In today’s healthcare environment, maximizing return on investment (ROI) is crucial. iRISupply, an advanced RFID-based supply and implant tracking system, has demonstrated significant financial benefits for hospitals and healthcare facilities. Here’s a closer look at the substantial ROI that iRISupply delivers.
Proven Financial Benefits
iRISupply is designed to deliver needle-moving improvements in revenue and operational efficiency. Here are some of the key ROI benefits reported by healthcare facilities using iRISupply:
1. Increased Charge Capture
- 18% Improvement Over Bar-Code Systems: By automating the capture of implant and supply usage, iRISupply increases charge capture by 18%, leading to substantial revenue gains.
- Case Study – Massachusetts General Hospital (MGH): MGH saw a $2.1 million increase in charge capture and a 20% boost in cash collections after implementing iRISupply in their Interventional Radiology department. This exceptional increase contributed to a 4x ROI in the first month alone.
2. Enhanced Cash Collections
- 20% Increase in Cash Collections: Hospitals have reported significant improvements in cash collections, amounting to an additional $750,000 annually.
- Real-Life Example: An academic medical center reported a $750,000 (20%) increase in cash collections, showcasing the powerful impact of accurate and automated charge capture.
3. Reduction in Inventory Costs
- 12% Reduction in On-Hand Inventory: iRISupply’s real-time inventory management capabilities reduce the need for excess inventory, leading to a 12% reduction in on-hand inventory, saving approximately $230,000 within the first year.
- Decrease in Product Expiration Costs: By providing real-time expiration alerts, iRISupply helps prevent the wastage of expired products, saving a community hospital $250,000 annually.
4. Operational Efficiency Gains
- 30% Reduction in Staff Time: iRISupply streamlines inventory management, reducing the time staff spend on administrative tasks by 30%. This efficiency gain allows staff to focus more on patient care and less on manual processes.
- Improved Response to Product Recalls: The system enhances accuracy and efficiency in responding to product recalls, which is crucial for patient safety and operational continuity.
Real-World Success Stories
Massachusetts General Hospital (MGH)
MGH, a leading academic medical center in Boston, MA, published an independent study highlighting the financial benefits of iRISupply. Key findings included:
- $2.1M Increase in Charge Capture: The automated and accurate capture of supply usage data led to a substantial increase in revenue.
- 4x ROI in the First Month: The initial investment in iRISupply was quickly recouped through improved charge capture and operational efficiencies.
- 30% Reduction in Non-Value-Added Time: Staff experienced significant time savings, allowing them to allocate more resources to patient care.
Pediatric Hospital
A pediatric hospital reported a 30% increase in charge capture accuracy, resulting in an additional $5,600 per case. This improvement not only boosted revenue but also ensured more accurate and timely billing, enhancing overall financial health.
Conclusion: iRISupply’s Impact on ROI
iRISupply’s RFID technology provides a powerful solution for hospitals looking to improve their financial performance. By increasing charge capture, enhancing cash collections, reducing inventory costs, and improving operational efficiency, iRISupply delivers a substantial and measurable ROI. Hospitals adopting this technology can expect significant financial benefits, making iRISupply an essential tool for modern healthcare facilities.
For more information and to see how iRISupply can transform your hospital’s supply and implant tracking, request a demo today. Experience firsthand the ROI benefits and operational efficiencies that iRISupply brings to healthcare.