Compounding Interest: Operational Implications and Opportunity at the Point of Care
Anyone with a money market account understands the value of compound interest. The more time you allow your deposits to sit dormant and the more resources you throw into the account, the greater your return, because you earn interest on your interest. In the healthcare arena, however, this compounding effect works in reverse, although just as relentlessly. The more time your clinical staff spends searching for patient information and repeating tests—the more resources you invest in diagnosis and treatment— the faster expenses mount, as each inefficiency generates additional inefficiencies down the line. Consequently, your financial returns diminish—and the results can be devastating.
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