent acquisition of the Houston Heights Hospital. It was a large financial, physical, and mental undertaking. We went into it with a vision and a goal. We set 90 to 120 days to get this new hospital open and operational. Now we’re reflecting on the last 4 months of our road to opening. We’re taking a deeper look into what worked and what needed improvement. We can now learn from our mistakes to better streamline our future ventures. And most importantly we’re enjoying the success without losing focus of our ultimate goal.
Industry Analysis – Micro Hospitals
Industry analysis is a tool that facilitates a company’s understanding of its position relative to other companies that produce similar products or services. Through this analysis, the strengths, weaknesses, opportunities and threats of a company can be identified.
Let’s take a closer look into micro hospitals. We’ll go over a quick industry analysis looking at the five competitive forces in the hospital industry such as threats, weaknesses and overall position in relation to the competition and profit potential.
Human Resource Management & Team building
Human resource management is the strategic approach to the effective management of people in a company or organization such that they help their business gain a competitive advantage. It is designed to maximize employee performance in service of an employer’s strategic objectives.
Developing a strong human resource management team can significantly increase overall employee satisfaction and in return greatly increase patient and customer satisfaction.
Let’s dive into how you can properly get your management and team on track for success.
Micro-hospitals constitute a rising trend that shows signs of taking over the healthcare industry, 30,000 to 60,000-square foot spaces that offer a wide range of medical services in a small, neighborhood setting. Just like a regular Hospital they run 24/7, all year long, and commonly have between 10 – 20 beds where patients can be observed or admitted for a short stay. With as low as $10 – $15 Million initial cost, it has come within the reach of many healthcare entrepreneurs.
1. What is Cash Flow Management?
Cash flow is described as a real or virtual movement of money, and is mostly used to describe uncertain payments that are expected to happen in the future and therefore need to be forecast with cash flow management. It’s critical management of the lag between when you pay and when you receive.
Rules To Follow When Planning Acquisition
Acquisitions have previously been considered a sign a weakness. In fact studies have shown that a majority of acquisitions are failures. So why do we still do it? A few reasons we might want to acquire is, instant expansion and organic growth. While these processes may be slow, if done correctly you can easily see success.
Many practices know the frustration with health insurers – specifically appealing claim denials and the reimbursement process. This has led many hospitals and practices to incorporate more “cash based” treatment options for their patients. Tapping into the cash market is now proven to be a successful option.
Cost Efficiency: Minimizing Wastage
Within a healthcare system it’s not uncommon to see more than a 30% wastage. Wastage refers to departments within the healthcare system that are not being fully utilized. If you’re not seeing volume to company, many departments and employees within those departments may be underutilized as there is low patient flow. Minimizing wastage has been seen as an indirect key component to increasing profits.
Want to know how to become a medicare certified provider? The CMS accreditation process requires a survey (inspection) performed by Sate Survey Agencies conducted to ascertain whether or not a provider or supplier meets all applicable requirements for participation in the Medicare and/or Medicaid programs.