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Prospective pricing is on the rise. Operating surpluses have vanished. Cash flow has become a trickle. Credit ratings have been reduced. The cost of liability insurance has gone through the overhead. Regulatory red tape is strangling creativity. There aren't enough nurses, money or hours in the day to deal with all the problems. Why would anyone in his right mind want to run a hospital?
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The federal Racketeer influenced and Corrupt Organizations Act (RICO) was enacted in 1970 to combat the infiltration of organized crime into legitimate businesses operating in interstate commerce. During the first 10 years of its existence, the statute was applied almost exclusively in charges requiring criminal penalties. Section 1964 of RICO, however, allows civil remedies for injuries resulting from certain defined criminal activities. These civil remedies authorize treble damages and a reasonable attorney's fee. The Supreme Court has upheld the extension of this law to apply to general business activities, including hospitals. Hospitals risk involvement in civil RICO litigation as they become increasingly active in alternative healthcare businesses--medical supply operations real estate ventures, etc.--that involve public participation and the sale of securities, partnership units, and other equity interests. A disgruntled investor in a failed venture may initiate litigation. Other areas where hospitals are vulnerable to RICO claims include medical staff grievances, involvement in health maintenance organizations, and profile protest activities. The RICO civil provisions contain five basic elements: injury, person, enterprise, pattern of racketeering activity, and interstate or foreign commerce. Basically, this means that any person injured by the unlawful conduct of a person who is employed by or associated with any enterprise that engages in a pattern of activity which affects interstate commerce is entitled to civil RICO damages.
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Imposed restrictions on inpatient revenue have encouraged hospitals to seek alternative sources of revenue through diversification. The venture profile analysis is a low-cost, orderly process to help hospitals plan for service diversification. Potential business ventures are assigned a weighted score based on nine evaluation criteria. Potential business ventures with high relative scores should be those opportunities with the greater prospects of success and those deserving of serious consideration by the hospital. The format of the profile facilitates active involvement of board members in the decision making process and prudent management of risk in market-based strategic planning.
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Both hospitals and physicians are finding their traditional sources of patients drawn to alternative forms of care. To respond to this changing demand for their services, there is a need for mutual cooperation between hospitals and physicians. This article explores the strategic opportunities, the benefits and the risks.
In the search for innovative means of competing in the new health care market, hospital CEOs must seek investments that improve the financial position of their institutions. Frequently these are hospital financed entrepreneurial business ventures. In this article, the authors outline a basic business plan to guide in the development of such a venture and recommend steps for successful implementation.
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With a clear idea of the goals of downsizing, a planning process which ensures the participation of as many as possible, on-going and effective communication systems, and concrete strategies for living with the results, both employee morale and customer service can be improved in spite of the necessity of "doing more with less."
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Explore the source record for details and available documents.
Explore the source record for details and available documents.
Explore the source record for details and available documents.
Explore the source record for details and available documents.
Explore the source record for details and available documents.
Imaging departments offer great potential for cost reductions. That's what Baptist Hospital of Miami found out when they put their operation under the microscope and solicited assistance from some of their vendors. By paying attention to the details, the hospital reduced costs by more than $500,000 a year. Find out how.