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InnovaCor™ on medGadget

In an era hungry for hospital cost-containment and lean management, innovative approaches to supply chain management in hospitals are key. These problems typically arise when searching through multiple product vendors or multiple procurement access points. Minnesota-based healthcare startup CorCardia has attempted to address this problem by developing a cloud based purchasing system, InnovaCor.  InnovaCor is a supply chain platform that seeks to eliminate unnecessary sales and marketing expense while passing those savings on to hospitals. CorCardia states that by using InnovaCor, hospitals can save up to 22% on expenses unrelated to patient care. In addition, hospitals have access to real-time utilization data which helps eradicate expired products.

With upcoming changes in America’s healthcare system stemming from the Affordable Care Act, CorCardia is seeking to work with any hospital looking to lower their supply chain expenses and access real-time data on utilization rates.  We had a chance to speak with Co-founder Sam Awad about InnovaCor and its innovative solution.

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InnovaCor™ Sets New Standard in Healthcare Cost Management

Minneapolis, Minnesota - July 29th, 2013 – CorCardia Group Inc. saves medical device and pharmaceutical manufacturers and healthcare providers significant expense in the selling and acquisition of materials and supplies with the launch today of INNOVACOR™, a cloud based supply chain ecosystem. Sustainably reducing healthcare costs while improving the quality of care is a critical challenge to our healthcare system.   Hospitals continue to reexamine  operational and clinical practices in order to identify financially sustainable ways to administer the highest quality outcomes. 

LEAN ACQUISITION™ technology, developed by CorCardia Group through its INNOVACOR™ platform, is a solution to these challenges in the sales and procurement of supplies and medical devices. The ecosystem allows hospitals to aggregate globally, their purchases and provides the opportunity for supply chain to materially reduce operating and supplies expense.  

INNOVACOR™ enables  supplies and medical devices to be easily purchased, costs to be reduced, and the ability to track specific supplies and medical devices to patient outcomes.  Suppliers gain efficiency by supporting a larger customer base and have access to critical real time data.  Payers and insurers can measure quality and outcomes by linking claims and outcome data to clinical and procurement decisions. 

INNOVACOR™ will provide unparalleled data transparency, relative to therapy procurement and utilization to healthcare providers, medical device and pharmaceutical companies and payers. 

The platform will be available to attendees at the Association for Healthcare Resources and Materials Management (AHRMM) conference at San Diego starting Monday, 29 July 2013.

 

WHO IS CORCARDIA GROUP?

Corcardia™ is a global healthcare information technology company committed to optimizing care, reducing cost and eliminating waste in the healthcare system while advancing the goal of a quality based healthcare environment that is guided by effective clinical, operational, and financial analysis.     

CorCardia™ is based in St. Paul, Minnesota and provides leading edge lean distribution and acquisition technology for healthcare providers, medical device and pharmaceutical companies.

WWW.INNOVACOR.COM

 

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Does Your Supply Chain Need to Go on a Diet?

By Ken Morris, JD

Supply chain costs can easily reach 50% of a hospitals annual budget, particularly when the costs of managing the supplies is added to the cost of the supplies themselves. This provides the hospital stewardship team of CEO, COO, CFO and supply chain officer the opportunity to reap significant savings by adopting a strategic supply chain methodology such as Lean Acquisition™.

Lean Acquisition™ rests on three pillars: Optimizing Care, Reducing Costs and Eliminating Waste. A highly functioning and efficient supply chain improves employee satisfaction such as nurses working at the top of their license rather than doing inventory management tasks. A lean supply chain reduces supplies expense, particularly physician preference items. Finally, the estimated 20-25% waste in the healthcare system can be eliminated by adopting lean strategies.

Lean strategies begin with low hanging fruit:

  • Standardizing commodities
  • Maximize purchasing power by aggregating with other hospitals, systems and integrated delivery networks
  • Improve contract compliance
  • Leverage technology for procurement, inventory management and supplies utilization

Key Steps to Lean Acquisition and Supply Chain Management

  • Align with physicians
  • Retain optimal clinical choice for physicians
  • Build relationships across the hospital system
  • Adopt lean technology such as cloud based solutions to automate the supply chain
  • Enforce clinical and operational standards
  • Practice outcome based and evidence based medicine
  • Understand and leverage utilization patterns to optimize care, reduce costs and eliminate waste
  • Adopt value analysis metrics and tools
  • Think and operate LEAN

Consider the following supply chain metrics:*

  • Supply expense as percentage of net revenue
  • Supply expense/supply intensity score per adjusted discharge
  • Supply expense as percentage of gross revenue
  • Supply expense as percentage of net revenue
  • Supply expense as percentage of operating expense
  • Supply expense, excluding drugs, per case mix index adjusted discharge
  • Inpatient drug expense/prescription intensity-weighted discharge
  • Supply expense per CMI-adjusted patient day
  • Supply expense per adjusted patient day
  • ROI (total cost savings facilitated by supply chain as seen in profit and loss divided by total cost to run supply chain)
  • Operating margin impact (percentage of operating margin that is attributed to supply chain cost savings)

*Sources: Repositioning Supply Chain in Health Care Systems, Health Sector Supply Chain Research Consortium, Arizona State University, 2010, and University HealthSystem Consortium, 2011.

Join the Lean Acquisition™ Revolution!

 

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Provider – Payer Consolidation Continues

Provider – payer consolidation continues with Highmark, a Pittsburgh insurer, acquiring Allegheny Health Systems. These systemic shifts in the healthcare landscape will drive new alliances and structures in the entire continuum of care.

Among these new structures will be the need for state commerce or insurance departments to align their jurisdictional responsibilities for insurance solvency with the provision of care, currently the domain of state departments of health and medicine. We enter somewhat uncharted territory. Insurance regulators will likely be added to the list of players looking to shape the reduction in healthcare costs.

These new affiliations and relationships will begin to place upstream pressure on pharma and device suppliers to take a more active role in reducing the cost of care. Pharma has begun that process by actively reducing its selling expense. Device companies have an opportunity to contribute to cost reduction by more thoroughly examining its selling and general administrative expense.

Market and governmental forces will continue to place downward pressure on therapy prices. It remains to be seen how market participants respond.

 

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Providers & Payers Reducing Healthcare Costs

By Ken Morris, JD

The most unlikely of pairings are taking place across the US healthcare landscape. In a effort to improve patient’s health outcomes and control healthcare costs, hospitals and private insurers are forming Accountable Care Organizations (ACO’s). The most recent partnership is between MaineHealth and Anthem Blue Cross & Blue Shield.

These partnerships seek to leverage how well doctors, nurses and other providers work together to improve patients’ health while reducing cost. The amount of insurance reimbursement will be tied to two key metrics: 1) Whether patient health outcomes meet or exceed key benchmarks and 2) How successful the provider is in reducing costs. Any savings will be shared with MaineHealth. If MaineHealth does not meet the benchmarks it will owe money to Anthem.

This model of risk and gain sharing is a step in the right direction. More work needs to be done, particularly involving the entire healthcare continuum from therapy providers such as pharma and device companies to hospitals to patients and finally to payers. A full throated collaboration with a commitment to reduce the expense associated with healthcare while improving outcomes is the responsibility of all parts of the healthcare continuum.

Time will tell if providers, payers, patients and industry, individually and collectively, accept the call to action.

Read more: http://medcitynews.com/2013/05/maines-biggest-hospital-and-payer-prepare-to-launch-an-aco/#ixzz2SRSnWHBV

 

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