HealthLeaders Media November 11, 2021
Supply costs are a top expense category for hospitals.
According to a Definitive Healthcare article, which examined changes in hospital medical and surgical supply costs, analyzed U.S. hospitals spent on average $27.4 million annually on supplies, including pharmaceuticals, in 2018, with supply chain spending representing about 33% of a hospital’s total operating expenditures.
As hospital supply costs continue to rise and price transparency regulations increase consumers’ focus on charges, hospitals need to broaden their scope and perform regular reviews of both their chargemaster and their entire materials management system item master to improve revenue and reduce billing errors.
How the supply master and chargemaster relationship impacts compliance
Similar to pharmacy processes, hospitals must also manage the link between the...
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