Detailed Management Translates Into Over $2MM In Savings
Premier's Oversight & Reporting Translates to over $2 Million (and Growing) in Subsidy Refunds for one facility.
If third time's the charm, what's the fourth time? In the case of a 250 bed hospital in the Pacific Northwest, it's evidence of a solid working partnership. For the fourth year in a row, Premier Anesthesia has presented the facility with a subsidy refund check. For 2013, it was $123,000; the four year total is $2.1 Million.
A Solid Working Partnership is What Drives this Success
Premier Anesthesia works hard to be a strategic partner by adapting its services to trends, positive or negative. If either the hospital or Premier were working without collaboration, the levels of efficiencies and savings could not be achieved.
One key component of the partnership: every month Premier Anesthesia meets with key decision makers for an operations and financial review. The group looks at case volumes and compares how the facility is doing compared to budget projections. Use of personnel - across several sites with evening and weekend coverage - is closely monitored. If adjustments need to be made, the major players all attend that monthly meeting: the Chief Nursing Officer, the Premier Medical Director, the Chief Financial Officer and the hospital President.
A few years back, the group had to adapt because the volume wasn't where it needed to be. So changes were made and plans for expansion were put on hold. Now the trend has been upward for more than three years. Still, Premier is constantly watching what's happening to make the facility's ORs as effective and efficient as possible.
This is more than an informal "touch-base." The parties are disciplined and they come together at a specific time every month to focus on services, delivery and even people. They have materials with statistics prepared, so the meetings cover a lot of ground and are focused and effective.
If, for whatever reason, busy schedules get in the way, an alternative date within a week to 10 days is settled upon. Both parties hold each other accountable, and the groups stay ahead of the curve.
Worth the Time & Effort? The Subsidy Refund Says Yes!
It takes a lot of time and effort on both sides - the hospital's and Premier Anesthesia's - to manage the relationship, but both parties agree: more than $2 million in refunded subsidy is certainly worth the effort.