Hospital business models have been pretty sickly over the last few years. Rising costs, shrinking profit margins, and an increasing bureaucratic tangle of private and public funding have brought many facilities to the edge of financial viability. Now, hospitals are dealing with the Affordable Care Act that shifts revenue away from treatment and toward prevention. How are hospitals to achieve a profitable bottom line in the current, rapidly changing healthcare landscape? The Healthier Hospitals Initiative offers a model built on sustainability that looks to be a healthy prescription for profits.
In its second annual report, the HHI summarizes findings from six hundred thirty-eight participating hospitals that submitted data in 2013. Hospitals enrolled in the Initiative commit to at least one of six challenge areas: Engaged Leadership, Leaner Energy, Healthier Food, Less Waste, Safer Chemicals, and Smarter Purchasing. Each category has an achievable target, an established definition of measure, and a required frequency of data submission. The HHI Web site shares case studies, how-to guides, and webinars to help hospitals get started in integrating sustainability into their business practices. It’s an effective, sustainable remedy for hospitals in search of a healthier bottom line.
I’m John Howell for 3BL Media.