Welcome to part two of the four part series from Roger Price's presentation on the ROI of continuous improvement. In this video, he focuses on the importance of validating the business case for continuous improvement in your organization.
If you missed the first video in this series, making the business case, go watch that one first. Gaining an understanding for all four steps in this process is crucial when ensuring ROI from your CI efforts.
Patient safety and quality are the most critically important elements of patient care. Safety and quality cannot just be given lip service, but must be measured and monitored to ensure that they improving or at least not declining. Many health institutions have regular monitoring of KPIs (key performance indicators) for patient safety and performance quality.
In fact, Medicare and Medicaid require that certain measures, such as specific mortality and readmission rates, are reported regularly and often made public. This is a bit like restaurant public health inspection ratings that can draw people in if they’re high or make them shy away—as from the plague—if they’re low.
EON's CEO, Roger Price, gave a presentation on the ROI of Continuous Improvement. The presentation covers the four aspects of ensuring your return on investment from your continuous improvement approach: making the business case, validating the business case, managing your investment, and claiming the value.
To best provide you with each step of this process, we broke it down for you.
This first video covers the first quarter of his speech and discusses the importance of showing clear ROI across all CI efforts, as well as how to structure CI across multiple plants.
Without referring providers, many healthcare facilities would find themselves with numerous empty beds and idle medical experts, rapidly on the way to financial decline. Fortunately, referring providers do exist, and the cooperation between primary care providers and hospital facilities can provide the best possible healthcare for patients with serious or chronic medical conditions.
A common challenge for many organizations is to develop an operational excellence deployment model that is sufficiently compelling to overcome the natural inertia (or outright resistance) that resides at the plant sites. Many of us are familiar with the standard justifications for that inertia, including:
Tags: Continuous Improvement
Do you remember the scene in Cool Hand Luke, where a “failure to communicate” brings pain and suffering to Paul Newman? It’s similar in a hospital, where miscommunications can have significant clinical repercussions. Beyond that, poor healthcare communication can result in poor non-clinical outcomes leading to low patient or staff satisfaction and higher costs.
In a previous blog post titled Production Systems 101, I described three key characteristics that could effectively serve as a “litmus test” as to whether your organization has truly implemented a production system vs. having one in name only.
Tags: Production Systems
Terms like organizational agility and business agility are all the rage nowadays. Companies need the ability to rapidly react and respond to changing business conditions, whether caused by shifts in the economic environment, new competitive threats, evolving customer expectations, or increased regulatory requirements.
The question, of course, is how to increase agility, particularly at large, complex enterprises with hundreds or thousands of employees working across geographic, functional, or divisional boundaries.
With that in mind, here are three tips to move any organization down the path toward increased agility.
Tags: Scaling Improvement
In healthcare, as in any organization, one of the major keys to success is the ability to retain qualified staff. Not only do engaged and capable employees deliver more discretionary effort to the business, but they also present a positive image of the organization to patients and their families and friends.
In the very competitive healthcare field, keeping trained staff members is crucial to avoiding employee overwork and burnout as well as the high costs of sourcing, hiring, and onboarding new employees. At year-end 2016, average hospital turnover rate was 16.2% as reported in the annual NSI Nursing Solutions, Inc. survey. Financial impact to the organization adds up quickly when “the average cost of turnover for a bedside RN ranges from $38,900 to $59,700 resulting in the average hospital losing $5.13M to $7.86M, annually.”