Typically, when we read about results or statistics that suggest “less than 1%”, it’s normal to react that more than 99% is very positive or definitive, in that it’s almost unanimous as to the corresponding answer to a question or performance against a metric. But in healthcare, and specifically hospital systems, “less than 1%” can matter a lot, especially when that reference is to reimbursements – or Medicare payments. “Less than 1%” can be equivalent to thousands or millions of dollars in payments that are lost as a result of high patient readmissions. Funds that may have been budgeted for new technology, facility upgrades or increased nursing staff … are lost and difficult if not impossible to recoup.
Here’s an example as to the impact of losing “less than 1%” of Medicare reimbursements.
$10 million in funds can be allocated for many things. Here are some examples:
Physical therapy facilities
Patient management technology
New nursing staff - @ annual rate of $80,000 per nurse – 125
In this example, “less than 1%” matters … a lot. Think about the pressure of daily operations for a hospital system that cannot hire over 100 nurses that were previously in the plan. More importantly, think about the impact to patients, where nurses are challenged to cover many required activities, which often take time away from direct patient interaction.
Improving the “less than 1%” starts with reducing readmissions. And that starts with better patient communications … before, during and after discharge from a hospital stay. Talking to patients to ensure they understand and follow their prescribed therapies, as well as ongoing follow-up is essential to their well-being and helping them avoid being readmitted to the hospital. Health systems can implement such a process with their resources, but as above, that taxes an overwhelmed nursing staff that already has limited time. A better way starts with a trusted partnership with PREMEDEX. We understand the impact of “less than 1%” and help hospitals of all sizes across the United States improve their performance.
Contact PREMEDEX to learn more. "Less than 1%" matters ... a lot.