Healthcare Cost Control and Productivity Management
£5250.00
INTRODUCTION
The current healthcare landscape necessitates healthcare organisations worldwide to explore avenues for reducing operational expenditures while simultaneously enhancing quality. When the need arises to trim costs, some might consider downsizing their workforce, implementing across-the-board budget cuts, or trimming specific programs and services. However, they may not realise that concealed within their organisations are substantial cost inefficiencies stemming from overuse, misuse, and redundant processes. These inefficiencies can be eliminated without compromising, and in many instances, improving long-term quality and safety.
Much like other substantial business challenges, addressing the issue of escalating healthcare costs may initially appear daunting and insurmountable. Fortunately, there exists a solution to confront the dilemma of rising healthcare expenses that reduces reliance on cost shifting and benefit reductions.
Participants enrolling in the Healthcare Cost Control & Productivity Management training course at Al-Majd Pathways Centre (APC) will develop the following competencies:
Presenting outcomes utilising a balanced scorecard approach
Applying the 10 strategies to enhance healthcare cost management
Enhancing cost-effectiveness for strategic decision-making capabilities
Recognising methods to distinguish their healthcare program
TRAINING OBJECTIVES
The primary objective of Al-Majd Pathways Centre (APC)'s Healthcare Cost Control & Productivity Management training course is to elevate the skills in cost control management among hospital decision-makers, particularly those responsible for financial decisions. Attendees will also gain the ability to:
Actively participate in financial decision-making processes affecting their departments, such as budgeting and forecasting
Comprehend the strategic significance of fundamental cost concepts
Explain cost driver concepts at various levels, including activity, volume, structural, and executional
Elaborate on cost concepts applicable to product and service costing
Identify diverse approaches for calculating the genuine cost and grasp the actual expenses incurred by their organization in delivering patient care
Effectively manage these costs to ensure sustainable profitability and growth
WHO SHOULD ATTEND?
The Healthcare Operations: Cost Control & Productivity Management training course is suitable for all professionals working in healthcare/hospital operations seeking fundamental knowledge and an improved understanding of healthcare cost management, particularly:
Operations Managers
Chief Financial Officers
Chief Executive Officers
Chief Quality Officers
Directors of Organisational Development
Performance Improvement Staff
Administrative Directors
Risk Management Staff
Department Heads
Patient Safety Officers
Finance managers who have recently transitioned into the healthcare sector, and require an understanding of essential cost control practices within a healthcare context, will also benefit from this course.
TRAINING METHODOLOGY
Healthcare Cost Control and Productivity Management training course at Al-Majd Pathways Centre (APC) employs a blend of classroom lectures, case studies/examples, and group discussions. The latest educational techniques and strategies are incorporated to maximise delegate engagement. This approach allows participants to interact with peers and the instructor to address their specific challenges and explore appropriate solutions.
TRAINING OUTLINE
Day 1: Cost Management
Direct vs. Indirect Costs
Management's Impact on Cost Behaviour
Fixed Costs and Variable Costs
Cost Hierarchy
The Value of Activity-Based Costing (ABC)
Optimal Scenarios for ABC Application
Cost Management Processes
Day 2: Implementation of Cost Management Processes
Metrics for Cost Analysis
Cost-Volume-Profit (CVP) Analysis
Assumptions Underlying CVP
The Core CVP Model
Expansions of the Core CVP Model
Make vs. Buy (Outsourcing)
Advancements in Performance Improvement
Day 3: Economic Characteristics of Costs
Relevant Costs for Decision Making
Short-Term vs. Long-Term Considerations
Common Pitfalls to Avoid
10 Strategies for Enhancing Healthcare Cost Management
Utilising the Balanced Scorecard Technique to Report Results
Embracing Benchmarking
Costs for Strategic Decision-Making
Day 4: Costs and Business Pressures
Strategies for Cost Containment
Global Health Challenges
The Healthcare Market Landscape
Health-Related Risks
Workforce Challenges
Lifestyle and Chronic Diseases
Prevention and Management of Claims
Day 5: Encouraging Healthy Behaviours
Incentives and Knowledge Promotion
Addressing Escalating Employee Healthcare Costs
Cost Shifting vs. Cost Management
Approaches to Distinguish Your Healthcare Program
Employee Assistance Plan (EAP)
Health Portal
Health Risk Assessment (HRA)
Certificate of Completion: Upon successful completion of this training course, participants will receive a Certificate of Completion from Al-Majd Pathways Centre (APC).