Some hospitals face a host of severe financial problems that render cost-efficient operations impossible to achieve and often lead to bankruptcy. Paul DellaRocco, president and CEO of the Haelen Group in Boston, has worked in the hospital management industry since 1976. He possesses considerable experience transforming failing hospitals. Well-planned turnaround strategies can help underperforming hospitals recover from their losses and resume--even boost--productivity.
Developing programs and recruiting sub-specialists in accordance with local market needs and future predictions is often an effective strategy in hospital turnarounds. This should be accompanied by a concerted effort to recruit and retain physicians. Developing long-standing, harmonious relationships with doctors will benefit the hospital greatly in the long term. Another strategy, benchmarking staffing hours helps to reduce overhead expenses and develop procedures and protocols to improve efficiency. Similarly, hospital revenue should also be benchmarked to see how it measures with market comparables. Finally, a hospital turnaround requires an innovative, proactive board that is willing to get involved. The board should remain flexible enough to develop new strategies in accordance with changing needs.
Throughout his career, Paul DellaRocco has worked to turn around several struggling hospitals, which have subsequently shown growth in operations. He received a Great Comeback award from the American Hospital Association and Coopers & Lybrand for revitalizing a children's hospital that was facing insolvency.
Developing programs and recruiting sub-specialists in accordance with local market needs and future predictions is often an effective strategy in hospital turnarounds. This should be accompanied by a concerted effort to recruit and retain physicians. Developing long-standing, harmonious relationships with doctors will benefit the hospital greatly in the long term. Another strategy, benchmarking staffing hours helps to reduce overhead expenses and develop procedures and protocols to improve efficiency. Similarly, hospital revenue should also be benchmarked to see how it measures with market comparables. Finally, a hospital turnaround requires an innovative, proactive board that is willing to get involved. The board should remain flexible enough to develop new strategies in accordance with changing needs.
Throughout his career, Paul DellaRocco has worked to turn around several struggling hospitals, which have subsequently shown growth in operations. He received a Great Comeback award from the American Hospital Association and Coopers & Lybrand for revitalizing a children's hospital that was facing insolvency.