As discussed in a recent article, recalled medical devices continue to be a patient safety and financial concern for hospitals and insurers. A recent study by Medicare estimated that over a 10 year span, they spent over $1.5 billion on surgeries and follow-up for over 73,000 patients implanted with one of seven defective heart devices. […]
Medicare To Consider Tracking Unique IDs For Medical Implants Read More »
University of Michigan Hospitals and Health Centers (U-M) in Ann Arbor, Michigan is one of the nation’s top medical centers, and was recently named the #6 hospital in the United States according to the 2016-17 Best Hospitals Honor Roll rankings by US News and World Report. As the main medical campus of the Michigan Medicine
How Michigan Medicine Tracks Tissue To Meet Joint Commission Standards and Reduce Costs Read More »
Recalled medical devices continue to be a patient safety and financial concern for hospitals and insurers. A recent study by Medicare estimated that over a 10 year span, they spent over $1.5 billion on surgeries and follow-up for over 73,000 patients implanted with one of seven defective heart devices. With such a staggering sum spent
Why Tracking Down Patients With Recalled Implants Is Hard Even With Unique IDs Read More »
A recent survey by Kaufman, Hall & Associates has revealed that most hospital executives feel that they are falling short of their cost reduction goals. They survey of over 150 senior hospital executives revealed that 75% of the respondents felt that their cost transformation success has been average to below average. The move from volume
Falling Short of Your Cost Reduction Goals? You’re Not Alone Read More »
A materials management system plays a vital part of any hospital because it is accountable for all the inventory that is stored inhouse and is the source of information pertaining to any material that is used in a hospital. These systems, like PeopleSoft, Lawson or Infor, manage vendor contracts, maintain pricing, identify consigned or owned
A recent study by Navigant Consulting concluded that the average hospital could achieve supply savings of nearly $10 million annually, or 17.8%, by pursuing some basic strategic initiatives. With hospital margins often hovering near breakeven, that is an additional $10 million in savings that can flow directly to the bottom line. The other key finding
Hospital Supplies– A $23 Billion Savings Opportunity? Read More »
Consignment items have been a frequent subject of conversations we have with inventory managers in procedural areas of hospitals. Many hospitals that we’ve visited have a mix of consigned and owned products in their inventory. However, when you dig deeper you’ll find that many supplies were added to inventory as consigned or owned for inconsistent
How to Set a Consignment Strategy Read More »
In a walkthrough of a major academic hospital in the Northeast US, the Chief of Surgery was lamenting how little space she had for new operations. The new hybrid Operating Room she was planning was going to be larger than their typical OR, making the issues even worse. As we walked through the ORs, a
How Much Is Consignment Costing Your Hospital? Read More »
Today, most hospitals are starting to understand what items and supplies they use by looking at data coming out of their documentation or materials management systems. Maybe they even go a step further to standardize on certain products (it seems like every hospital has a “Product Standardization Committee” and/or “Value Analysis Committee”). But does your
Do You Hear Too Many Footsteps? Read More »
For those directly involved with patient care, supply management for patient procedures or risk assessment, how does your team effectively manage the inventory of implantable items that are about to expire? Or more importantly, the items that are already expired? When we look at how the procedure areas in hospitals – ORs, Interventional Radiology, Cath
Minimizing Patient Risk Through Automated Inventory Management Read More »