5 Healthcare Industry Predictions for 2021

Fierce Healthcare The impact of COVID-19, the pace of technology, and shortages in qualified healthcare workers have spurred major changes across the healthcare industry. Looking to the future, several predictions have been made about what to expect in the coming years, including consolidation of hospitals, financial disruption, increased demand for telehealth, and continued difficulty dealing with high patient volumes. Using …

All About Independent Contractors

Workest (Powered by Zenefits) Independent contractors are becoming more common across industries of all kinds. Some HR departments, however, might not have a clear understanding of the capabilities, tax implications, value, and potential drawbacks of working with such contracted employees. Taking a broad look at the ins and outs of hiring independent contractors is essential.

Healthcare Supply Chain as a Source of Hospital Revenue

RevCycle Intelligence Supply chain inefficiencies are a massive expense throughout the healthcare industry. Unused supplies that are simply discarded contribute significantly to these holes in the supply chain, accounting for wasteful spending, overpurchasing, and poor tracking. Some healthcare facilities, however, are finding sources of revenue within these supply chain problems, reselling unused equipment to facilities in need, participating in recycling …

COVID-19 Causing Unprecedented Financial Pressure for Health Systems

American Hospital Association The impact of the COVID-19 pandemic can be felt across industries, but hospitals and health systems are facing particularly devastating financial pressures. Many factors are at play, from facilities at capacity with COVID patients to unmet worker demand, increased costs of staffing to revenue lost from canceled surgeries/procedures. These aggregate costs, along with PPE, reduced emergency room …

Listening to Employees is Critical

Employee engagement remains a challenge for many companies and across many industries. Plenty of businesses know to pay close attention to the opinions and behaviors of their customers, yet don’t extend the same listening ear to their staff. Studies repeatedly show that employees who feel heard, valued, and involved in decision making are more engaged, more productive, and over the …

Medical Waste and the Rising Healthcare Costs

Minnesota Nurses Association Medical waste in hospitals, nursing homes, and beyond is a contributing factor to the record high costs of healthcare in the United States. Hospital spending accounts for approximately 32% of overall costs, and increasing evidence identifies wasted supplies as a driver of expenses that are passed on to patients.  These issues go well beyond just hospital waste, …

Healthcare Finance Leaders Seek Automation

A survey conducted by Alpha Health found that roughly 92% of respondents think automation tools would greatly improve their ability to manage revenue cycles. Administrative costs are a driving factor of this opinion, as are the standardize, repetitive tasks that occupy a significant portion of staff working hours. Many leaders find themselves using a cobbled together set of technological solutions, …

Calculating Employee Turnover

Understanding employee turnover is an important metric for any business. Average rates vary across industries, and there are myriad factors at play, but having a way to calculate the rate at which staff leaves can shed light on potential issues – and help businesses of all kinds plan for the future. A particularly high rate, especially compare to others within …

Operating Rooms Can Waste Millions Per Year in Disposable Medical Supplies

Modern Healthcare Waste generated in operating rooms is increasing the cost of care, and much of that waste comes in the form of unused or wasted supplies. One study from UCSF found that its neurosurgical department wasted an average of $968 of disposable medical supplies per procedure, amounting to $2.9 million in waste per year. They also found that roughly …

Healthcare Providers Face Payment Audit Financial Burdens

Payers and other third parties surrounding the healthcare industry regularly perform payment integrity audits to ensure accuracy, but this practice places a massive financial burden on the healthcare facilities that must cover the administrative costs of being audited. For some facilities, however, these costs are upwards of $1 million per year. Fortunately, emerging technological solutions are helping to reduce this …