Tight margins and rising costs are threatening the sustainability of hospital and health systems.
Several factors are placing immense pressure on the bottom lines of hospitals and health systems everywhere, putting the onus on CEOs to financially steer their organizations through a complex and challenging environment.
In response, hospitals leaders must make calculated decisions with resources to ensure short-term operational needs are being met while supporting long-term strategic goals.
Here are three ways CEOs can be effective financial stewards:
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Jay Asser is the CEO editor for HealthLeaders.
KEY TAKEAWAYS
Hospital leaders should always be considering strategies for growth to bring in more revenue to help cover rising expenses.
At the same time, cutting costs where possible can eliminate inefficiencies and significantly improve financial health.