These days, it’s becoming increasingly common for health systems to operate on razor-thin – or even negative – margins. Hospitals are facing financial strain, particularly in rural areas, often leaving them to shoulder the burden of rising uncompensated care costs themselves or raise prices to offset growing deficits.
These pressures are exacerbated by uncertainty in federal funding and operational oversight of key programs. Compounded by an aging population, labor shortages, and persistent challenges in healthcare access, the need for health systems to maximize all potential revenue streams is at an all-time high.
Exploring quick cost-cutting fixes may raise margins on paper, but what healthcare leaders really need is an actionable and strategic approach that maximizes revenue potential by addressing care needs specific to their communities.
Health systems can set themselves up for long-term success by leveraging population health data and expanding service lines, like outreach. By harnessing solutions that deliver value, support their communities, and boost revenue, organizations can improve their financial health and strengthen their position in the market.
I recently hosted a Thought Leader Webinar and had the pleasure of talking through these ideas with Jackie Rice, BSN, RN, Vice President & CIO at Frederick Health, and MEDITECH’s Jen Ford, MBA, Manager, Clinical Product Management.
Establishing outreach service lines is a proven strategy to boost a hospital's financial performance while uncovering new avenues for business growth and long-term sustainability. Rice shared how her organization successfully expanded service lines to meet previously unmet community needs – an approach that not only increased revenue but also improved the quality of care provided.
Frederick Health identified key opportunities to expand several service lines – precision medicine, prenatal care, dental care, palliative care, and chronic care management – to more effectively address the needs of their community.
They expanded their cutting-edge precision medicine program to include both nutrigenomics and pharmacogenomics. This strategic expansion allows them to reach a wider patient population and provide more personalized, targeted care. As a result, they reduced care delivery costs and eased pressure on the emergency department, aligning their approach with a value-based care model.
Recognizing a need for dental care in their community for uninsured and underinsured patients, Frederick Health opened a Dental Clinic. This expansion reduced dental-related visits to the emergency department by 75%, enabling more streamlined and coordinated care for these patients.
Similar benefits were seen across other service line extensions, including chronic care management, palliative care, and prenatal services, all of which contributed to fewer preventable visits to the ED. These strategic decisions have helped Frederick Health increase revenue and keep care local, while strengthening their ability to serve their community.
MEDITECH is helping healthcare organizations maximize their revenue potential by supporting service line expansion with targeted solutions like the Expanse Outreach Portal. By providing foundational technology with our intelligent EHR, MEDITECH enables data analytics, management of cohorts, and discrete data interventions at the point of care so that organizations can grow their business and revenue while enhancing patient care in their community.
Organizations like Frederick Health are taking steps to expand their reach by successfully leveraging outreach strategies to enhance patient engagement and fuel growth. Hear more from our thought leaders on this topic to discover how your organization can implement these strategies to maximize your revenue opportunities.
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