Tips to Improve Your Hospital Utilization Process for Lucrative Cost Savings (Part 2)

by | Nov 21, 2018 | Cost Savings, VIE Healthcare Blogs

This article was written by Lisa Miller.
We’re continuing our series on improving your hospital utilization process. For part one, click here.
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.

Recent Research Reports

Categories

Archive Search

U
Discover 15 Effective Cost Savings Strategies That Most Hospitals Can Apply Right Now

Discover 15 Effective Cost Savings Strategies That Most Hospitals Can Apply Right Now

We are making this report FREE for a LIMITED TIME. In it you will learn how to maximize your hospital's profitability while enhancing patient care. The report includes:

  • A strategy developed from analyzing over 5,000 hospitals
  • A simple step-by-step plan in plain language
  • Proven processes to organize and motivate your team to find savings

Check your inbox and spam folder for your 15 Effective Cost Savings Strategies

Share This