2 min read

Re-Align Labor Costs to Improve Margins

It's no secret that labor costs and financial challenges are affecting the majority of hospitals today. Futura is uniquely positioned to help both areas while creating a collaborative partnership between your clinicians and finance teams.

Futura Healthcare works with health systems and hospitals around the country focused on margin improvement and workforce optimization. We conduct detailed time and motion studies and recommend workflow changes to optimize your workforce.

The tools and techniques an SCM engagement delivers to your hospital ensure durable financial benefit for years to come. Futura has implemented hundreds of programs that have significantly improved financial well-being and service levels across the full spectrum of healthcare organizations.

What Sets Us Apart

Benchmarking has long been the standard to follow when creating a metric of productivity, however they tend to ignore the uniqueness of your departments. Over time, benchmarks begin to feel like an impossible target for your clinical staff and the finance team finds it difficult to identify savings opportunities.

Futura Healthcare has a personalized approach where we create targets from the ground up, alongside your department leaders. We gain buy-in through building relationships and creating achievable targets through time and motion studies.

“I’ve been in healthcare for 20 years, and every productivity analysis group we worked with felt like hand-to-hand combat until we partnered with Futura Healthcare. They built a positive rapport with our managers, focused on factors we could control, and we realized $10 of savings for every $1 we invested in less than a year.”

- S. Lee Boles Jr.
Chief Executive Officer
Hunt Regional Medical Center


Benefits

1. Creative Collaborative Relationships
We bridge the gap between your clinicians and finance team to work toward common goals of quality care and cost-containment.

2. Gain Buy-in With Your Leadership Team
Our skilled consultants work hand-in-hand creating targets alongside your leadership team, ensuring they are attainable and provide the results necessary to meet productivity and financial goals.

3. Affordable
Our fixed free pricing and highly affordable reporting tool allows for a quick ROI and realized savings year after year.

Optimize Your Workforce and Regain Financial Stability

Strategic Cost Management (SCM) focused on workforce optimization enables your hospital to address labor and overhead expenses by:

  • Providing managers with proven techniques that enable them to better utilize the time and skills of the people working with them.
  • Improving employee participation in meeting goals by eliminating barriers that prevent completing their assignments in a timely manner.
  • Deploying effective systems and procedures to monitor the use of required and actual resources, combined with the use of sound behavioral techniques by management, to assure an improved organization.
  • Developing department-specific goals and targets in collaboration with your management team, using proprietary tools that managers learn and continue to use, ensuring the durability of SCM benefits for years to come.

Our approach yields significant financial improvements up to 10% without compromising quality and safety.

Plus, long-term financial benefits:

  • More than 30 years of service in healthcare
  • Straightforward delivery model - Fixed Fee
  • Proven savings ratio of 10 to 1.
  • Rapid ROI: recoup the initial investment in six months.
  • Sustainable savings year after year.

Download the executive overview to learn more about Futura's Strategic Cost Management Program.

“Based on our Productivity Reporting, most departments were not in line with where we needed to be to staff our departments correctly, within budget. Once we consulted Futura, it was determined that the staffing metrics, structure, policies, and operating model were severely outdated. The productivity outcomes were not accurate. Futura reviewed our data, identifying $44M annual labor opportunity and another $20M at a second hospital.”

Chief Financial Officer
Multi-Hospital Health System

 

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