St. Louis, Missouri (PRWEB) November 15, 2013
Amerinet, a leading national healthcare solutions organization, helped member Hospice by the Bay (HBTB) undertake a financial improvement project that led to more than $1.3 million in savings, improved cash flow and nationally recognized process improvement best practices.
“We knew that in order to continue our legacy of being a hospice industry leader, we had to make major financial improvements so that we could continue to provide quality care, attract and retain donors, enhance employee morale and position ourselves for long-term viability,” said Michelle Martinez, controller, Hospice By The Bay.
Like other providers throughout the country, downward pressure on Medicare rates had spurred the facility to review costs and look for efficiencies. HBTB’s finance team did an in-depth analysis and identified ten financial improvement initiatives to focus on. Several of the improvement areas identified involved working with Amerinet, through affiliate Health Resource Services (HRS) to:
- Centralize purchasing
- Institute a fleet leasing and fuel program
- Revise formularies and review vendors for DME, medical supplies and pharmacy
- Increase efficiency through technology and automation efforts
As part of their technology/automation efforts, HBTB utilized Amerinet suppliers to outfit its clinicians with iPads. “Allowing our clinicians to login almost immediately with the iPad and document at the bedside saves an enormous amount of time. Now they can see more patients. It has improved their efficiency by 50 percent,” said Martinez.
HBTB trimmed $1.3 million from overhead, reduced per patient day cost to $193/day and posted a record operating surplus of 18 percent in the fiscal year. Their cash flow improved, and they were able to pay off their headquarters building mortgage while also establishing a board designated endowment to allow for investment income and additional stability through uncertain economic times.
Their efforts were also noted by their peers as a best practice. “We were selected to be faculty and present our case study at two major events – the National Hospice and Palliative Care Management Leadership Conference and the California Hospice and Palliative Care Association Annual Conference,” said Martinez. “At these conferences, we were able to teach other hospices from all over the United States how to initiate a cost containment initiative like ours.”
Most importantly, they delivered excellent care in the eyes of customers, as shown by the scores received on their Family’s Evaluation of Hospice Care (FEHC) Surveys.
Read the entire success story.
As a leading national healthcare solutions organization, Amerinet collaborates with acute and alternate care providers to create and deliver unique solutions through performance improvement resources, guidance and ongoing support. With better product standardization and utilization, new financial tools beyond contracting and alliances that help lower costs, raise revenue and champion quality, Amerinet enriches healthcare delivery for its members and the communities they serve. To learn more about how Amerinet can help you successfully navigate the future of healthcare reform, visit http://www.amerinet-gpo.com.