Episode 32: Takeaways from the Financial Turnaround of a Health System w/ Dr. Tony Reed
Temple University Health was in dire financial straits. After a slew of break-even years, the hospital had no money to reinvest. To put it in context, the average hospital’s age of infrastructure usually hovers around 8 to 9 years… Temple University Health was at 15 to 18 years.
Something had to change before it was too late.
Dr. Tony Reed, the EVP and CMO at Temple University Health shared the story of their financial turnaround on the Heroes of Healthcare podcast. How did they right the ship? Much of their success can be attributed to improving operational efficiencies.
They took their average length of stay from 6 days, down to 4.8 just by cutting the waste in the system. They also enhanced patient care, because what leads to clinical efficiency? Taking the best care of patients. It was nothing short of a complete transformation.
- They boosted their national ranking for safety and efficiency
- They increased community trust
- They grew with every single service area functioning at 100% of budget or above
Listening on a desktop & can’t see the links? Just search for Heroes of Healthcare in your favorite podcast player.