Why 1 Steward hospital in Massachusetts is struggling beckershospitalreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from beckershospitalreview.com Daily Mail and Mail on Sunday newspapers.
U.S. healthcare is unnecessarily spending millions of dollars on scopes dollars that could be better spent opening up new service lines, investing in medical equipment, or hiring nurses for improved patient care.
The significance of credit ratings for health systems cannot be overstated. They serve as a warning sign indicating organizations need to transform. Health systems can no longer rely on top-line revenue to address their inherited problems. It is clear that a fresh approach to cost management is required to break away from past practices and chart a new course toward financial viability and sustainability.
Many new to financing negotiations try to paint a rosy picture and offer unrealistic terms or revenue expectations to improve a soured relationship. This will quickly backfire and result in defaults, which not only incurs additional costs, but can rupture trust and spoil relationships.