One of my favorite speeches is titled, “How Quality & Safety Programs Save $Millions.” In it, I share 10 case studies that illustrate how quality programs can eliminate waste in healthcare organizations, especially hospitals. It seems that the more I give the presentation, the more I keep emphasizing three key points. They are:
- BETTER QUALITY = LOWER COSTS
- SAFER CARE = LOWER COSTS
- BETTER PATIENT OUTCOMES = FINANCIAL SURVIVAL
I frequently deliver this speech to C-suite executives, and groups of CFOs and physicians. One evening, the group decided to add up the savings from the ten case studies. We were astounded to see the total impact!
How did these organizations generate more than a quarter of a billion dollars in savings? I’ve attached a reprint of the article where I review each case study (Thanks to HFMA for allowing me to reprint it here).
But we still have many doubters. Our peers, colleagues, and friends who still don’t understand the financial impact of well designed, well executed quality and safety programs. I often ask myself, “why do they still doubt that better quality and safety reduces costs?” “Why don’t they believe?” And then one of my friends reminds me that many quality programs, maybe the majority, suffer from poor design, or poor execution, or are plagued by the 1,001 QI project trap. All of which lead to little improvement, a lot of wasted effort, and no financial return for their organization. But it doesn’t have to be this way.
I hope these case studies give you some hope, maybe even some inspiration, that when you design your projects with an eye toward true outcome improvement, and execute your plan with precision, that these results are also within your reach.
I also hope that you can use these case studies to convince your organization, your leadership, and your finance colleagues that there is a financial return that comes with better, safer care. Once they’re convinced, getting the resources you need to prove this in your organization maybe just a little easier. To help you in this regards, I’ve attached the slide deck I use to make these points. I hope that you find the slide deck and the article helpful in your endeavors. After all, at the end of the day we’re doing all of this for our patients.