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3 ways to build a better hospital budget

Featured in a new success story, Kaleida Health (Buffalo, New York, USA) recently used Allscripts EPSiTM to save more than $20 million in one year – while still maintaining a high quality of care. The organization, one of the largest in Western New York, needed to reduce overall spending to remain competitive. Kaleida Health turned to EPSi, which provides clients integrated budgeting, financial decision support and long-range financial planning, helping to improve patient outcomes while reducing costs and maximizing revenues. Kaleida Health used three methods to identify total cost opportunities throughout the organization: 1)      Break up the budget process. The team at Kaleida Health examined each service line individually, determining the utilization and per-patient cost targets. “Breaking it into smaller pieces made it more actionable,” said Kaleida Health Senior Director of Decision Support Christine Lanza. 2)      Develop a strategic approach. […]

Believe it or not, processes such as budgeting, cost accounting and strategic planning should make life easier. They should simplify the staggering complexity that healthcare organizations face today. Unfortunately, they are often disconnected from each other and lack analytics, limiting their effectiveness. They should all work together in a single system. This approach is the only way for healthcare organizations to evaluate true financial performance and plan for the future. Clients have turned to Allscripts EPSiTM for integrated performance management. Here’s how three organizations have used the solution: 1.        Recovered $4.5 million in underpayments Robert Wood Johnson University Hospital (New Brunswick, NJ, U.S.A.) recovered $4.5 million in underpayments its first two years of using the EPSi Product Line Analysis Contract Modeling tool. That includes recurring annual savings of at least $1.5 million. With EPSi, RWJUH better understands the […]