Address Blockages and Pinpoint Opportunities for Growth
Retaining and improving bottom line profits is a key priority for healthcare planners and strategists. Often when considering how to grow, patient outmigration and physician referral leakage are top of mind. Patient retention and well-maintained physician relationships are key to maintaining a strong financial standing, especially for rural hospitals.
“25% of rural hospitals nationwide are at a high risk of closing unless their financial situations improve. Of these hospitals, 82% are considered highly essential to their communities,” according to an annual Guidehouse analysis.
Many hospitals within close proximity to large U.S. cities are facing a serious financial challenge: patients who outmigrate to urban hospitals. This can happen due to patient preference or a physician referral, but it’s leading to lost revenue either way.
It’s important to note though, this is not solely a rural hospital concern. A strong physician relations strategy is needed in many large urban areas to ensure you don’t lose patients to the large competitor right down the street.