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.
Video: The Benefits of Behavioral Economics
David Asch, MD, executive director of the Penn Medicine Center for Healthcare Innovation, discusses how behavioral economics can help the healthcare industry enable health-oriented behavior.
Video: Predictive Analytics and the Revenue Cycle
Paul Bradley, chief data scientist for ZirMed, discusses how predictive analytics can be used to find lost revenue, improve the patient experience, and increase patient satisfaction.
Using Analytics to Design Provider Networks for Value-Based Contracts
Obtaining and analyzing the right data can help healthcare organizations thoughtfully and successfully plan provider networks with an eye toward value.
Addressing Social Determinants of Health
Recognizing that hunger, housing instability, and other problems make it difficult for people to get and stay healthy, ProMedica is transforming its care delivery model and making substantial investments. The health system is starting with a $50 million initiative to research and address social determinants of health in the communities it serves.
11 Metrics Reveal the Best Strategies For Cutting Outpatient Prices
A scoring methodology is the first step in evaluating outpatient service price reductions without sacrificing financial viability.
Screening 1 Million Patients a Year for Social Needs
ProMedica is screening its patients to identify hunger, housing instability, and other social determinants of health. Completed patient questionnaires immediately flow into the electronic health record so providers have access to the information when medical appointments begin.
A Facilities Reinvestment Schedule Prevents Surprises, Creates Savings Opportunities
Having a disciplined, long-term reinvestment schedule is one way many healthcare organizations keep their facilities in top shape, maximize energy savings, and prevent catastrophic systems failures resulting from inadequate maintenance.
The Promise—and Pitfalls—of Integrating Corporate Services
John Johnston explains how a more thoughtful approach to consolidation can help health systems increase cost efficiency post-merger.