Maximizing revenue and patient satisfaction is a constant struggle in today’s healthcare environment. Many decisions result in improving one at the expense of the other. A recent presentation by Wise Health System at the Healthcare Financial Management Association’s ANI conference in Orlando spoke about how to accomplish both goals with a data-driven culture. The endeavor […]
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A recent study by a financial analysis team at the Advisory Board concluded that the average 350-bed hospital misses $22 million in lost revenue capture opportunities per year. With hospital margins often hovering near breakeven, that is $22 million in lost dollars that are sorely needed to shore up the bottom line. The reason hospitals
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Why Explore Supply Tracking Automation? Hospitals and health systems in the US are typically generating annual revenues in the hundreds of millions to billions of dollars. Their profit margins are razor thin and getting squeezed tighter each day. Yet hospitals, and specifically their procedural areas like the ORs, Cath Labs and Interventional Radiology, are sitting
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In today’s healthcare environment, it’s more important than ever to maximize the revenue your hospital is receiving for each procedure. Hospitals are being squeezed from both ends – declining reimbursements and increasing supply costs for more complex medical devices. Research shows that the average 350-bed hospital is missing $22 million in revenue capture opportunities per
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We’ve all seen it (and maybe even done it ourselves) – thousands of dollars of medical devices tucked away in our desks, filing cabinets, ceilings, wherever we can find a secret space. This isn’t a practice intended to waste hospital dollars, it’s done with the best intention – patient safety. When a patient needs a
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A recent survey conducted by Cardinal Health showed that 24% of hospital staff have seen or heard of an expired product being used on a patient during a procedure (original article here). This comes as no surprise, as we have witnessed the usage of expired inventory at hospitals first-hand. Without the proper processes and vigilance
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One of the biggest obstacles to value analysis teams within hospitals is physicians who are reluctant to switch devices or vendors. Physicians often grow attached to certain medical devices, with good reason – they have been proven to work for them and their patients. Often times, showing evidence that a substitute item with similar functionality
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With the seemingly endless amount of information clinicians are required to enter into medical records software each day, it comes as no surprise that doctors and other hospital staff are looking for short-cuts to reduce their documentation burden. At our customers, we’ve seen copying and pasting of data from templates or other patient records to
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Big data has been a buzzword in the healthcare industry for the past few years, but more often than not, the benefits of big data have been hard to quantify. Not so for St. Louis, Missouri-based Mercy health system. Mercy has recently turned big data findings in the perioperative area of their hospitals into savings
How Big Data In The OR Saved One Health System Nearly $10 Million Last Year Read More »
In talking with our hospital customers, case mix index (CMI) often comes up as a source of confusion and misunderstanding by clinical staff. CMI is widely tracked by employees on the financial side of the hospital, but not monitored nearly as closely on the clinical side, so its impact is widely misunderstood. CMI is an
Why Case Mix Index Matters To Your Hospital And How To Maximize It Read More »