Cost Reduction

Disappointed With The ROI From Your EHR Investment? You’re Not Alone

February 26, 2018 / Big Data, Clinical Documentation, Cost Reduction, Hospital Finance, Hospital IT, Hospital Management, Operational Efficiency, Revenue Cycle, The Business of Surgery /

Yet another study has been published showing the disappointing return on investment that hospitals are experiencing with their electronic health record (EHR) implementations. The new study, published in the Journal of the American Medical Association (JAMA), showed that the costs of administering billing and insurance-related functions may actually have increased following EHR roll-outs. This is […]

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The Key To Figuring Out Your Cost Per Case

October 5, 2021 / Big Data, Cath Lab, Clinical Documentation, Cost Reduction, Hospital Finance, Hospital IT, Hospital Management, Operating Rooms, Operational Efficiency, Radiology, Revenue Cycle, Supply Chain, The Business of Surgery /

Historically, the cost of a surgical procedure has been a difficult equation to solve. As the US healthcare system moves more and more toward a value-based system, hospitals require now more than ever an accurate understanding of their procedure costs. These accurate procedure costs then need to be compared to outcomes in order to perform

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3 Cost Containment Ideas For Hospitals Heading Into a Challenging Environment In 2018

December 21, 2017 / Cost Reduction, Hospital Finance, Hospital Management, Operational Efficiency, Revenue Cycle, Supply Chain, The Business of Surgery /

As we head into 2018, there appears to be a lot of headwinds facing hospitals and healthcare systems: regulatory uncertainty around the Affordable Care Act, slowing patient admissions, accelerating costs and shrinking margins. Moody’s Investor Services predicts bad debt to grow 6-7% in 2018 and operating cash flow for non-profit hospitals to shrink 2-4%. In

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Using Analytics to Improve Quality and Lower Costs

December 12, 2017 / Big Data, Clinical Documentation, Cost Reduction, Hospital Finance, Hospital Management, Operational Efficiency, The Business of Surgery /

As healthcare providers continue to pursue the triple aim, leading hospitals are turning to data analytics to identify major areas for improvement in daily operations. All three of the triple aim objectives – patient experience, population health and cost – can be attacked in various ways by analyzing high fidelity data for trends and patterns.

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How To Close A $25 Million Budget Gap In 10 Days

December 6, 2017 / Cost Reduction, Hospital Finance, Hospital Management, Operational Efficiency, Supply Chain, The Business of Surgery /

With the constant shift in the payor environment, and the continuing consolidation of the hospital market, many healthcare providers are having to search for new ways to cut costs and increase revenues just to stay profitable. There are so many places that hospitals can unlock additional dollars, but where should they start? The management team

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How Michigan Medicine Tracks Tissue To Meet Joint Commission Standards and Reduce Costs

November 8, 2017 / Clinical Documentation, Cost Reduction, Hospital Finance, Hospital Management, Infection Control, Joint Commission, Operating Rooms, Operational Efficiency, Patient Safety, Regulatory Compliance, Supply Chain, The Business of Surgery, Tissue Management /

University of Michigan Hospitals and Health Centers (U-M) in Ann Arbor, Michigan is one of the nation’s top medical centers, and was recently named the #6 hospital in the United States according to the 2016-17 Best Hospitals Honor Roll rankings by US News and World Report.  As the main medical campus of the Michigan Medicine

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Falling Short of Your Cost Reduction Goals? You’re Not Alone

October 25, 2017 / Cost Reduction, Hospital Finance, Hospital Management, Operational Efficiency, Supply Chain, The Business of Surgery /

A recent survey by Kaufman, Hall & Associates has revealed that most hospital executives feel that they are falling short of their cost reduction goals.  They survey of over 150 senior hospital executives revealed that 75% of the respondents felt that their cost transformation success has been average to below average. The move from volume

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Hospital Supplies– A $23 Billion Savings Opportunity?

September 20, 2017 / Big Data, Cost Reduction, Hospital Finance, Hospital Management, Operational Efficiency, Supply Chain, The Business of Surgery /

A recent study by Navigant Consulting concluded that the average hospital could achieve supply savings of nearly $10 million annually, or 17.8%, by pursuing some basic strategic initiatives.  With hospital margins often hovering near breakeven, that is an additional $10 million in savings that can flow directly to the bottom line. The other key finding

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How to Set a Consignment Strategy

August 16, 2022 / Big Data, Cath Lab, Cost Reduction, Hospital Finance, Hospital Management, Operating Rooms, Operational Efficiency, Radiology, Supply Chain, The Business of Surgery /

Consignment items have been a frequent subject of conversations we have with inventory managers in procedural areas of hospitals.  Many hospitals that we’ve visited have a mix of consigned and owned products in their inventory. However, when you dig deeper you’ll find that many supplies were added to inventory as consigned or owned for inconsistent

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Do You Hear Too Many Footsteps?

September 7, 2017 / Big Data, Cath Lab, Cost Reduction, Hospital Finance, Hospital Management, Operating Rooms, Operational Efficiency, Radiology, Supply Chain, The Business of Surgery /

Today, most hospitals are starting to understand what items and supplies they use by looking at data coming out of their documentation or materials management systems.  Maybe they even go a step further to standardize on certain products (it seems like every hospital has a “Product Standardization Committee” and/or “Value Analysis Committee”). But does your

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