Supply Chain
The concept of revenue integrity holds contrasting-but-compatible views on the same subject: One lens is a micro view of the little details while the other lens is a macro view of the landscape. Together, they form a panoramic picture showing an end-to-end revenue cycle with all the pixilated points along the way. At least that is the financial community's vision of it.
A study published last week by The Commonwealth Fund found that hospital sustainability efforts could save the healthcare industry up to $5.4 billion over five years and $15 billion over 10 years.
The global market for the genetic testing that precedes in vitro fertilization is estimated to be worth $31.9 million in 2011 and is expected to reach $47.4 million in 2018, increasing at a compound annual growth rate of 6.2 percent from 2013 to 2018, said a recent report from Transparency Market Research.
When it comes to making difficult financial decisions at hospitals, it's crucial to maintain transparent communications with employees and the community. How one small hospital weathered a financial crisis was the focus of a presentation Oct. 26 at a hospital best practices workshop presented by the Maine chapter of the Healthcare Financial Management Association in Auburn, Maine.
As Hurricane Sandy made her approach into the New Jersey and New York coastlines, Hackensack University Medical Center, in Hackensack, N.J., was busy taking all possible precautions and preparations in order to continue to safely provide necessary patient care and ensure sufficient supply levels.
The Federal Trade Commission recently held a daylong workshop to examine the ways pet medications are distributed in the U.S. and how the current practices affect consumer choice and price competition. Pet meds are big business -- American consumers spend $7 billion on them annually -- and veterinarians and pharmacists are wrangling for their piece of the pie.
With medication shortages, patient safety and accurate dosing creating daily challenges, some providers have found financial benefits in pharmacy automation solutions.
Beaumont Health System based in Troy, Mich., recently made medication error prevention a strategic imperative for improving patient safety, quality and cost across its three hospitals. In just six months, the organization was able to save nearly $535,000 in equipment purchases through the use of medication barcoding.
While hospitals historically have focused on driving down costs by making improvements in their revenue cycle, nurse productivity and supply chain management efficiency, one area that hasn't received as much attention is the costs associated with the number of assets hospitals own and maintain, said John McCarthy, general manager of asset management professional services at GE Healthcare. McCarthy shares four initiatives to help healthcare organizations reduce overall inventory and drive down costs.
Accountable care organizations are complicated, but the ins and outs of the care model have been discussed long enough. Healthcare organizations are now at a point where they have to focus on specific areas of ACOs to reduce cost and benefit patients say two healthcare consultants.