Cost-Cutting Practices for Hospital Inventory Management | Optimum Perm

Cost-Cutting Practices for Hospital Inventory Management

And four more news items for hospital administrators, health system leaders, practice managers, and other healthcare executives to peruse this week.

  • In a recently published blog post shared via a Business Wire press release, global analytics and advisory firm Quantzig discusses healthcare inventory management techniques to reduce cost. The expansion of technological resources is one of the most significant pieces of any hospital inventory management system, the post states. Among the five tips for improvement: collect data from the supply chain and adopt a lean strategy.
  • The Centers for Medicare & Medicaid Services (CMS) will be taking measures to decrease clinicians’ high level of administrative responsibilities and reporting requirements, conveys com. At the 2018 American Hospital Association (AHA) Annual Membership Meeting, CMS Administrator Seema Verma announced the federal agency will hold a listening session to obtain feedback concerning the usefulness of its Patients Over Paperwork initiative.
  • Regarding CEO succession in the American healthcare system, researchers from five renowned universities found a change of leadership in any manner will cause temporary impacts on operational efficacy, reports Harvard Business Review. Those who conducted the study also discovered external CEO candidates realize a distinct advantage in productivity gains. An abstract of the research was featured in the January/March 2018 edition of Health Care Management Review, published by Wolters Kluwer Health.
  • Last week, Healthcare Finance highlighted the results of a Black Book survey that found hospitals need to reduce their usual expenses nearly a quarter by 2022 just to break even. The survey findings reveal 98 percent of hospital executives are thinking about working with outside vendors for cost efficiencies in both clinical and nonclinical operations to better enable their organizations to concentrate on the delivery of value-based care.
  • The Medical Group Management Association (MGMA) states its MGMA Stat poll, conducted May 1, shows more than 60 percent of the respondents have experienced a shortage of qualified applicants for nonclinical positions over the past year. Low unemployment, the difficulty of recruiting in rural areas, and the disadvantage of competing with larger healthcare organizations offering better pay are some of the challenges poll takers cited.

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