Replacing Lost Revenue During the Pandemic
The influx of critical COVID-19 patients has constricted normal revenue for health systems and hospitals across the country. In response, they have had to find areas to replace this lost revenue. One area of opportunity in health systems is in medication management. Medication revenue cycle opportunities can include: improved medication inventory management, establishing an medication-use analytics program, and an in-depth assessment of medication charging and waste in clinical systems such as the electronic health record.
This article, Replacing Lost Revenue During the Pandemic by Bruce Buckley, published by Pharmacy Practice News, highlights the financial impact of COVID-19 on health systems and hospitals, and outlines some areas facilities have been able to successfully replace lost revenue.
“Health-system pharmacy often has risen to meet challenges. One example is the University of California, San Francisco (UCSF). “With so much lost revenue early on in the pandemic, we had to think outside of the box to be more efficient and effective,” said Desi Kotis, PharmD, the chief pharmacy executive at UCSF. Thanks to that approach, UCSF’s financial statement for the fiscal year ended June 30 showed more than $80 million in medication management savings and increased pharmacy revenues.”
TRG is pleased to have had the opportunity to partner with Visante, Inc. and UCSF Pharmacy Services to improve their medication-use revenue cycle processes. Their ability to streamline processes, maximize resources, and adopt new tools for increased efficiency, shows their commitment to continuing their culture of excellence. They have adapted to the changing environment and are thriving through these difficult and unpredictable times.
TRG collaborated with our colleagues by both optimizing applications, analytics, and automation – the infrastructure of medication-use revenue cycle management – as well as the refining people, processes and outcomes to support the health system revenue cycle goals.
Read the full article exploring other areas health systems have increased revenue here.
Learn how TRG can partner with your organization to increase efficiency and replace lost revenue here.