Proactive Steps
So what is a hospitalist group to do? Be prepared! Here are some steps you can take to stay ahead of the game.
- Understand the financial situation at your hospital. Is the hospital making money? Is it spending money on capital equipment? What is the hospital’s margin? What is the pattern over the last several years?
- Understand your HMG’s impact on the hospital. Regardless of your employment status, you need to know the impact. Do not rely on a hospital administrator to do the impact analysis for you. Don’t wait to seek out the data until you are forced to defend your group’s value. If you get into a situation where you must quickly defend your group’s value, time usually is not on your side, and it may be difficult to obtain the appropriate data in a timely manner. It is best to have the analysis already complete.
- Write down the impact analysis, obtain data to back up the assertions, and regularly review it with senior hospital leaders, medical staff leaders and your group. While a full SWOT analysis is ideal, as this provides a complete picture of your HMG’s strengths, weaknesses, opportunities, and threats, a regularly updated impact analysis is a living document that should be shared.
Executing an Impact Analysis
Begin by putting all your hospitalists in a room for a few hours and have everyone brainstorm the HMG’s impact on the hospital. The entire group should be involved, because it is important each individual hospitalist understands the impact you have on the facility.
- What is your impact on PCP referrals? What is your impact on elective surgical cases coming to the hospital? What about subspecialty care? Do you admit all the subspecialists’ patients? What is your impact on quality and patient safety? What is your impact on hospital committees?
- Once you have listed your potential impact areas, have a discussion about the kinds of data needed to back up each impact assertion. Find the data (hospital sources, practice resources, SHM data, etc.) and put it in the impact analysis.
- If your impact analysis exceeds two pages, you need to do an executive summary. The goal is for leaders to read this on a regular basis and understand the larger, global points.
- Update this impact analysis regularly. At a minimum, this should be yearly, but at times it may require updating every three to four months.
No Need to Reinvent the Wheel
None of this information is new at SHM. One of our core commitments is to make sure you have the information to understand your HMG’s value to the hospital and what you can do to provide greater value. The practice management committee has published a series of value-added articles, as well as a regular update on management best practices. SHM leaders have been talking about value and impact for years, and the need to keep your hospital group knowledgeable at all times.
But we also realize in a high-growth practice, some operational details are left to later. So, if you have not done an impact analysis, or if you have one and haven’t updated it in a while, use the urgency of the general economic downturn to get started. You, your group, your hospital, and your patients will be much better off if you are prepared. TH
Dr. Cawley is president of SHM.