Healthcare Waste

The healthcare industry is undergoing a seismic shift designed to improve the quality of patient care and manage overall costs. However, while the over arching aim is to reduce administrative burden and waste within the system, the near-term impacts actually increase the cost of running a hospital and lower overall provider revenues. How Providers are Impacted:

  • Increased technology implementation costs as providers try to comply with mandated conversion dates
  • Increased operational costs due to increased denials, appeals, and claim adjustments
  • Longer Account Receivable periods
  • Increased revenue risks including lower reimbursements
  • Increased patient bad debt

A new trend is emerging in the wake of this impact; one that is built on the tenants of value-based care delivery and patient-centered medicine. These solutions use available predictive analytic capabilities to account for the clinical, compliance/regulatory, and financial nuances that are intrinsic to the hospital setting. Using this approach, waste solutions can reduce waste while improving health outcomes at the community and individual levels.