In a walkthrough of a major academic hospital in the Northeast US, the Chief of Surgery was lamenting how little space she had for new operations. The new hybrid Operating Room she was planning was going to be larger than their typical OR, making the issues even worse. As we walked through the ORs, a […]
How Much Is Consignment Costing Your Hospital? Read More »
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
Do You Hear Too Many Footsteps? Read More »
I visited a top academic hospital in the United States today. Working with the Chair of one of the departments, he provided an insight I hadn’t really heard of before. This addresses many of the management ideas that we have all learned about – setting priorities (as opposed to trying to do everything), the 80/20
View From the C-Suite: There’s No Money in Linens Read More »
With hospital margins being squeezed more and more every day, administrators are tasked with trying to speed up cash flow in any way possible. One hotspot for hospitals over the past several years has been to speed up their revenue cycle by focusing on improvements in the front-end, back-end and everywhere in between. The ultimate
8 Ways To Speed Up Your Revenue Cycle Read More »
Massachusetts General Hospital (MGH), the Boston-based, #3 ranked hospital according to US News and World Report, has successfully deployed RFID-based technology from Mobile Aspects to automate charge capture and inventory management across its procedural areas. MGH performs about 650,000 radiology examinations annually, and the Interventional Radiology (IR) department carries out around 15,500 procedures. In 2001,
How Massachusetts General Hospital Re-Captured $1 Million in Missing Revenue Read More »
Maximizing revenue and patient satisfaction is a constant struggle in today’s healthcare environment. Many decisions result in improving one at the expense of the other. A recent presentation by Wise Health System at the Healthcare Financial Management Association’s ANI conference in Orlando spoke about how to accomplish both goals with a data-driven culture. The endeavor
How To Use Data To Improve Revenue and Outcomes Read More »
A recent study by a financial analysis team at the Advisory Board concluded that the average 350-bed hospital misses $22 million in lost revenue capture opportunities per year. With hospital margins often hovering near breakeven, that is $22 million in lost dollars that are sorely needed to shore up the bottom line. The reason hospitals
Average Hospital Leaving $22 Million On The Table Read More »
In today’s healthcare environment, it’s more important than ever to maximize the revenue your hospital is receiving for each procedure. Hospitals are being squeezed from both ends – declining reimbursements and increasing supply costs for more complex medical devices. Research shows that the average 350-bed hospital is missing $22 million in revenue capture opportunities per
Are You Maximizing Your Revenue Per Procedure? Read More »
We’ve all seen it (and maybe even done it ourselves) – thousands of dollars of medical devices tucked away in our desks, filing cabinets, ceilings, wherever we can find a secret space. This isn’t a practice intended to waste hospital dollars, it’s done with the best intention – patient safety. When a patient needs a
How to Use Data to Get Lean With Medical Devices and Increase Patient Safety Read More »
All successful endoscopy practices within private practices and hospitals face the same dilemma – how do I track down scopes that have gone missing? With numerous docs, interns, techs and nurses all having access to all the scopes in your facility, it’s a near impossibility to keep track of all of your scopes with 100%
How To Make Your Scopes Tell You When They’re Missing Read More »