The healthcare supply chain is increasingly being looked at as a new frontier in hospital cost containment. With the supply chain making up the 2nd largest expense category for healthcare providers, there is ample opportunity to drive costs out of the supply chain to boost profitability at hospitals. What if there was a way to […]
How To Turn Supply Chain Waste Into A Revenue Opportunity Read More »
As hospitals grapple with increasing costs and declining reimbursements, reducing expenses has become an important tool for hospital CFOs to use to improve profitability. This contrasts greatly with hospital strategies from a decade ago that relied solely on increasing revenues to increase profitability. Key areas that hospitals have been focusing on are their labor and
Hospital Inventory Management In A Data-Driven World Read More »
The United States Food & Drug Administration (FDA) and its European equivalents are currently conducting a real-world pilot aimed at bringing unique device identifiers (UDIs) one step closer to reality. UDIs have been a long-term dream for many in healthcare, who view the ability to track and trace medical devices using unique item-level codes as
UDI One Step Closer To Reality Read More »
The Advisory Board recently shared the results of its Annual Health Care CEO Survey. The survey asked hospital CEOs to rank their concern over a wide range of topics across the healthcare spectrum. In a break from prior years, both of the top 2 concerns revolved around cost structure and management. While growing their hospitals
Cost Control Takes Top 2 Spots In Survey Of Priorities For Hospital Executives Read More »
There are many reasons why hospitals choose to consign the expensive implants and supplies that they use in surgical settings. However, deciding to consign a product without continuously analyzing that decision can be costing your hospital millions of dollars each year. Read on to find out some best practices when it comes to reducing the
How A Periodic Evaluation Of Your Consigned Inventory Can Save Your Hospital Millions Read More »
HonorHealth, a Scottsdale, Arizona-based health system with over $1.7 billion in annual revenues, recently undertook a process to identify cost savings opportunities across the system. Early on, the joint-replacement service line jumped out as a prime candidate for cost savings. An early analysis by the five hospital system and their group purchasing organization pointed out
A medical supply rep from Maryland was recently charged in the theft of expensive medical kits from area hospitals that he later sold on eBay. Each of the medical kits were sold for approximately $33,000 each, netting the man nearly $200,000. As this article from The Washington Post explains: “Burke Slater, 52, of Gaithersburg, was
Expensive Medical Supplies Stolen From Hospitals Read More »
The first quarter of 2018 included 343 medical device recalls by the US Food and Drug Administration (FDA). This was the highest for a first calendar quarter of any year on record and was up 126% from 2017. Experts point to the proliferation of software on medical devices as a primary driver for the record
Medical Device Recalls Reach Historic Highs In 2018 Read More »
Due to the nature of how hospitals and health systems acquire supplies, product prices are constantly changing. Different hospitals in the same health system, and even different departments within the same hospital, may be paying different rates for the same items, and those prices are typically in flux. With supply chains and individual departments within
How Supply Price Inaccuracies Can Affect The Bottom Line Read More »
A recent survey conducted by Cardinal Health showed that 40% of hospital staff have cancelled a case due to an out-of-stock supply, and 69% of staff have had to delay a case while a missing supply is being tracked down. Having spoken to hundreds of staff in operating rooms, cath labs and interventional radiology labs,
Supply Stock-Outs Have An Outsized Effect On The Bottom Line Read More »