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Healthcare industry is labor-intensive. Productivity gains are critical. 2012 WEF report is revisited to examine its application to HR today.
HR needs to consider the 3 basic business building blocks in its own programs and processes.
Perhaps the real value of HR lies in areas that generally have been ignored. Bringing these functions to the foreground may have a big payoff for HR and the organization.
HR professionals need to understand how healthcare productivity is determined and managed. No other subject will provide a bigger payoff for the organization and the department!
One thought on “Financial Literacy: Test your knowledge of Productivity Measurement”
It is obvious, that an institutions financial awareness and responsibility ad to the quality of patient care, while for example, many non profit hospitals,(as an example), waste money by not being astute of all costs in operations. So, quality of care is best addressed with the best knowledge of cost per patient day, care, or modality. Wouldn’t this also make for a more “secure” and stable employer for it’s employees, especially if patient support departments were also operating at peak efficiency and providing great support for physicians.