Hospital Budget Busters

With an ageing population, the increasing number of chronic diseases, and the ever increasing cost of treatment, healthcare costs are growing decade over decade. At the same time, the number of hospitals in existence is declining. This paradox forces today’s healthcare facilities to rethink their operational strategies and look into new ways to save costs and improve efficiency.

The vast majority of the $1.03 trillion worth of annual US hospital costs is naturally driven by salaries, consulting fees, medical equipment, and capital investments. There are, however, some needless costs which may not be the biggest or most apparent ones but which can be easily addressed with the right technology. They result from operational inefficiencies which, when reduced, can save a hospital thousands of dollars every year.

These operational inefficiencies are:

• Patient no-shows and late appointments: On average, 19 percent of patients don’t show up for their medical appointments. Patient no-shows cost the US healthcare system over $150 billion each year.
• Shrinkage and misguided asset management: The median US hospital spends $9.1 million on supply expenses. Of those supplies, 15 percent are going to be lost or stolen during their useful life.
• Nursing productivity: An average nurse at a hospital spends a full hour of each shift searching the facility for medical equipment. Every year, an average hospital spends up to $7,000 in clinical time searching for one piece of equipment.

Mark the date:

 June 27, 2018   San Francisco: 8am | New York: 11am | London: 4pm

Speakers: