Innovations in performance management.

Area of Science:

• Healthcare Management
• Financial Performance Improvement
• Revenue Cycle Optimization

Background:

• Initiative launched in FY09 to address organizational financial performance.
• Focus on improving net income, reducing operational expenses, and enhancing revenue cycle processes.
• Leadership goals were directly linked to the organization's financial outcomes.

Purpose of the Study:

• To evaluate the financial and operational impact of a strategic initiative at Baptist Health Care.
• To assess improvements in net income, cost reduction, and revenue cycle efficiency.
• To measure the effect on patient satisfaction and coding accuracy.

Main Methods:

• Implementation of an initiative focused on financial performance and revenue cycle enhancement.
• Tying leadership goals to the organization's financial results.
• Tracking key performance indicators including net income, operating costs, patient satisfaction, coding accuracy, and collections.

Main Results:

• Achieved a $17 million increase in net operating income.
• Reduced operating costs by $9.2 million.
• Attained patient satisfaction levels in the 97th percentile and a 99 percent coding accuracy rate.
• Generated over $1 million in increased point-of-service collections.

Conclusions:

• The strategic initiative successfully improved Baptist Health Care's financial health.
• Enhancing revenue cycle processes and aligning leadership goals positively impacts key performance indicators.
• The results demonstrate a significant return on investment and improved operational efficiency.