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Benchmarks versus Hunches
By Dr. David Edward Marcinko; MBA, CMP™
Publisher-in-Chief
By Hope Rachel Hetico; RN, MHA, CMP™
Managing Editor
As administrators and physician-executives, we have often wondered about the managerial thought processes of some former hospital CXOs.
Our History in Georgia
For example, since arriving in Atlanta in the early 1980s, we have seen more than a dozen hospitals and five free-standing outpatient treatment centers shuttered due to fiscal insolvency. Included among the closures were urban and suburban entities, as well as private and public organizations following both profit and not-for-profit business models.
The recent public plight of Grady Memorial Hospital, our only Level III trauma center, is another good illustration. And, there seems to be no commonality among the casualties.
CXO Hunches
We can only surmise that these healthcare organizations were run according to CXO “hunches” regarding cash flow analysis, revenue augmentation and cash conversion cycles, etc.
If true, this reinforces our belief that, although providing high-quality medical care remains the primary concern of all healthcare organizations, profitability does matter … and the maxim “no margin, no mission” still applies.
CXO Benchmarks
Fortunately, we are better informed today as real [entity specific] business benchmarks – not best guesses – can be used to help us make wiser strategic and more profitable financial decisions for almost any healthcare organization.
Assessment
Therefore, we are grateful for the opportunity to edit this blog’s companion print journal guide, Healthcare Organizations [Financial Management Strategies] www.HealthcareFinancials.com
It’s a behemoth at 1,200 pages – in 2 volumes – and produced in arm’s length fashion by iMBA, Inc www.MedicalBusinessAdvisors.com
We trust you, and your healthcare organization, will review, use and profit by it.
Print TOC: http://www.stpub.com/pdfs/toc_ho.pdf
PS: Don’t forget to review-read-rave and rant online at this communications forum:
www.HealthcareFinancials.wordpress.com
Conclusion
Let benchmarks, this blog, and Healthcare Organizations: [Financial Management Strategies] take precedence over your gut in guiding your decisions.
Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com or Bio: www.stpub.com/pubs/authors/MARCINKO.htm
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Filed under: "Doctors Only", Career Development, Healthcare Finance, Op-Editorials, Practice Management, Research & Development | Tagged: CEOs, CFOs, COOs, CXOs, hospital administrators, physician-executives | Leave a comment »
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