Maximizing Operating Room Performance Using Portfolio Selection

The operating room (OR) is responsible for most hospital admissions and is one of the most cost and work intensive areas in the hospital. From recent trends, we observe an ironic parallel increase among expenditure and waiting time. Therefore, improving OR scheduling has become obligatory, particularly in terms of patient flow and benefit. Most of the hospitals rely on average patient arrivals and processing times in OR planning. But in practice, variations in arrivals and processing times causes high instability in OR performance. Our model of optimization provides OR schedules maximizing patient flow and benefit at a fixed level of risk using portfolio selection. The simulation results show that the performance of the OR has a direct relationship with the risk.