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Few functions are as integral to a provider’s financial health as the clinical supply chain, which is responsible for nearly 80 percent of hospital revenue and millions of dollars of inventory. For most hospital systems and IDNs, the clinical supply chain represents both the single greatest source of waste and the single greatest opportunity for top line growth.
By bringing new intelligence and automation to the movement of care-critical supplies from the supplier to the patient bedside and beyond, Genesis provides the total clinical traceability hospital systems need to systematically reduce waste, realize all reimbursable revenue, and transform the clinical supply chain into a strategic source of margin improvement.
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Hospitals stand to save $25.4 billion in clinical supply chain costs.1 When hospital systems realize all of their reimbursable revenue, they can fuel top line growth of up to 15 percent.
How much is waste costing your hospital system today?
Waste is among the hospital system’s most significant costs, and stems from a lack of understanding around which supplies were used when, where, how, and for whom. With Genesis, hospital systems can finally capture the comprehensive utilization data they need to predict demand and eliminate costs associated with expired or wasted clinical supplies.
Is your hospital system leaving revenue on the table?
The average hospital spends several days on charge capture, resulting in missed reimbursable revenue that has a direct, negative impact on financial margin. By capturing every charge at the point of care and instantly integrating that data with a hospital’s financial systems, Genesis ensures that hospitals get reimbursed for every supply they use and service they deliver.
Do you know the true cost of each and every procedure you perform?
In order to deliver value-driven care, a hospital system must have the ability to systematically calculate its true cost of procedure by clinician, supplier, patient, site, and service line. For the first time, Genesis provides hospital systems a complete, contextual picture of costs that they can utilize to make decisions that enhance clinical and financial value alike.
Which supplies deliver the greatest value to patients at the lowest cost to your health system?
Data-driven standardization has the ability to significantly reduce supply chain costs and improve hospital system performance. Genesis sheds light on the relationship between supplies, costs, and clinical performance so that hospital systems can optimize their supplier relationships and standardize supplies across sites and service lines to maximize value.
Genesis elevates the clinical supply chain to its rightful place in the hospital, as a strategic function that is integral to revenue maximization, cost reduction, and improved care. Genesis lives at the nexus at all of the hospital system’s critical objectives. This solution helps them achieve every single one.– Ian McDermott | Chief Financial Officer, Genesis Automation
Genesis elevates the clinical supply chain to its rightful place in the hospital, as a strategic function that is integral to revenue maximization, cost reduction, and improved care. Genesis lives at the nexus at all of the hospital system’s critical objectives. This solution helps them achieve every single one.
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Customer Spotlight: Royal United Hospitals Bath NHS Foundation Trust
Instinctive Design: Hospital Technology that Acts as an Extension of the End User
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