The adoption of technological advancements, in healthcare or any industry for that matter, varies for a number of reasons and happens along a predictable continuum. When a new technology emerges, there will be people who adopt at the earliest stages (innovators), early adopters, those in the early majority, those in the late majority, and laggards who resist the adoption altogether. The reasons for these different rates of adoption are varied as well. Some see cost as a prohibitive factor. Some do not trust new technologies and want to make sure that they have been fully vetted before bringing them into their own practice. Others are simply comfortable with their current way of doing things and don't seek out a change.
Like most manufacturers, CryoLife has been challenged to increase operational efficiency and cut costs without negatively impacting product and service quality. Upon examining our processes, we identified accounts receivable (AR) as a significant area for savings.
We manually processed a wide range of payment forms from customers: credit cards, automated clearing house (ACH) payments, wire payments and checks. Payment processing was time consuming, labor intensive and costly. We spent $1.4M annually in credit card processing fees, budgeting $100k per month – that caught the attention of the C-suite.
Even though the European version of the unique device identification regulation was introduced almost four years after the U.S. UDI rule, it stands to broaden the value of the rule with the expanded coverage for implantable devices and the requirement related to generation of real world evidence on the performance of medical devices. Since the U.S. Food and Drug Administration (FDA) UDI rule was introduced, similar mandates have been included in the U.S but only went into effect this year.
The strategic value of supply chain in tackling costs, eliminating waste and driving efficiency has never been more important — or in the spotlight. GHX honors the Best 50 U.S. healthcare organizations for improving operational performance and driving down costs through supply chain automation each year at the GHX Supply Chain Summit. The competition to win gets a little more challenging each year as winners achieve new levels of efficiency, making the accomplishment more noteworthy with each passing year.
We're sitting on the cusp of a technological revolution that will surpass any such shifts we have seen in the past. The speed at which new technologies are disrupting business as usual across so many different industries and practices is unprecedented, and it comes with both a promise and a threat. It promises to make our lives easier, more efficient, and better connected while at the same time threatening to upend norms we've come to depend upon and disrupt management systems that have been in place for decades.
The healthcare industry is at the forefront of this dual promise/threat. Here is a look at the benefits that these new technologies can bring.
Incorporating and maintaining accurate product data within one’s item master is a critical step in gaining visibility, driving purchasing accuracy and capturing revenue. Problems with item master data, whether it is related to incomplete, duplicate or missing information, is painfully felt throughout the value chain in lost savings, reduced charge capture and potential lost revenue. In clinical areas, confusing and duplicate item descriptions can leave clinicians frustrated with search efforts and manually documenting supplies which can lead to further revenue losses. Efforts to pinpoint and address the specific issues can no longer be pushed aside with hospitals already working within thin margins that are likely to get even thinner.