Academic medical centers (AMCs) play a prominent role in America’s healthcare system. They provide a disproportionate share of charity care, medical research and medical education when compared to non-academic medical centers. It has been assumed for a long time that AMCs also provide higher quality care than comparable non-academic medical centers, however there has been […]
As hospital executives look for new opportunities to reduce costs in an era when value is taking over for volume, the supply chain is increasingly coming in to focus. For too long, hospital supply chains – more specifically the procedures for managing surgical implants and supplies that make up a large share of supply costs
The Key Inventory Management Metric For Hospitals To Track Read More »
PAR levels (or periodic automatic replenishment levels) have been used in industry for decades to help businesses of all kinds keep just the right amount of inventory on hand without suffering from excess. Many hospitals solely rely on “gut feel” in order to understand how many items of each product type they should keep on
How A Periodic Update Of Your PAR Levels Can Save Your Hospital Millions Read More »
The healthcare supply chain is increasingly being looked at as a new frontier in hospital cost containment. With the supply chain making up the 2nd largest expense category for healthcare providers, there is ample opportunity to drive costs out of the supply chain to boost profitability at hospitals. What if there was a way to
How To Turn Supply Chain Waste Into A Revenue Opportunity Read More »
As hospitals grapple with increasing costs and declining reimbursements, reducing expenses has become an important tool for hospital CFOs to use to improve profitability. This contrasts greatly with hospital strategies from a decade ago that relied solely on increasing revenues to increase profitability. Key areas that hospitals have been focusing on are their labor and
Hospital Inventory Management In A Data-Driven World Read More »
The Advisory Board recently shared the results of its Annual Health Care CEO Survey. The survey asked hospital CEOs to rank their concern over a wide range of topics across the healthcare spectrum. In a break from prior years, both of the top 2 concerns revolved around cost structure and management. While growing their hospitals
Cost Control Takes Top 2 Spots In Survey Of Priorities For Hospital Executives Read More »
There are many reasons why hospitals choose to consign the expensive implants and supplies that they use in surgical settings. However, deciding to consign a product without continuously analyzing that decision can be costing your hospital millions of dollars each year. Read on to find out some best practices when it comes to reducing the
How A Periodic Evaluation Of Your Consigned Inventory Can Save Your Hospital Millions Read More »
HonorHealth, a Scottsdale, Arizona-based health system with over $1.7 billion in annual revenues, recently undertook a process to identify cost savings opportunities across the system. Early on, the joint-replacement service line jumped out as a prime candidate for cost savings. An early analysis by the five hospital system and their group purchasing organization pointed out
Due to the nature of how hospitals and health systems acquire supplies, product prices are constantly changing. Different hospitals in the same health system, and even different departments within the same hospital, may be paying different rates for the same items, and those prices are typically in flux. With supply chains and individual departments within
How Supply Price Inaccuracies Can Affect The Bottom Line Read More »
A recent survey conducted by Cardinal Health showed that 40% of hospital staff have cancelled a case due to an out-of-stock supply, and 69% of staff have had to delay a case while a missing supply is being tracked down. Having spoken to hundreds of staff in operating rooms, cath labs and interventional radiology labs,
Supply Stock-Outs Have An Outsized Effect On The Bottom Line Read More »