Tips for Lucrative Cost Savings
This article was written by Lisa Miller.
We’re continuing our series on improving your hospital utilization process. Click here for part one.
Here’s our next set of tips for you to consider.
Compare High-Cost Implants with Implant Audits
Compare your costs to your services and contract terms. For instance, match the cost of your revision implants with the numbers on your implant audit. Determine if the appropriate charges were made for initial implants or were you billed for the higher cost of a revision implant instead? It would take clinical expertise in this area to compare and benchmark price points, including time and effort to analyze all the data in your monthly invoices and utilization records, line-by-line.
Equate Nitric Oxide Utilization Reviews with Operating Performance
Comparing your nitric oxide usage with operating performance is not much different than your other audits. You’ll want to make sure the amount of nitric oxide used appropriately matches your operating performance. Again, in order to do this properly and to effectively find cost savings, you’ll have to employ experts in this area who also have the time to review every detail of your utilization records.
Evaluate Dialysis Utilization
Hospital dialysis is super expensive these days and the majority of end-stage renal disease (ESRD) patients will continue to rely heavily on it until they find a matching donor, extracting a hefty chunk of out of your hospital’s resources.
Hospitals will need to find any reimbursement or discount advantage necessary to remain operational, and a detailed audit of your hospital’s dialysis utilization could do just that. Click To Tweet
An audit would reveal many cost-saving opportunities, such as extra fees charged for dialysis performed after 5 pm.
Examine Your Biologics
Just like any other clinical product, your biologics should be properly and regularly tracked. Inaccurate inventory results in overuse or understocked supplies. Last minute orders are costly and unnecessary if the materials were already in stock. Biologics are also much more complex and sensitive, which means mishandling and contamination are not easily recovered. Expertise in this area is crucial if you expect to properly review your biologics utilization in detail.
Enjoying these strategies? We have more coming your way. Stayed tuned for the final installment of this series.