Transcription is an important part of healthcare communication. It includes physician notes that add context and details to a patient’s file. With the right transcription service, all those thoughts, opinions, and observations become part of the official medical record. Transcription services are necessary, but can also be costly. However, high-quality transcription that adheres to a budget is certainly possible. Working together with fellow community hospitals, TPC Members developed a transcription services program that standardized approach, reduced cost, and improved turnaround time.
All around the country healthcare organizations are facing declining reimbursements and receivables. In response, these organizations have been challenged with finding innovative ways to cut costs and streamline their processes – even in areas not directly related to patient care. For hospitals, saving on energy costs is an absolute necessity. As all hospitals are unique in design, size and the different specialized services they provide, their cost of energy is variable and subject to market forces such as supply and demand, variation in in prices and taxes, and the form of energy used.
To meet the challenges of today’s healthcare system, lab executives and administrators are rethinking their business strategies. As the era of fee-for-service from government and private payers is replaced by value-based reimbursement, how will clinical laboratories and pathology groups be paid? As integrated care organizations, such as ACOs and medical homes, enter the healthcare market, which lab testing services will deliver the most value to these new users? And will payers issue coverage guidelines and set adequate prices for the flood of new molecular assays and gene tests coming to market? These complexities have already driven a handful of medical laboratories and pathology practices to bankruptcy, sale, or closure. Innovative lab business and service models, such as those at TPC, are emerging to address these concerns.
Almost 60 percent of U.S. hospital executives said their institutions have had to change their business models if they’re going to survive financially. Conjointly, it is well established that both outsourcing lab services and creating partnerships help reduce costs. While most of TPC Members do outsource their clinical reference lab services, many have contended with how to secure true partnerships that assist them in further reducing spend in this area. By working together through TPC’s Clinical Reference Lab services, Members have realized an improved supplier relationship, and gained both financial success and improved efficiencies.
Often overlooked because they fall outside traditional supply chain responsibility, Purchased Services categories account for roughly 40% of TPC’s Members’ total spend, and represent a potentially untapped source of savings for our Member organizations. Through TPC’s comprehensive Purchased Services strategy, Member-led initiatives have achieved over $35 million in total savings in a variety of targeted areas. One such program helping decrease Member overhead is TPC’s Capital Equipment Services, which provides aggregation opportunities through an unprecedented real-time view of capital budgets across multiple health systems.