Improve your finances

Lesson

Improve your finances

Improve your finances

By this stage, you have a good idea of whether:

  • Whether your organisation, unit or program is in surplus or deficit,
  • Where the variances are that might be causing this?
  • What might be causing the variance and whether they are once-offs, or indicate a trend that is likely to continue unless unchecked.

You have a bunch of assumptions – many of these can be measured and monitored as metrics (i.e. sick leave, targets, income/revenue, etc).

Activities

  1. What are your key indicators ( deficit/surplus; sick leave; etc)?
  2. Armed with this information, identify areas in your finances that could be improved by:
    • reducing costs
    • increasing productivity (getting more out of what you have)
    • growing your budget to meet more demand or different demands (if cutting costs is not an option)

For each of these areas, identify at least one strategy that you could implement.  Here are some ideas:

Cutting costs

    • Find waste, over and unnecessary use in resources (i.e. supplies, highly skilled and expensive people doing menial tasks;
    • Inventory review/system

Improve productivity

    • Reviewing ratios so more is done by fewer people
    • Increase use of volunteers
    • Change the way work is done – eg. if you have double staff time – lunch breaks – have am shift complete their lunch break irrespective of what is going on before hand over.  Undertake education in these double handover times.

Increase revenue/income 

    • Donations
    • Private revenue sources
    • ACFI coordinators to increase ACFI claims (ACFI Uplift program)
    • Employing a private patient liaison officer to increase private insurance, DVA use
    • Add business units:
      • Patient sleep clinics – for both private and public
      • Private wound clinics
      • Overseas patients

3. Implement one of these strategies using the tools, practices and processes you learned in change management.

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