Hospital Finance

Survey: Better Supply Chain Management Will Boost Margins Significantly

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

According to a recent survey, most hospital executives agreed that better supply chain management can increase profit margins by up to 3%. However, these same executives agreed that not enough investment in supply chain technologies and improvements have been made and that supply chain departments are using outdated technology to accomplish their mission. The survey, […]

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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

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How To Save Hours A Week By Automating Your Daily Re-Order Process

Cath Lab, Cost Reduction, Hospital Finance, Hospital Management, Operating Rooms, Operational Efficiency, Radiology, Supply Chain, The Business of Surgery /

The typical procedural area in a medium or large hospital spends hours per week generating the daily re-order list of their important supplies and implants. The typical procedural area, like a Cath Lab, EP Lab, Vascular Operating Room or Interventional Radiology Department, spends those hours doing manual, inexact tasks such as “eyeballing” inventory to find

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How To Reduce Scope Repairs Through Data

Hospital Finance, Hospital Management, Managing Endoscopes, Operational Efficiency /

As expensive medical instruments that experience a lot of wear and tear, flexible endoscopes can cost a hospital a lot of money when going through avoidable repairs. Repairing flexible endoscopes often requires expensive maintenance from third-party organizations, downtime of services due to unusable scopes and procurement of expensive loaner scopes to handle the required workload.

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Survey: The Charge Capture Function At Hospitals Is Too Slow And Error-Prone

Clinical Documentation, Hospital Finance, Hospital Management, Operational Efficiency, Revenue Cycle, The Business of Surgery /

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

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How A Health System Saved Over $70 Million Through Physician-Led Supply Chain Committees

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

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

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Is Hospital Consolidation Driving Any Supply Chain Savings?

Cost Reduction, Hospital Finance, Hospital Management, Supply Chain, The Business of Surgery /

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

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Average Hospital Spending $11 Million Annually On Supply Chain Waste

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

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

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Hoarding In The OR Is Costing Your Hospital Real Money

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

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,

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US Hospitals Suffer Profit Drop For Second Straight Year

Cost Reduction, Hospital Finance, Hospital Management, Supply Chain, The Business of Surgery /

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

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