A new survey conducted by Sage Growth Partners and sponsored by Ingenious Med revealed that most hospitals still have a long way to go to clean up their revenue cycle and charge capture processes. The survey reached out to over 100 revenue cycle leaders at hospitals, 78% of whom believe that the charge capture process […]
Survey: The Charge Capture Function At Hospitals Is Too Slow And Error-Prone Read More »
A customer recently relayed on to us their experience going through a Joint Commission accreditation survey. The tissue manager in the operating rooms of this particular hospital utilizes Mobile Aspects’ iRISecure system to track their tissue. She uses iRISecure to ensure the quality of documentation for patient safety and regulatory compliance. The Joint Commission (“TJC”)
How One Tissue Manager Passed Their Joint Commission Survey Read More »
Louisville, Kentucky-based Baptist Health has revealed that it has saved over $70 million dollars by taking a fresh approach to its supply chain. By focusing on clinically-led processes that include physicians in the decision-making, the health system has driven cost-savings that many can only dream of. Using physician-led councils across its various service lines, the
How A Health System Saved Over $70 Million Through Physician-Led Supply Chain Committees Read More »
In the past few years, we have heard the stories about surprise inspections from The Joint Commission (TJC) from many of our customers. The tissue managers and operating room administrators have all agreed on two points: 1) TJC, state Departments of Health and the FDA have all been focused on the tissue management and documentation
Tissue Documentation Lacking? This Technology Can Help Read More »
One of the key tools US hospitals are using to increase margins in today’s healthcare environment is consolidation. By merging operations with other regional hospitals or systems, many executives are looking to pad their margins through economies of scale. However, it appears that consolidation as a strategy to improve margins may not be working, at
Is Hospital Consolidation Driving Any Supply Chain Savings? Read More »
A recent study from Navigant Consulting concluded that hospitals across the US are wasting an aggregate of $25.4 billion annually in their supply chain, or $11 million per hospital. The amount of waste is up 10.2% from 2017. With hospitals increasingly focused on eliminating waste from their operations to increase profitability, the supply chain is
Average Hospital Spending $11 Million Annually On Supply Chain Waste Read More »
The hospital supply chain is increasingly being looked at as a way for hospitals to eliminate unnecessary spend. As hospitals continue on their journey from volume to value, the profit per procedure needs to improve in order for hospitals to remain profitable. As the place where most hospitals make and spend 50% of their dollars,
Hoarding In The OR Is Costing Your Hospital Real Money Read More »
A recent press release from Fitch Ratings noted that not-for-profit hospital operating margins fell for the second straight year. The median operating margin in the not-for-profit hospital space was 1.9% in 2017, down from 2.6% in 2016. Even though balance sheets strengthened for the not-for-profit hospital sector in 2017, the drop in operating margins from
US Hospitals Suffer Profit Drop For Second Straight Year Read More »
A recent research report from Moody’s Investors Service noted that not-for-profit hospital revenue growth rate have been increasing at a slower rate than expenses, leading to shrinking profitability margins. While there has been a slowdown in the growth rate of costs at not-for-profit hospitals, the reduction in the revenue growth rate was even faster in
The Dangerous Trend Of Hospital Costs Outpacing Revenue Growth Rates Read More »
Academic medical centers (AMCs) play a prominent role in America’s healthcare system. They provide a disproportionate share of charity care, medical research and medical education when compared to non-academic medical centers. It has been assumed for a long time that AMCs also provide higher quality care than comparable non-academic medical centers, however there has been