Hospital Finance

Fitch Ratings Foresees Dark Days Ahead For Hospitals

December 24, 2020 / Cost Reduction, Hospital Finance, Operational Efficiency, Supply Chain, The Business of Surgery /

Covid-19’s recent resurgence is straining already struggling hospitals that were showing recovery signs in the 3rd quarter of 2020. With the increasing infection rates of Covid-19 around the country during the holiday season, a combination of voluntary and forced reductions of elective procedures is negatively impacting hospitals’ bottom line. Hospital operating margins suffered severely during […]

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Report Shows That Hospital Margins Continue To Shrink During Pandemic

December 4, 2020 / Cost Reduction, Hospital Finance, Hospital Management, Operational Efficiency, Supply Chain, The Business of Surgery /

With Covid-19 showing no signs of abating, and with the pandemic most likely consuming the US healthcare system for the next 6-12 months, hospitals and healthcare systems must continue to rein in costs in order to operate profitably for the short- and medium-term. Even after Covid-19 is finally under control, it may take some time

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Texas Health System Successfully Reprocesses N95 Masks Using Hydrogen Peroxide

November 5, 2020 / Cost Reduction, Hospital Finance, Hospital Management, Infection Control, Operational Efficiency, Patient Safety, Supply Chain, The Business of Surgery /

With the US projected to continue to have a shortage of N95 masks for the duration of the Covid-19 pandemic, several hospitals are testing various methods of sterilizing masks to enable multiple uses. Researchers at the Memorial Hermann – Texas Medical Center in Houston recently oversaw a series of tests where N95 masks were reprocessed

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Ensure Employee Accountability With A Vocera Tracking System

October 23, 2020 / Cost Reduction, Hospital Finance, Hospital Management, Operational Efficiency, The Business of Surgery /

Many hospitals have implemented Vocera smartbadges throughout their campus in order to improve communication between employees. These devices have become ubiquitous in some of the busiest areas of the hospital to help improve collaboration and reachability. However, due to the sheer number of smartbadges in circulation at some hospitals, tracking and maintaining the devices has

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Academic Medical Centers and IDNs Need To Invest In An Enterprise-Wide Supply Tracking System

October 16, 2020 / Clinical Documentation, Cost Reduction, Hospital Finance, Hospital Management, Operational Efficiency, Revenue Cycle, Supply Chain, The Business of Surgery /

More than ever, today’s healthcare environment is calling for hospitals and health systems to rein in their costs. With all of the pressures of Covid-19 placed on top of prior concerns such as declining reimbursements and the shift to value-based care, hospitals are quickly looking to reduce costs while maintaining high standards of care. One

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How One Hospital Increased Endoscopic Ultrasound Volume By Over 25 Percent

October 2, 2020 / Hospital Finance, Hospital Management, Managing Endoscopes, Operational Efficiency /

Department managers in hospitals are under more pressure than ever to run an efficient, profitable operation. With Covid-19 wreaking havoc on hospital finances, each department is being leaned on to find efficiencies and eliminate waste in order to ensure a profitable operation for a post-Covid environment. One way that departments have sought to improve profitability

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Having Trouble Tracking Scopes That Are Being Repaired? This Technology Can Help

September 25, 2020 / Cost Reduction, Hospital Finance, Hospital Management, Managing Endoscopes, Operating Rooms, Supply Chain /

Endoscopes, as flexible instruments that frequently need to be repaired due to wear and tear, often become very difficult to track as they leave and enter the hospital. Managers of Endoscopy and PeriOperative departments may see a constant stream of endoscopes being sent out for repair and loaner scopes being sent back to them for

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Several Studies Take A Look At The Effectiveness Of Sterilizing N95 Masks

September 2, 2020 / Cost Reduction, Hospital Finance, Hospital Management, Infection Control, Operational Efficiency, Patient Safety, Supply Chain, The Business of Surgery /

As Covid-19 continues to persist in many parts of the country, many US hospitals find themselves struggling to keep up with demand for personal protective equipment (PPE) for employees. Any expected surges of Covid-19 in the fall or winter of this year could potentially lead to hospital workers being put in needless danger of catching

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How An Interface Between Your Inventory Management System and Electronic Medical Record Can Drive Serious ROI

August 27, 2020 / Clinical Documentation, Cost Reduction, Hospital Finance, Hospital Management, Operational Efficiency, Revenue Cycle, Supply Chain, The Business of Surgery /

Many hospitals utilize inventory management software to track the usage of their implants and supplies in order to know when to re-order them. They can also mine this data to understand which products are overstocked or understocked and can update their PAR levels as required. This can lead to an effective and efficient inventory management

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How To Use Data Analytics To Reduce Hospital Inventory By Over 30%

August 21, 2020 / Cost Reduction, Hospital Finance, Hospital Management, Operational Efficiency, Supply Chain, The Business of Surgery /

Many hospitals have access to data from their inventory management systems that allow them to analyze usage trends of individual supplies and implants. In the procedural areas of the hospital, where many items can range in price from $500 to $25,000, the cost of having too much inventory on hand can exceed hundreds of thousands

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