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. […]
Using Analytics to Improve Quality and Lower Costs Read More »
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
How To Close A $25 Million Budget Gap In 10 Days Read More »
For the past several decades in healthcare, inventory has been managed independently from the rest of the business of providing healthcare. When you step back and look at how supplies impact the business of providing healthcare, you’ll see that hospitals can benefit greatly from extending the visibility of supplies to clinical documentation and billing. Charges
Increasing Procedural Revenue Read More »
Hospitals continue to focus on clinical documentation improvement (CDI) efforts to capture revenue that they may be missing today. With the healthcare payment market continually in flux, not a dollar can slip through the cracks with the narrow margins that most hospitals are operating at. Having a robust CDI program is one way hospitals are
Improving Clinical Documentation By Engaging Physicians Read More »
A recent study by the Advisory Board Company found that the average 250-bed hospital in the US lost between $4.7 and $11.3 million in 2016 from revenue loss in the midcycle. Advisory Board defines the midcycle as the revenue cycle functions that happen between patient enrollment and the back office – namely documentation, clinical documentation
Midcycle Revenue Loss May Be Costing The Average Hospital $11 Million Annually Read More »
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
How Michigan Medicine Tracks Tissue To Meet Joint Commission Standards and Reduce Costs Read More »
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
Falling Short of Your Cost Reduction Goals? You’re Not Alone Read More »
With the healthcare payment market continually in flux, hospitals are doing all they can to maximize the revenue that they receive for their work. Not a dollar can slip through the cracks with the narrow margins that most hospitals are operating at. Many hospitals have recognized the merits of a strong clinical documentation improvement (CDI)
How To Maximize Revenue With Clinical Documentation Improvements Read More »
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
Hospital Supplies– A $23 Billion Savings Opportunity? Read More »
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
How to Set a Consignment Strategy Read More »