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 »
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 »
A recent survey conducted by Cardinal Health showed that 24% of hospital staff have seen or heard of an expired product being used on a patient during a procedure (original article here). This comes as no surprise, as we have witnessed the usage of expired inventory at hospitals first-hand. Without the proper processes and vigilance
How Your Medical Devices Can Tell You When They’re About To Expire Read More »
One of the biggest obstacles to value analysis teams within hospitals is physicians who are reluctant to switch devices or vendors. Physicians often grow attached to certain medical devices, with good reason – they have been proven to work for them and their patients. Often times, showing evidence that a substitute item with similar functionality
Be Transparent With Physicians on Pricing to Drive More Value Read More »
With the seemingly endless amount of information clinicians are required to enter into medical records software each day, it comes as no surprise that doctors and other hospital staff are looking for short-cuts to reduce their documentation burden. At our customers, we’ve seen copying and pasting of data from templates or other patient records to
The Dangers Of Copy-And-Paste In Your Medical Records Read More »