Inventory Management Systems Bolster Hospital Cost Savings Initiatives

HIT Consultant December 9, 2022
Todd Plesko, General Manager, Syft, a GHX company

For many hospitals and health systems, it’s been another challenging year. Increases in patient volume and modest revenue gains haven’t been enough to offset the impact of labor shortages and an inflation rate that reached a historic high in June. A recent Kaufman Hall report found most healthcare organizations had negative operating margins for the first half of 2022 due in large part to historically high expenses.

In the face of these ongoing operating losses, the industry has ramped up cost savings initiatives. The challenge, however, is that for many hospitals, identifying savings opportunities is often akin to finding a needle in a haystack. That’s because the data required to gain the necessary insight is siloed, creating data-sharing gaps...

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