The Business of Surgery

Unnecessary Healthcare Supply Chain Spend Tops $25 Billion

According to a recent survey, unnecessary hospital supply chain spending increased over 10% from 2017 to 2018. The total unnecessary spend across US hospitals reached $25.7 billion in 2018, up $2.7 billion from 2017. The survey, conducted by Navigant, surveyed over 2,000 hospitals. The study also found that the average savings opportunity by reducing unnecessary […]

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Survey: Health System Profit Margins Up, But Still Below 2015 Levels

According to a recent survey, health system operating margins improved in 2018, but still remained significantly below 2015 levels. The analysis, conducted by Navigant, looked at the financial performance of over 100 large health systems that together own 44% of total hospitals in the US. The survey revealed that the average health system improved its

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New Study Puts Price Tag of US Healthcare Waste At Nearly $1 Trillion

A new study published in the Journal of the American Medical Association (JAMA) estimated the annual cost of waste in the US healthcare system between $760 billion to $935 billion. The study, conducted by researchers at Humana and UPMC, looked at 54 published reports that explored the costs of waste in US healthcare. As this

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How To Use Predictive Analytics In The Hospital Supply Chain

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

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How To Link Patient Outcomes To Medical Devices Using UDI

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

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How To Create Accountability With RFID Technology

The procedural areas of hospitals, including the Cath and EP Labs, Interventional Radiology and the Operating Rooms, typically go through tens of millions of dollars per year in expensive implants and supplies. With so many different individuals – from reps, to techs, to nurses, to physicians – touching those expensive supplies, what can hospitals do

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How RFID Can Streamline Your Hospital’s Supply Chain

With hospitals turning over every cushion to find new ways to reduce costs without sacrificing quality of care, RFID technology is coming up more often as a worthwhile technology to consider in order to save millions of dollars per year. One of the most effective use cases for RFID technology in healthcare is to track

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Leading Heart Hospital Expands Use Of Supply Automation System From Mobile Aspects To Increase Efficiencies

A leading heart hospital in Texas has expanded its use of a leading supply automation technology to reduce costs and increase efficiencies in its Operating Rooms (ORs). The hospital has been regarded as one of the top cardiology focused hospitals in the state of Texas since it opened over a decade ago. The hospital has

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Are Stock Outs Giving You Headaches? How To Eliminate Them With Supply Automation Software

With many hospitals still relying on manual processes or antiquated technologies for managing their expensive supplies and implants, they are facing a multitude of consequences that are affecting their ability to provide safe and efficient healthcare. Some of the consequences of inadequate supply management techniques include using expired implants, gross overstocking of supplies, poor revenue

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Survey: Hospital CFOs Planning To Focus On Cost Reductions In 2020

According to a recent survey, a vast majority of hospital financial leaders agreed that focusing on cost reductions will be one of their main priorities in 2020. The same survey also revealed that hospital CFOs and other financial leaders need to bulk up their investment in data analytics and management dashboards. The survey, conducted by

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