Managers of Endoscopy and PeriOperative departments often see a constant stream of endoscopes being sent out for repair and loaner scopes being sent back to them for “temporary” use. However, it is all too common for these loaner scopes to become a permanent part of their scope fleet – they are hard to track and […]
Having Trouble Tracking Loaner Scopes? This Technology Can Help Read More »
According to a recent survey, most hospital executives agreed that better supply chain management can increase profit margins by up to 3%. However, these same executives agreed that not enough investment in supply chain technologies and improvements have been made and that supply chain departments are using outdated technology to accomplish their mission. The survey,
Survey: Better Supply Chain Management Will Boost Margins Significantly Read More »
Springfield, Missouri-based Mercy Health has taken to data analytics to help understand the discrepancy in physician item usage in order to boost its bottom line. By using data to analyze the costs and usage patterns of physicians on similar cases, it has identified many opportunities to reduce supply costs and increase its profitability. Using data
How One Health System Analyzes Physician Item Preferences To Boost Its Bottom Line Read More »
The typical procedural area in a medium or large hospital spends hours per week generating the daily re-order list of their important supplies and implants. The typical procedural area, like a Cath Lab, EP Lab, Vascular Operating Room or Interventional Radiology Department, spends those hours doing manual, inexact tasks such as “eyeballing” inventory to find
How To Save Hours A Week By Automating Your Daily Re-Order Process Read More »
Louisville, Kentucky-based Baptist Health has revealed that it has saved over $70 million dollars by taking a fresh approach to its supply chain. By focusing on clinically-led processes that include physicians in the decision-making, the health system has driven cost-savings that many can only dream of. Using physician-led councils across its various service lines, the
How A Health System Saved Over $70 Million Through Physician-Led Supply Chain Committees Read More »
One of the key tools US hospitals are using to increase margins in today’s healthcare environment is consolidation. By merging operations with other regional hospitals or systems, many executives are looking to pad their margins through economies of scale. However, it appears that consolidation as a strategy to improve margins may not be working, at
Is Hospital Consolidation Driving Any Supply Chain Savings? Read More »
A recent study from Navigant Consulting concluded that hospitals across the US are wasting an aggregate of $25.4 billion annually in their supply chain, or $11 million per hospital. The amount of waste is up 10.2% from 2017. With hospitals increasingly focused on eliminating waste from their operations to increase profitability, the supply chain is
Average Hospital Spending $11 Million Annually On Supply Chain Waste Read More »
The hospital supply chain is increasingly being looked at as a way for hospitals to eliminate unnecessary spend. As hospitals continue on their journey from volume to value, the profit per procedure needs to improve in order for hospitals to remain profitable. As the place where most hospitals make and spend 50% of their dollars,
Hoarding In The OR Is Costing Your Hospital Real Money Read More »
A recent press release from Fitch Ratings noted that not-for-profit hospital operating margins fell for the second straight year. The median operating margin in the not-for-profit hospital space was 1.9% in 2017, down from 2.6% in 2016. Even though balance sheets strengthened for the not-for-profit hospital sector in 2017, the drop in operating margins from
US Hospitals Suffer Profit Drop For Second Straight Year Read More »
A recent research report from Moody’s Investors Service noted that not-for-profit hospital revenue growth rate have been increasing at a slower rate than expenses, leading to shrinking profitability margins. While there has been a slowdown in the growth rate of costs at not-for-profit hospitals, the reduction in the revenue growth rate was even faster in
The Dangerous Trend Of Hospital Costs Outpacing Revenue Growth Rates Read More »