Data management best practices to prepare for cloud ERP

• Pete Nelson, General Manager, Global Alliances

Your cloud ERP system will only be as valuable as the data that powers it. An investment this costly—both in time and financial resources—should be supported by a modern item data strategy that helps ensure the enhanced visibility, efficiency and resiliency you understandably expect. It provides your organization with data that’s comprehensive, precise, trusted and actionable.

A Cloud ERP System + The Right Data = Organizational Resiliency

• Pete Nelson, General Manager, Global Alliances

As recent months have painfully demonstrated, healthcare systems and processes must be fortified to withstand shock and maintain business continuity in the face of unforeseen challenges. To be sure, cloud ERP systems provide greater resilience for healthcare organizations compared to disparate on-premises systems. But without the right data, that resilience can be limited.

COVID-19 Underscores Need for Healthcare Payment Process Reform

• Matt Houston, Vice President

The COVID-19 pandemic has changed the financial landscape of the U.S. healthcare system. Hospitals continue to face increased supply and labor expense, decreased revenue from postponed elective procedures, and an increasing number of uninsured patients due to unemployment. The American Hospital Association estimated hospitals were losing $1 million per day in the early days of the pandemic. In addition, most providers have seen a loss of non-operating revenue from their investment portfolios as global financial markets waver due to the economic uncertainty.

Demand-to-outcome analysis depends on quality supply chain data

• Pete Nelson, General Manager, Global Alliances

In a procure-to-pay system, services depend on the availability of resources, and payment is based on the receipt of those resources. Data is used to answer the question, “Did we get what we paid for?” In a demand-to-outcome system, where resources are requisitioned based on need and paid for based on the results delivered, data must answer the question, “Did we get paid for the value we delivered?” It’s impossible to arrive at the answer without supply-chain data that is clean, comprehensive, up-to-date and unified

WATCH ON-DEMAND: Minimizing COVID-19’s Financial Trajectory: Inova Health’s Bold Choices

The Inventory Diaries, Pt. 4: How We Found $46 Million in Hidden Value at One Hospital

Many hospitals underestimate the value of their inventory—by millions of dollars
As part of the inventory services team here at Syft, one of the most rewarding aspects of my job is helping facilities find “hidden value.” In other words, while we are counting inventory, we often find that the value of inventory is much higher than the hospitals anticipated. We identify hidden value during many of our annual inventory reviews, but we find the most hidden value—on average anywhere from two to five times the hospital’s estimated inventory value—when we provide inventory services at facilities that haven’t had annual reviews for a couple of years or longer.

The Inventory Diaries, Pt. 3: Value-Added Inventory Services Bring Hospitals Significant Benefits

Inventory services is about much more than conducting accurate inventory counts

A healthy supply chain starts with an accurate inventory. It’s why so many hospitals rely on us to provide point-in-time inventory for year-end, mid-year, and baseline reporting. In the last decade alone, we have conducted nearly 8,000 inventory counts, totaling almost $13 billion in inventory.

The Inventory Diaries, Pt. 2: Uncovering Safety and Compliance Problems at One Hospital

Some concerning safety problems we’ve discovered while performing inventories at hospitals.

Our team performs nearly 800 inventory counts at healthcare facilities every year. While conducting an accurate count is the primary objective, our work often unearths critical pieces of information for hospitals. In two recent cases, that information related to safety and compliance problems associated with controlled substances.

The Inventory Diaries, Pt. 1: Discovering Nearly $200K Worth of Expired Products at One Hospital

The alarming rate of expired products we encounter while performing inventories at hospitals
Often, before my team and I go in to conduct inventory services at hospitals, I speak to the supply chain manager. Most are quick to assure me that we won’t find expired inventory during counts at their facilities but that is not always the case.

Supporting the clinically integrated supply chain

• Hani Elias, Senior Vice President and General Manager, Lumere, a GHX company

To deliver greater value in healthcare, providers and suppliers must first be able to identify those factors that impact cost, quality and outcomes—as the adage goes, you can’t manage what you can’t measure. Historically, the clinical and operational sides of healthcare have worked in silos, making collaboration and data sharing a challenge. But as payments for care delivery are increasingly tied to quality and efficiency, the industry has begun the hard work of tearing down long-standing barriers.

GHX Acquires Lumere to Advance Clinically Integrated Supply Chains

At GHX, we know the business of healthcare continues to evolve, driving critical changes in how data is used to advance clinical, financial and operational performance. Data show continued strong interest in making the move to value-based care, defined by the outcomes that matter to patients relative to the cost of delivering those outcomes. At the same time, many organizations say the transition to a system that rewards value, not the volume of services delivered, is moving too slowly, hampered by the silos that hold us back from collaborating effectively to deliver optimum patient care.