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One key driver of the below-average performance at our hospital is the lack of a comprehensive cost containment program. Without strategies in place to effectively track and manage costs, there is an increased risk that unnecessary expenses will be incurred due to mismanagement or inefficient operations.
To improve future management of this key driver I recommend implementing a Cost Containment Program (CCP). This program should involve two primary activities: first, regular audits of current practices so that potential areas for improvement can be identified; second, introducing cost-saving initiatives such as streamlining supply ordering processes or negotiating better contracts with vendors.
These efforts will help ensure that all costs are efficiently tracked and managed while also providing leadership with real-time visibility into how funds are being allocated across various departments. In doing so they can begin to identify problem areas while simultaneously developing solutions that lead to improved outcomes in the long run.