In the realm of retirement planning, statistics get thrown around with reckless abandon. Most of these statistics are meant to convey the idea that the “RETIREMENT CRISIS” is upon us, getting worse, and the only way to fix it is to let me manage your money (for a small fee). We all should understand the …
When economists speak about financial risk, and investor behavior the term “utility” comes up time and time again, and it seems safe to say that much confusion arises due to the fact that most readers do not speak or think in these terms. In this context the term “utility” relates to the idea that withdrawal …
Almost any short visit to your nearest hospital will leave you with the notion that something here can be done better. Waiting times abound even though many people seem to be doing nothing. Patients spend hours in a waiting room to get into the Emergency room. Patients spend hours waiting in the ER to get …
We need a process to improve a healthcare process Read More »
At some point during the first session of our courses on Operations Management, Process Improvement, or Managing Health Care Processes we find the need to understand and utilize Little’s Law. This refers to anobservation by John Little which states that the long-term average number (L) of flow units in a stationary system is equal to the long-term average, …
Imagine you are a new Physician working in a group practice as part of an Academic Medical Center (AMC). You may be surprised to learn that you are soon expected to play a leading role in managing the day-to-day process flows of the clinic. This may sound strange since you are the newest member of …