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 »
For those directly involved with patient care, supply management for patient procedures or risk assessment, how does your team effectively manage the inventory of implantable items that are about to expire? Or more importantly, the items that are already expired? When we look at how the procedure areas in hospitals – ORs, Interventional Radiology, Cath
Minimizing Patient Risk Through Automated Inventory Management Read More »
The US Healthcare system lags behind the rest of American industries when it comes to using their supply chains as a competitive advantage. Looking at Amazon, and its strategic use of its supply chain as a primary competitive advantage, highlights the differences between other industries and healthcare. Amazon has invested billions of dollars to build
The Importance of a Supply Chain Technology Strategy For Hospitals Read More »
Purchasing and supply chain efficiencies continue to be viewed as the primary ways to drive cost savings at hospitals. This is according to the recent survey titled 2017 HealthLeaders Media Cost and Revenue Strategies: The Need for Transparency and Understanding True Costs. According to the survey, respondents aren’t seeing any signs of diminished returns from
Supply Chain Efficiencies and Process Redesign Top Survey of Cost Containment Strategies 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 »
Why Explore Supply Tracking Automation? Hospitals and health systems in the US are typically generating annual revenues in the hundreds of millions to billions of dollars. Their profit margins are razor thin and getting squeezed tighter each day. Yet hospitals, and specifically their procedural areas like the ORs, Cath Labs and Interventional Radiology, are sitting
Comparing Supply Tracking Technologies Read More »