Big Data

How To Use Predictive Analytics In The Hospital Supply Chain

Big Data, Cost Reduction, Hospital Finance, Hospital IT, Hospital Management, Operational Efficiency, Supply Chain, The Business of Surgery /

Many hospitals still rely on manual processes or antiquated technologies for managing their expensive supplies and implants. The concept of predictive analytics and artificial intelligence (AI) in their supply chains may seem like a remote possibility, but this doesn’t necessarily have to be the case. Advances in hospital supply chain technologies over the last decade […]

How To Use Predictive Analytics In The Hospital Supply Chain Read More »

How To Link Patient Outcomes To Medical Devices Using UDI

Big Data, Clinical Documentation, Hospital IT, Hospital Management, Operational Efficiency, Regulatory Compliance, Supply Chain, The Business of Surgery /

The United States Food & Drug Administration (FDA) is touting the benefits of tying unique device identifiers (UDIs) on medical devices to patient outcomes via electronic medical records. 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 a true

How To Link Patient Outcomes To Medical Devices Using UDI Read More »

How One Health System Analyzes Physician Item Preferences To Boost Its Bottom Line

Big Data, Clinical Documentation, Cost Reduction, Hospital Finance, Hospital Management, Operational Efficiency, The Business of Surgery /

Springfield, Missouri-based Mercy Health has taken to data analytics to help understand the discrepancy in physician item usage in order to boost its bottom line. By using data to analyze the costs and usage patterns of physicians on similar cases, it has identified many opportunities to reduce supply costs and increase its profitability. Using data

How One Health System Analyzes Physician Item Preferences To Boost Its Bottom Line Read More »

Hospital Inventory Management In A Data-Driven World

Big Data, Cost Reduction, Hospital Finance, Hospital Management, Operational Efficiency, Supply Chain, The Business of Surgery /

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 »

UDI One Step Closer To Reality

Big Data, Cath Lab, Clinical Documentation, Hospital Finance, Hospital IT, Hospital Management, Operating Rooms, Operational Efficiency, Patient Safety, Radiology, Regulatory Compliance, Revenue Cycle, Supply Chain, The Business of Surgery, Tissue Management /

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 »

How A Periodic Evaluation Of Your Consigned Inventory Can Save Your Hospital Millions

Big Data, Cath Lab, Cost Reduction, Hospital Finance, Hospital Management, Operating Rooms, Radiology, Supply Chain, The Business of Surgery, Tissue Management /

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 »

How One Health System Negotiated Its Way To $1.5 Million In Annual Savings On Ortho Implants

Big Data, Cost Reduction, Hospital Finance, Hospital Management, Operating Rooms, Operational Efficiency, Supply Chain, The Business of Surgery /

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

How One Health System Negotiated Its Way To $1.5 Million In Annual Savings On Ortho Implants Read More »

How Supply Price Inaccuracies Can Affect The Bottom Line

Big Data, Cost Reduction, Hospital Finance, Hospital IT, Hospital Management, Operational Efficiency, Supply Chain, The Business of Surgery /

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 »

Disappointed With The ROI From Your EHR Investment? You’re Not Alone

Big Data, Clinical Documentation, Cost Reduction, Hospital Finance, Hospital IT, Hospital Management, Operational Efficiency, Revenue Cycle, The Business of Surgery /

Yet another study has been published showing the disappointing return on investment that hospitals are experiencing with their electronic health record (EHR) implementations. The new study, published in the Journal of the American Medical Association (JAMA), showed that the costs of administering billing and insurance-related functions may actually have increased following EHR roll-outs. This is

Disappointed With The ROI From Your EHR Investment? You’re Not Alone Read More »

The Key To Figuring Out Your Cost Per Case

Big Data, Cath Lab, Clinical Documentation, Cost Reduction, Hospital Finance, Hospital IT, Hospital Management, Operating Rooms, Operational Efficiency, Radiology, Revenue Cycle, Supply Chain, The Business of Surgery /

Historically, the cost of a surgical procedure has been a difficult equation to solve. As the US healthcare system moves more and more toward a value-based system, hospitals require now more than ever an accurate understanding of their procedure costs. These accurate procedure costs then need to be compared to outcomes in order to perform

The Key To Figuring Out Your Cost Per Case Read More »