Enhanced hospital financial performance is more important than ever as the healthcare landscape continues to shift. To effectively achieve financially stability, health leaders are finding that partnership with a rehabilitation expert can help their hospital improve clinical and quality outcomes. This trickledown effect leads to improved patient outcomes and satisfaction.
Keep reading to learn the benefits of a contract management or joint-venture partnership, and the impact these models can have on a hospital’s overall performance and financial health:
- Improved hospital performance under value-based care
The shift to value-based care has pushed hospitals to reduce spending while improving quality and outcomes. A study of value-based trends found that more than a third of national reimbursement contracts are now value-based.
A post-acute partnership strategy aids in a successful transition to value-based care. It can help: - Equip hospital staff and leadership with the resources to increase care quality and efficiency
- Produce more timely transfers to post-acute settings
- Reduce readmission risk
- Generate long-term cost savings for the hospital overall
- Increased care efficiency to reduce readmissions
Re-hospitalizations and other transfers in the post-acute continuum can lead to poor patient satisfaction and care quality, ultimately creating negative financial consequences. Research shows that some of the lowest-performing hospitals around the nation can experience readmission penalties two to three times higher than those performing at an average rate.1
Through specialized expertise, access to national resources and data, and a team with a refined strategy to recruit and retain top talent, a rehabilitation partner can greatly expand a hospital’s ability to provide excellent patient care in an efficient manner. Further, a rehabilitation partner can help produce faster recovery times, reduced care costs for both the patient and hospital, and can create a more positive patient experience from admission to discharge.
When a hospital is able to rely on a partner for best-in-class rehabilitation expertise and resources, patients, staff and facility operations all benefit.
Read our white paper, “5 Financial Benefits of Rehabilitation Partnership” to discover the three additional benefits strategic partnership can have on your hospital’s financial performance.
References:
- Barlow, K. (2018, August 2). Unlocking the Financial Benefits of a Post-Acute Strategy. Advisory Board. https://www.advisory.com/Topics/Post-Acute-Care/2018/08/Unlocking-the-Financial-Benefits-of-a-Post-Acute-Strategy.
