Here are some little discussed items that an advanced administrator can do for your center — just of the few things I have done in the last few months in addition to the day-to-day management:
- Negotiate insurance contracts, carving out implants, for under-reimbursed cases resulting in $200,000 in net revenue.
- Lead, cultivate and create revenue streams instead of managing and maintaining existing ones.
- Recruit and retain profitable case generating physicians.
- Renegotiate increased healthcare benefits and coverage at a zero percent increase to center or employees.
- Renegotiate natural gas futures to a fixed rate that saves $2,000 a month in energy cost.
- Select and manage a 401K plan with above 14 percent return in a down market.
- Oversee and successfully refute state government “fishing expeditions” for use tax and personal property tax increases.
- Understand insurance premiums, limits and deductibles for myriad of insurance policies needed to run a multimillion dollar business. Medical malpractice premiums can be whittled down by understanding how they are created (I cut mine by $20,000 this year).
- Provide leadership in tough situations, i.e., work with and oversee peer review, working toward solutions with physicians and even firing a popular staff member who cannot maintain the high level of patient safety our industry demands.
- Provide behavior counseling and encouragement to staff members (all the time knowing that your evenhanded actions will never be known beyond your office).
- Visit and provide job assurance to four loved and valued team members in the hospital after they are diagnosed with various types of cancer.
- Get called in the middle of the night for myriad of alarms, boiler and air handlers’ issues, auto accidents and other staffing dilemmas.
- Work an average of 55-60 hours per week.
- When cases drop 10-15 percent because of a weak economy, develop plans that retain jobs and give positive leadership comments to scared employees who are worried about their household incomes.
- Make the unpopular but needed decisions on low census and staffing levels.
- Find and retain talented RNs and staff members who are priceless while still feeling confident to release those that aren’t (many times leaving yourself extended rather than retaining a potential quality issue).
- Ensure that your word is your bond — always under-promise and over-deliver.
As I see it, the real problem with executive pay is that the value is in the eye of the beholder. It isn’t until you lose a great CEO/administrator that boards realize their benefit. The decay caused by their loss may not be felt for several years.
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