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Best Financial PracticesAndrea Campbell, Mariah Fletcher, Caitlin McComb, Jessica Slatt
Johns Hopkins Hospital▶Made up of a hospital and physicians’ offices (Johns Hopkins Medicine, 2018).▶#3 hospital in the nation, #1 in Maryland (Johns Hopkins Medicine, 2018).▶$8 billion organization (Johns Hopkins Medicine, 2018).▶Teaching hospital and research facility for the Johns Hopkins School of Medicine (Johns Hopkins Medicine, 2018).Figure 1. Johns Hopkins Hospital, (Johns Hopkins Medicine, 2018).
1. Reducing Costs of Staffing▶Employ flexible, part-time workers (Dunn, 2009).▶Track efficiency of workers with benchmark performance standards (Dunn, 2009).▶Track patient volume to identify needed employee volume for patient care (Dunn, 2009).▶Most easily done by emergency room employees (Dunn, 2009).Figure 2. Doctors and technicians, (LRS Healthcare, 2017).
What Can Go Wrong…▶Hospital can become over or under staffed.▶Hospital will lose money in a couple ways.▶Employing too many people, and not actually requiring their work.▶Employing too little people, and not seeing as many patients.
2. Financial Planning ▶Johns Hopkins Health System Finance Mission Statement:Collectively, we champion strong financial performance which supports funding and resources to advance discovery, education and clinical care of medicine, through the implementation of financial best practices and robust strategic and analytic leadership, promoting efficiency, transparency and decision support.▶Allocating funds, collaboration and planning between departments.▶Align rolling forecasts, multi-year plans, and detailed budgets▶Planning and collaboration between spinal surgeons and Johns Hopkins purchasing department leads to annual savings of $3.3 million for Johns Hopkins Medicine.