Accounting & Financial Management
By creating economies of scale with a full-service supply chain, University of Missouri Health Care was able to improve its bottom line.
The system's equipment sharing program saved $500,000 in its first year but Ronald Loo, who came up with the idea, said it's become about much more than the money.
Average total spend per hospital admission rose 18.5 percent between FYs 2015 and 2017, spawning roughly $1.8 million in new spending, study says.
Growth is being driven largely by the use of these solutions to reduce healthcare costs, decrease billing and coding errors and maintain compliance.
Focusing on a better patient financial experience, broadening the vision to include the outpatient sector and the inevitable insurgence of AI are all coming and can go a long way to bolster the bottom line.
AMA Washington Counsel Paul Westfall says systems need controls, policies and procedures and digital health requires strict technical oversight.
In Part 2 of our series on the hospital mergers, a look at the common problems and advice about how to sidestep them.
Cost-cutting initiatives, however, will help slow the growth of expenses, offering a glimmer of hope for the sector, Moody's says.
Case study: Revised paper statements and new digital patient portal drove a 38% improvement in self-pay collections, a 21% reduction in cost-per-dollar collected and patient satisfaction rose from 28% to more than 50%.
Financial trust was high for about half of the CIOs surveyed, but most said they want to make changes, especially in how the data is accessed.