Hospitals and health systems aim to ensure financial sustainability without compromising patient care. Doing so amid the current healthcare landscape means securing enough revenue to cover expenses. However, they must do so amid pressures such as rising operational costs and reimbursement challenges.
For CEOs, achieving this balance involves strategies ranging from expanding service availability to investing in employee wellness and retention.
Becker's asked leaders: What is the biggest untapped opportunity for hospitals to drive revenue growth without compromising patient care? Below are their responses.
Michael Charlton. President and CEO of AtlantiCare (Atlantic City, N.J.): One of the most significant opportunities for hospitals to enhance revenue growth while maintaining high-quality patient care lies in optimizing asset utilization through a consumer-centric, 24/7 operational model. Traditionally, many hospitals limit key services — such as diagnostic testing, elective surgeries and outpatient treatments — to standard business hours. By expanding service availability, we can better meet the increasing demand for clinical care at times that are more flexible and convenient for patients, ultimately improving both access and operational efficiency.
James Hereford. President and CEO of Fairview Health Services (Minneapolis): The biggest untapped opportunity for hospitals to drive revenue growth that not only wouldn't compromise patient care, but likely improve access and other aspects of care, lies in addressing severe Medicaid reimbursement inadequacies. As the number of patients reliant on government programs like Medicaid continues to grow, particularly in rural and underserved communities, the financial strain on hospitals increases.
In Minnesota, we have an opportunity to follow the lead of other states by implementing a state-directed Medicaid payment program. Strengthening Medicaid reimbursement through such a program would not only provide critical financial relief but would also lighten the financial burden placed on businesses to support underpayment of Medicaid through their healthcare costs. This would allow hospitals to meet the rising demand for care in a sustainable way, ensuring that patient care remains uncompromised, and support a thriving economy that would drive job creation.
Michelle Riley-Brown. President and CEO of Children's National Hospital (Washington, D.C.): An untapped opportunity for hospitals to drive revenue growth is investing in employee wellness and retention. When staff feel supported and valued, they are more engaged, productive, and committed to delivering high-quality care. This not only reduces turnover costs but also boosts efficiency and enhances the patient experience. A stable, dedicated workforce fosters stronger, more consistent patient-provider relationships and care team relationships. Both lead to better outcomes and satisfaction and help create a more sustainable path to revenue growth.