How Innovation Can Start with Value Analysis … But Often Doesn’t
Value analysis committee ROI calculations must look beyond the immediate economic costs of payment, cost-per-procedure, and cost of labor to consider overall value to hospitals. For example, questions to ask include, “How does a new product help to reduce the overall cost of care?” and “Are there complications and readmissions that typically arise beyond 30 days that the new product aims to minimize?”
Overcoming Missed Opportunities with Forward-Thinking VACs
VACs can be influential forces in infusing greater quality and cost controls over departmental purchases.
Outpatient Coding Conundrums
When the codes on claims submitted by surgeons and outpatient surgery centers are not in agreement, one or both claims may be denied.
Taking Steps Toward Improved Customer Experience
The study reveals that patients feel as obligated to pay their healthcare providers as they do other professional services; however, their understanding of what they owe, when they owe it, and their options to pay are far less clear.
Medicaid Waivers: Work Requirements Are Not the Only Changes Coming
Work requirements present unknown changes and impacts, but the impact may not be as big as some assume. However, what providers and recipients need to consider are the other and seemingly less significant changes that will intensify the overall impact of an 1115 Medicaid demonstration waiver.
How Geisinger Maintains Strong Revenue Cycle Performance During M&As
Geisinger Health System leaders have been able to return to previous revenue cycle performance levels within 90 days or less during their integrations. Their strong performance continues today as demonstrated by the health system’s award-winning revenue cycle department.
Christiana Care Avoids $100M In Costs by Improving Quality, Cutting Waste
Leaders at Christiana Care have reduced waste by ensuring appropriate use of telemetry and modifying their electronic health record to eliminate ordering of automatically recurring lab tests. They also have improved outcomes by better managing blood products and using a care management tool to target at-risk groups.
Caregiver Support May Help Reduce Costs
Family caregivers’ fatigue was associated with $1,937 higher costs while caregiver sadness was associated with $1,323 higher costs during a six-month period. Patients with severely fatigued caregivers also were more likely to visit the ED.
Some M&A Transactions Reduce Costs
More than two thirds of hospital merger and acquisition transactions accomplish at least some of their cost reduction goals, according to a recent survey of financial executives by Deloitte and HFMA. However, savings can take several years to realize. Approximately 40 percent of respondents said they achieved 25 percent or more of their cost-reduction goals. Hospital Finance Executives Report Cost Savings from M&As
How Is Your Hospital Managing Costs Across Its Physician Enterprise?
Several factors have challenged achieving a more comprehensive view of costs at the physician enterprise level, including governance, data sharing, and financial performance expectations.