For many OR leaders, cost control is a strategic priority. The Operating Room accounts for up to 70% of a hospital’s revenue, between 55% to 65% of its margins, and 50% of a hospital’s costs – which makes the OR a foundational part of the financial success of a hospital.
With the loss of elective procedures during 2020, the OR must assess their operating room costs and analyze profitability to ensure every opportunity is identified and implemented. VIE’s clients are achieving a new level of cost savings and profitability with a disciplined data-driven approach to analyzing costs.
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This video is showing Reducing operating room supply costs information but also try to cover the following subject:
-Increase services line profitability
-How to reduce operating room supply cost
-Reduce operating rooms cost
Service lines are arguably the most utilized measure within healthcare organizations to quantify the financial health of any health system. While many organizations define their service lines slightly differently, their goal is the same – to improve the health and outcomes of patients while improving efficiencies and reducing the total costs within patient populations, all while remaining profitable.
With the shift from fee-for-service to fee-for-value-based care over the past several years, healthcare providers have endured significant margin compression on the services and service lines they offer to their communities. Outcome and episodic reimbursement momentum has impacted revenue streams and placed traditional ‘bread and butter service profitability in decline.
Organizations that are positioning themselves for service line margin growth should be considering these four items:
-Focus on population health management initiatives by expanding ambulatory services and physician alignment based upon patient population needs.
-Understand, collect and analyze key metrics for service line margin improvement priorities and gather key stakeholders to understand and agree upon the metrics that will be monitored and benchmarked.
-Analyze and map patient discharge data which can help an organization examine its primary service area and better understand the ever-changing market dynamics
-Assess whether an investment in a service line, such as additional providers or marketing, will yield adequate revenue for a return on the investment.
Service line margin growth requires thoughtful use of related financial and clinical data paired with tools to help organizations understand where opportunities are hidden as well as teaming with physicians to reduce clinical variation and cost around unnecessary procedures and utilization of supplies.
So you would like to find out more about Reducing operating room supply costs, I did too, and here is the video that I created around this topic.
Reducing operating room supply costs interested me so I did some research and published this on YouTube.
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