Fortune Initially highlighted through the surge of COVID-19 cases and the Omicron variant, the healthcare labor market is struggling to find and maintain adequate staffing due to high stress, personal health concerns, and perhaps most notably, lack of compensation for the level of work required from healthcare professionals. Noting that healthcare wages were struggling to keep up with Walmart wages …
Pandemic Pressure May Slow Hospital Financial Waste
MarketWatch Financial leakage and waste is a major problem facing the healthcare industry, with an estimated $760 billion or more per year wasted through overtreatment, poor coordination among departments, supply waste and a litany of other issues. With supply waste on the rise and the persistent effects of the COVID-19 pandemic still putting pressure on healthcare facility bottom lines, this …
Healthcare Finance Trends for 2022
Healthcare Dive Ongoing impact from the COVID-19 pandemic continues to affect numerous aspects of the healthcare industry. At the forefront of these challenges are staffing issues, and drastically reduced revenue as people are opting for fewer elective procedures, increased spending on employee retention incentives, and skyrocketing prices across the supply chain. These trends will take time and significant recalibration to …
2021 Lesson for 2022 Healthcare Finance Strategy
Healthcare IT News Reflecting on the trials and tribulations of the past year, Penn Medicine CIO Mike Restuccia advises healthcare industry leaders to learn from the hard lessons of 2021, and employ those lessons as the building blocks for 2022 and beyond. He identifies two key strategic areas highlighted by the ongoing challenges of the COVID-19 pandemic: the need to …
Choosing the Right SAP Consulting and Business Solutions Provider
There are plenty of SAP companies in the SAP ecosystem. If you’re looking for the right service provider, here are a few things to keep in mind. With these tips, you’ll have an easier time browsing through the vast network of SAP consultants. Consider Your Size Do you run a small to a medium-size company? Find an SAP consulting firm …
Why Do You Need A Technical Consultant For PeopleSoft Solutions?
Whether your business is big or small, you require PeopleSoft technical consultant services. The consultant helps you optimize your PeopleSoft applications for the success of your business. Whether you have an internal IT team, PeopleSoft consultants must be on your radar. And if you’re wondering why, here are the reasons. They Have All you Need If you want your PeopleSoft …
A Complete Guide To Accounts Payable And Accounts Receivable Audits
Auditing is the examination and evaluation of an organization’s financial records and is usually done by a third party. It ensures financial records are accurate. The process follows stipulated standards that vary from one country to another. Auditing provides information to shareholders, creditors, customers, suppliers, partners, and government entities. The statements must include all financial activities with attention to accounts …
Device Credit Audit May Lead to Policy Change
JD Supra A 2020 audit of hospital device credits revealed that such facilities received $33 million in potential overpayment stemming from unreported manufacturer credits for recalled devices, and other related reporting errors. Failure to make adjustments to claims to reduce payments or use proper coding is a persistent issue across the industry, and has some organizations calling for policy change …
Trends Impacting 2022 Hospital Finance
Health Leaders Ongoing financial challenges will continue throughout 2022 according to a recent analysis from Health Leaders. The primary issues contributing to financial distress stem from the ongoing COVID-19 pandemic, as well as consumer patterns that continue to shape how hospitals and healthcare facilities do business. The three major trends mentioned are the drastic reduction in elective procedures, the minimal …
Cost Reduction Techniques for Hospital Inventory Management
Afflink Effective inventory management plays a major role in a healthcare facility’s bottom line, as well as the ability to deliver services, provide desirable patient outcomes, and retain staff. Because supplies and equipment affect nearly every aspect of how hospitals and healthcare facilities function, a strategic approach to inventory management can reduce costs and improve services across the board. Through …
