Economics

This channel highlights factors that impact hospital and healthcare economics and revenue. This includes news on healthcare policies, reimbursement, marketing, business plans, mergers and acquisitions, supply chain, salaries, staffing, and the implementation of a cost-effective environment for patients and providers.

Inspectors could reduce medical device recall rates by 20%

The U.S Food and Drug Administration (FDA) could reduce the amount of recalled medical devices by 20 percent by placing product inspectors on a rotating schedule, according to a study published in Manufacturing & Service Operations Management.

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Providers lagging behind offering payment options patients want

Patients are expecting more flexible payment options, both in terms of how and when they pay their balances. Yet hospitals—and to a slightly lesser extent group practices—don’t appear to be providing all the tools patients have requested, according to a survey released by the Medical Group Management Association (MGMA) and Navicure.

Inside Brigham and Women’s drive to cut $50M

STAT News was provided what it called “unusual access” to internal discussions at Boston’s Brigham and Women’s Hospital as it sought to cut $50 million from its $2.6 billion in annual spending. The dramatic overhaul went so far as to override the choice of hospitals’ nurses on mattress pads.

Examining efforts to improve residents’ knowledge of documentation, coding

Standards on coding and clinical documentation are improved constantly, but most residency programs lack education and training. In a study published in the Journal of Surgical Education, researchers evaluated residents’ current knowledge and examined the effect of an educational session on knowledge improvement.

267,000 healthcare jobs would be eliminated under latest ACA repeal plan

The Graham-Cassidy legislation to repeal the Affordable Care Act (ACA) would cause an immediate downturn in healthcare employment, amounting to more than 267,000 fewer jobs in the industry by 2026, according to a report from George Washington University’s Milken Institute School of Public Health and the Commonwealth Fund.

Another Washington hospital sued over charity care

Following up on an earlier lawsuit against Tacoma, Washington’s St. Joseph Medical Center, Washington Attorney General Bob Ferguson has filed a similar suit against the 110-bed Capital Medical Center in Olympia, claiming it aggressively demanded payment from patients without screening or informing them about charity care.

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Electronic triage tool improves patient care in EDs

Triage sorts patients into five levels—with one being the most critical—but often patients are clustered in level 3 or sorted incorrectly. Researchers have developed an electronic triage tool to improve patient care, helping improve physician decision-making with machine learning, according to the study published in the Annals of Emergency Medicine.

Cancer patients value communication, relationships over technical aspects of care

Cancer patients are more concerned with communication and relationships with physicians over technical aspects of their care, according to a study published in The Joint Commission Journal on Quality and Patient Safety.

Around the web

Updated compensation data includes good news for multiple subspecialties. The new report also examines private equity's impact on employment models and how much male cardiologists earn compared to females.

When drugs are on the FDA’s shortage list, outsourcing facilities can produce their own compounded versions. When the FDA removed tirzepatide from that list with no warning, it created a considerable amount of chaos both behind the scenes and in pharmacies all over the country. 

If passed, this bill would help clinician-led clinical registries explore Medicare data for research purposes. The Society of Thoracic Surgeons and American College of Cardiology both shared public support for the bipartisan legislation. 

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