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Conversations about Optimizing Hospital Operations

Category Archives: Financial Health of Hospitals

Hospital CFOs Focus – Integration, Efficiency, Outcomes

Like healthcare in general, the role of a health system CFO continues to evolve.  Previously responsible solely for an organization’s financial oversight, CFOs now take on strategy, operations and information technology.  This expansion is essential; as payment models move from fee-for-service to value based care, a CFOs role in data management and maximizing productivity  becomes critical.

A few weeks ago, TeleTracking had the opportunity to meet with CFOs from many of the nation’s leading healthcare systems at HealthLeaders Media Chief Financial Officer Exchange.  The Exchange gives partner organizations and CFOs the opportunity to share ideas on the significant changes occurring in healthcare.  So what are some of the things that are on the minds of today’s CFOs?

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Categories: Financial Health of Hospitals, Operational Efficiency

Cutting Healthcare Costs, Not Caregivers

Cutting Healthcare Costs, Not PeopleIt’s reported that Catholic Health Initiatives will lay off up to 1,500 employees by the end of January 2015. To read full story click here.  Unfortunately, payroll costs are the first target when operating margin is in the red.

But actually, that’s No. 1 on the list of how not to cut healthcare costs according to a pair of Harvard academics. » Continue reading

Categories: Author: Dennis Morabito, Financial Health of Hospitals, Waste in Healthcare

Hospitals in “Digital Dark Ages?” – USA Today

 Hospitals-in-digital-dark-agesA recent article in USA Today titled Hospitals lose $8.3 billion using old technology said doctors and hospitals are “in the digital dark ages” when it comes to Internet and mobile technology. Author Byron Achohido based that assessment on a study done by Ponemon Institute and sponsored by tech security firm Imprivata.

According to the study, because of this hospitals lose over $3 billion a year just in wasted time involving the discharge process. The cause is the continued use of “clunky communications systems as part of the process”.

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Categories: Financial Health of Hospitals, Future of Healthcare

Time to Tune Up Your Hospital’s Financial Engine?

Tune-up-hospital-financial-engineIf you owned a Ferrari, wouldn’t you keep the engine tuned?

How about if you ran a hospital? Would you keep the Operating Room tuned? After all, almost two thirds of your annual revenue comes from medical procedures, like the OR, the cath lab, etc.

Yet many procedure areas, including the OR, aren’t working to capacity. It has nothing to do with the efficiency of the procedure itself. And it’s not just a problem of better scheduling. Schedules, after all, are static documents which project hoped-for goals into the future. It takes more than that to actually keep procedures on schedule. It has to do with patient throughput and that means more than getting the patient in and out of the room.

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Categories: Author: Dennis Morabito, EMR / Healthcare IT, Financial Health of Hospitals

Thomas Jefferson Improves Operational Efficiency With TeleTracking

Thomas-Jefferson-University-HospitalHealthcare Finance News recently highlighted how Thomas Jefferson University Hospital is using TeleTracking software to maintain its edge in Philadelphia’s highly competitive healthcare market, and attain $1.5 million ROI in reduced ED diversion alone!

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Categories: Author: Dennis Morabito, Financial Health of Hospitals, Real-Time Capacity Management

Presidential Debate Addresses How To Reduce Healthcare Costs

2012 Presidential Debate on HealthcareBoth the incumbent and the challenger in last week’s Presidential debate used TeleTracking clients to make their points about how to reduce healthcare costs.

President Barack Obama referred to Cleveland Clinic as “one of the best healthcare systems in the world” delivering “great care cheaper than average.” Republican candidate Mitt Romney said Cleveland Clinic and Intermountain Healthcare do “superbly well” at keeping costs down.

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Categories: Financial Health of Hospitals

Managing Hospital “Waste” Has New Meaning in UK

Managing healthcare wasteAt TeleTracking, we’ve always said that our clients are some of our best innovators. In fact, we count on their regular input to improve and evolve our applications,always with an eye to removing waste from their daily hospital operations.

But some of our clients in the United Kingdom have come up with one of the most unique uses of automated capacity management we’ve ever heard. They’re using the TransportTracking™ application to optimize real clinical and domestic waste collections on demand.

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Categories: Financial Health of Hospitals

EMRs: Taking the Slow Lane to Progress on ROI

EMRs:  Taking the slow laneWhile the cost of digitizing the “patient experience,” medical records and all, is soaring, no one seems to be asking about the ROI.

The question is: Why not?

Duke University Health System will spend $700 million over seven years to build out its digital backbone, according to the Duke Chronicle. Yale medical group will spend $250 million to switch to a large EMR vendor next year, the Yale Daily News says.

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Categories: EMR / Healthcare IT, Financial Health of Hospitals

The Affordable Healthcare Act: Go or No Go?

Affordable Healthcare ActDoes anyone really know what the Supreme Court did last week?

The U.S. Supreme Court ruling on the Affordable Care Act is good news for suppliers of the type of medical information technology which helps hospitals maximize existing capacity.

That is, if the high court actually upheld the Act.  That is once again in dispute as a second round of critical analysis gets underway to determine what the court actually did rule. Writing in the New York Times’ Health Care BlogJeff Goldsmith didn’t see last week’s ruling as a win for the act.

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Categories: Author: Dennis Morabito, Financial Health of Hospitals