Healthcare Finance News

Opposition to the legalization of medicinal marijuana in the absence of scientific studies that demonstrate its safety and efficacy led the list of resolutions adopted by physicians of the Massachusetts Medical Society (MMS) at the organization's annual meeting of its House of Delegates on May 19 in Boston.

5 ways to make the most out of a group purchasing organization

May 11, 2012 |

As economic pressures continue to increase and the ability to efficiently manage costs is emphasized, organizations are looking wherever they can for financial relief. That's why it's no surprise many are turning to group purchasing organizations for smaller administrative fees, more transparent transactions and a general partner in healthcare reform.

New web portal helps medical suppliers bring products to market

May 7, 2012 |

The Healthcare Supply Chain Association (HSCA) launched a new web portal last week aimed at helping small medical device suppliers gain information about the healthcare group purchasing organization (GPO) contract process and aiding them with bringing their products to the marketplace.

Point-of-care testing to drive clinical chemistry market to $17.3B in 2018

May 1, 2012 |

The global market for clinical chemistry, valued at $11.1 billion in 2011, is forecast to grow at a compound annual growth rate (CAGR) of 6.5 percent, to reach $17.3 billion in 2018, said medical intelligence company GlobalData in a new report.

'Patent cliff' causes negative outlook for global pharma

April 20, 2012 |

The outlook for the global pharmaceutical industry remains negative as any potential revenue over the next 12-18 months is likely to be offset by losses from the upcoming expirations of major patents -- known as the patent cliff -- according to a new industry report by Moody's Investors Service.

6 keys to supply chain success

April 16, 2012 |

As the industry remains at a crossroads, many are looking to their supply chains to help drive change. And by turning their supply chains into a "strategic asset," organizations can have success controlling costs and increasing business efficiencies, according a recent whitepaper by healthcare management company GHX. Teran Andes breaks down six additional keys to seeing supply chain success.

Banner Health cuts $41.5M from the supply chain

April 10, 2012 |

Banner Health, one of the largest nonprofit hospital systems in the country, cut $41.5 million from its supply chain costs in 2011. Doug Bowen, Banner’s vice president of supply chain management, spoke recently with Healthcare Finance News Editor René Letourneau about how they achieved such big results in just one year.

New initiative challenges hospitals to improve environmental footprint

April 3, 2012 |

Kelsey Brimmer

The Healthier Hospitals Initiative (HHI) and its founding health systems announced a set of six challenges for hospitals nationwide aimed at improving the healthcare sector's environmental footprint during a media briefing Tuesday.

5 blockbuster name brand drugs facing patent expiration

March 28, 2012 |

With patent expirations looming and already passing for some of the nation's bestselling name brand drugs, Big Pharma is facing major revenue challenges in 2012. Here are five blockbuster name brand drugs facing patent expiration.

GHX names 'Best 50' healthcare providers for supply chain excellence

March 28, 2012 |

Healthcare supply chain management firm GHX is honoring 50 healthcare provider organizations with its 2011 GHX Best 50 Customer awards in recognition of their work in improving operational performance and reducing costs through supply chain automation.

5 things CFOs need to communicate to CIOs to prevent overspending

March 19, 2012 |

The current healthcare landscape is calling for more collaboration, and possibly the most important partnership is that of the CIO and CFO. With new IT becoming a pressing necessity, it's crucial both professionals understand the ins and outs of IT spending. Jeff Muscarella outlines five things CFOs need to communicate to CIOs to prevent overspending.

Combined use of MRI and ultrasound boosts both markets

March 12, 2012 |

The trend of MRI and ultrasound being used together for more effective diagnosis is cited as a major reason for growth in sales of both modalities, according to a recent report from healthcare market research publisher Kalorama Information.

Value Analysis - A Best Practice Approach to Elevated Performance

April 4, 2012 |

Careful consideration of the financial and clinical impact of the medical technologies used has become a strategic imperative. While most healthcare organizations recognize the importance of a committed, multidisciplinary team to drive these critical decisions, many of their Value Analysis teams often still struggle to achieve maximum results. Join this exciting and informative webinar to help you leverage tools and information to improve alignment and optimize your value analysis initiatives.

Technology Standardization Toolkit: How to Gain Alignment and Maximize ROI

January 19, 2012 |

Learn how to obtain the evidence required for standardization across your delivery infrastructure and how to weigh your hospital's functional, technical, support, and financial requirements to ensure you choose the vendor(s) that allow you to receive the maximum return on your investments. In this webinar we will discuss the tools needed to gain visibility into the universe of options to put in place the protocols needed to improve clinical quality while reducing costs in ways that can be implemented on a broad scale.

Lawson Analytics for Healthcare: Minimize waste, manage expenses and enhance your ability to deliver quality patient care

October 17, 2011 |

Do you ever ask, "What is my relationship between staffing and patient wait times or incidents?" "Where are opportunities to standardize supplies to reduce costs?" "How does length of stay impact service line profitability?" When it comes to your healthcare organization, you need answers that reveal where you can minimize waste, manage expenses and enhance your ability to deliver quality patient care. View this webinar to learn how analytics for healthcare can help you simplify access to timely information across your organization, deliver accurate information and support faster decision-making and control critical areas of spend so you can focus on improving patient care.

Taking a Framework Approach to Securing Electronic Health Records (EHRs)

July 6, 2011 |

As Healthcare organizations focus on making EHRs operational, effective security infrastructure strategies must also be developed to ensure appropriate confidentiality, integrity, and that controls are in place. Join Deloitte & Touche LLP and Oracle Corporation for a discussion on current EHR security and privacy challenges. Learn about strategies for creating an end-to-end security framework that integrates risk and compliance management.

Learn How a Groundbreaking Pharmacy Collaboration Saves More Than Money

October 5, 2010 |

Learn how organizations involved in pharmacy collaboration were able to not only dramatically reduce their pharmacy costs but also improve the quality of care for their patients.

Floyd Memorial Case Study: Just Being Good was Never Good Enough

October 5, 2010 |

Learn how Floyd Memorial was able to live up to their goals: Deliver safe, quality, cost-effective care; reduce non-salary costs; and instill a culture of saving and quality throughout the 1,700 employee health care system.

Sharon Regional Health System Saves $500,000 on Support Services with a Strategic Solution

August 17, 2010 |

Paul Fox and Sou Chon Young

Sharon Regional Health System, knew they had some issues with the organization’s environmental services and nutrition services departments. As a result of contracting with a food and facilities management services company, costs were reduced by $15K to $20K annually.

Restore market discipline to the medical device industry

March 7, 2012 |

Ed Howe

Currently, independent physicians often choose high-cost, implantable medical devices for their patients. Hospitals, however, pay the bill, insulating physicians from the costs of their choices.

Sorry Lipitor, you're no match for generics

December 21, 2011 |

David Williams

Pfizer received a flurry of attention toward the end of November as its blockbuster statin Lipitor came to the end of its patent protection.

CMS postpones Dec. 6 call on hospital VBP program

November 30, 2011 |

Richard Pizzi

The Centers for Medicare & Medicare Services has postponed a Dec. 6 conference call on the Fiscal Year 2013 Hospital Value-Based Purchasing Program.

Are you reconciling inventory with patient accounting?

November 1, 2011 |

How can you make sure that the inventory ordered for provider encounters (DME, hearing aids, CPAP machines, ER trays, etc) are being accounted for on the patient’s bill? If you are not reconciling inventory with patient accounting, you are losing potential revenue.

Tips for navigating the hospital drug shortage crisis

October 4, 2011 |

Don Ammon

The drug shortage problem at numerous hospitals across the country is the worst that many in healthcare have experienced in recent years.

Independent report calls group purchasing a smart move

September 19, 2011 |

Mike Stephens

An important report released recently explains that group purchasing is not only a smart business move, it is a powerful tool when it comes to driving down healthcare costs for hospitals.

The globalization of healthcare and the impact on patient care

April 19, 2011 |

Mike Daly

The globalization of healthcare has provided opportunities for many organizations to rapidly develop their products and to expand their network of customers. But with this globalization, we also need to realize there are also a number of important economic and public health concerns.

Medicare DMEPOS Competitive Bidding Educational Calls (Nov. 8 & 16)

November 1, 2010 |

Debra A. McCurdy

On November 8, CMS is hosting a provider education call on the Medicare Durable Medical Equipment, Prosthetics, Orthotics, and Supplies (DMEPOS) Competitive Bidding Program.

Setting a standard in transparency and ethics

July 20, 2010 |

Kester Freeman

When it comes to healthcare and changing an industry in ways that will benefit this country, it is important to look at organizations that are setting standards and raising the bar.

Clearing up conflicts of interest in healthcare

September 9, 2009 |

Kester Freeman

In accordance with what Mike and Ed have previously pointed out on healthcare alliances, I, too, am utterly dismayed at the allegations of nefarious goings-on within these organizations.

Is the Healthcare Economy Rightsizing?

March 11, 2009 |

Brian Klepper

David Kibbe

More than at any time in recent memory, powerful forces are buffeting the health care sector. We are in the midst of profound upheaval, driven by market and policy responses to the industry's long-term excesses.

A 'have not' health system bravely faces its challenges

February 23, 2009 |

Action for Better Healthcare

In a recent interview, Alan Channing, president and CEO of Sinai Health Systems in Chicago, discussed the challenges that his 'have not' health system faces on a daily basis.

Avera Health implements MediClick for contracts & analysis

January 10, 2012 |

Upon taking the role of Avera’s first-ever vice president of supply chain in the spring of 2010, 36-year healthcare industry veteran, Allen Caudle, recognized that his supply chain team faithfully poured data into a bulky ERP system, only to be left with a dearth of contract information. As a result, the team had a difficult time ensuring pricing accuracy and analyzing spend for savings opportunities.

Omnicell's OmniLinkRx honored with KLAS award for medication order management systems

January 5, 2012 |

Omnicell, Inc. (NASDAQ: OMCL), a leading provider of medication and supply management solutions and analytics software for healthcare facilities, today announced that KLAS, a prestigious third-party healthcare evaluation firm, awarded Omnicell's OmniLinkRx® with the Category Leader distinction for Medication Order Management Systems in the 2011 Best in KLAS Awards: Software & Services report. This is the third consecutive year that OmniLinkRx has received this award.

Hospitals turn to copper for reliability where it matters most

November 1, 2011 |

For centuries, copper has been viewed as one of the most versatile metals known to mankind, and today, copper is the benchmark for plumbing applications because of its reliability. We all expect that when we open our faucet, water will be there, so we take this reliability for granted. But what if a life is hanging in the balance? Copper medical gas systems deliver gases necessary for successful patient treatment in all healthcare settings. Having a reliable metal, and thus a reliable system for hospital applications is paramount.

New VHA PriceLYNXTM 2.5 Provides Hospitals With Access to $60 Billion Database

October 4, 2011 |

Healthcare Finance News Staff

VHA Inc., the national health care network, today introduced VHA PriceLYNX™ 2.5, with multiple enhancements that are designed to further help hospitals improve their bottom line, strengthen their cash flow and maintain high-quality outcomes while they continue to confront shrinking reimbursements, escalating costs and the rapidly evolving health care environment. This $60 billion database represents the value of members' supply purchases and enables subscribers to gain greater insight into prices on their supplies.

Top academic medical centers receive 2011 UHC supply chain performance excellence award

September 23, 2011 |

For the fourth consecutive year, UHC recognized academic medical center members for demonstrating excellence in supply chain management. Denver Health, University of Wisconsin Hospital and Clinics, and Wake Forest Baptist Health were identified as the top performers. University of Wisconsin Hospitals and Clinics and Wake Forest Baptist Health were presented with the 2011 UHC Supply Chain Performance Excellence Award on September 22 at the UHC Annual Conference 2011 in Chicago. The UHC Annual Conference is the first of its kind, integrating the areas of quality, safety, cost reduction, and efficiency.

Novation honors 173 VHA and UHC member hospitals for achievements through standardization

September 6, 2011 |

Novation, the leading health care supply contracting company for the members and affiliates of VHA Inc., UHC and Provista, LLC, announces the winners of its annual Standardization Program Awards.

Call for Speakers now open for 2012 Healthcare Business Summit Performance Forum

August 29, 2011 |

MedAssets today announced that the Call for Speakers is now open for the 2012 MedAssets Healthcare Business Summit Performance Forum.

Novation announces new pharmaceutical waste services offered under its NOVAPLUS label

August 24, 2011 |

Novation, the leading health care contracting supply company, is launching its new pharmaceutical waste services agreement, offered under the NOVAPLUS label.

Equipment finance industry confidence declines in August

August 22, 2011 |

The Equipment Leasing & Finance Foundation (the Foundation) has released the August 2011 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI). Designed to collect leadership data, the index reports a qualitative assessment of both the prevailing business conditions and expectations for the future as reported by key executives from the $521 billion equipment finance sector.

St. Mark's Medical Center leads hospitals in EPA’s 2011 ENERGY STAR National Building Competition

August 17, 2011 |

The ENERGY STAR Battle of the Buildings has just passed its midpoint, and the competition is fierce to become the “biggest loser.” In this case, the belt being tightened is energy consumption, with 245 buildings in 33 states (plus DC), representing 12 different categories, competing to reduce consumption the most.

Hospitals save $56M in Premier’s ASCEND supply chain program

August 15, 2011 |

Hospitals participating in the Premier healthcare alliance's ASCEND (Accelerated Supply Chain Endeavor) program saved more than $56 million in two years.

Bound Tree Medical acquires Alliance Medical

July 19, 2011 |