The Reality On The Ground

Transcription

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2 The Reality On The Ground At most hospitals the cost of supplies represents one of the largest budget items after labor costs... thereby presenting an immediate opportunity for realizing rapid, substantial, and lasting savings 2

3 The Blind Spot In Hospitals Most Hospitals Only Track Perpetual Commodity Supplies and Document Select Implants Share of products currently tracked by most hospitals Share of products NOT tracked or accounted for by most hospitals THE BLIND SPOT 3

4 Overlooked Issues & Their Consequences Hospitals typical approaches to managing their inventory are inadequate and lead to multiple problems Failed Inventory Management No reliable, real-time, on-hand inventory data No expiration tracking No accurate usage data Poor recall tracking No accurate records Poor par-levels management Major Consequences Wrong product mix and misaligned stocking levels Costly waste Incorrect orders placed Safety risk to patients Errors in patient charts and billing (risk of fraud) Excessive inventory and no individual item tracking 4

5 Potential Savings Failures Rooted In Many Issues Hospitals existing systems fail to do proper inventory management but give the false impression that they do Technology Issues Create PO Materials Management MMIS Clinical Departments Product Order EMR Billing Clinical Documentation System Process Problems Place Order Record PO (e- or manually) Assess Reorder Needs Record Usage Common Errors Incorrect orders due to wrong usage data Incomplete, inaccurate POs received No recording of each item delivered Wrong or lack of available inventory data No tracking of lot # and expiration date No dynamic par levels for each item Inadequate or lack of PPI tracking No idea of products locations = Problem area or step Incomplete product usage recorded Wrong item, wrong quantity recorded Wrong products/quantities reordered No expiration control Product availability problems Inaccurate charge capture (lost revenue) Over-billing (fraud to payers) Inaccurate patient medical records Chaotic product recall management 5

6 Potential Savings The Invisible Gap Neither MMIS nor clinical documentation systems are designed to track and report on each product throughout the hospital cycle Materials Management Clinical Departments Create PO MMIS Invisible Gap Clinical Documentation System Product Order EMR Receive PO Billing Products Are Received THE BLIND SPOT No Technology, Broken Processes, No Accountability, No Continuity Products Are Used 6

7 Potential Savings Problems Caused By The Blind Spot The Blind Spot is a debilitating, costly, systemic, under-the-radar problem due to the lack of adequate inventory management Materials Management Products Are Received THE BLIND SPOT Clinical Departments Products Are Used Inability to track each individual stock item or physician preference item (PPI) from the moment it enters the hospital until it is used in a patient or removed from inventory. Inability to track items precisely with lot/serial number and expiration date, and to find their exact location within the hospital. Create PO MMIS THE OPPORTUNITY Clinical Documentation System Product Order EMR Receive PO Billing 7

8 VueTrack Solving The Problem Of The Blind Spot VueTrack provides hospitals with the ability to track, document and control each product effectively from receipt to use Materials Management Clinical Departments Create PO Ordering System Clinical Documentation System Product Order EMR Receive PO Billing Products Are Received Efficient, easy-to-use tracking and documentation technology Products Are Used 8

9 Software VueTrack as a Provides Service Reliable Data Capture Improved hospital processes begin with accurate, complete, and efficient data capture Accurate, Complete & Efficient Data Capture Patient Safety Par Level Based Purchases Accurate Billing 9

10 The Opportunity For Hospitals VueTrack offers hospitals the opportunity to improve significantly their clinical and supply chain performance Prevent waste of expensive, perishable products Ensure accurate and reliable documentation Increase revenue capture and maximize insurance reimbursement Improve patient care through expiration and recall management OR Cath Labs IR Labs EP Labs GI Labs 10

11 What Is VueTrack? VueTrack is an innovative inventory tracking and documentation technology that is easy to use, implement, and expand throughout the hospital VueTrack is a powerful software & Web-based technology that is offered as a subscription (i.e. no capital expense) It works on any existing PC just add a barcode scanner any PC By providing meaningful inventory tracking and documentation, VueTrack solves the problems of the Blind Spot. 11

12 VueTrack s Applications VueTrack now offers hospitals a choice of three applications to help them gain control of their clinical inventory and transform their documentation capabilities Mobile App Desktop App ipad App Easy-to-use, reliable technology that does the job. 12

13 Software VueTrack s as a Service Technology At A Glance VueTrack transforms hospital processes without burdening users Advanced barcode scanning technology Reads any manufacturer-printed barcode off product package Cost-effective, dependable barcoding technology Centrally managed database of all products and barcodes Vast and continuously updated database of products No burden on users - just scan products in and out Real-time access to inventory data from anywhere Secure Web-based reports at your fingertips Tactical and strategic relevance of data 13

14 VueTrack s Equation For Success Superior data capture software + Efficient web-based data reporting = Successful inventory tracking and documentation Clinical departments Any clinical or materials manager, or hospital administrator Software for capturing inventory transactions Hosted servers for storing and providing access to data Access web-based 14

15 VueTrack s Advantages VueTrack is an innovative technology that provides its customers with a superior value proposition Software & Web-based design Real-time tracking & reporting Accurate data capture Simple to use Quick & easy to install Lowest cost / Highest ROI No expensive hardware to buy Meaningful, actionable information Reliable documentation, accounting Quick learning, high compliance Painless implementation, scalable Pays for itself several times over 15

16 VueTrack s Potential Savings ROI > 500% Annually VueTrack is able to generate the highest ROI on the market through savings, expense reductions & revenue generation Typical Sources of Savings Elimination of expirations: Ongoing waste reduction Reduction in inventory size: One-time and continuous lean levels Reduction in product purchases: Buy less and borrow instead of buy Increase in billed revenue: Capture missed revenue, avoid fraud Typical Magnitude of Savings 8% to 12% of total inventory value 5% to 15% of total inventory value 10% of total new orders value 10% of total billed revenue Savings, expense reductions and additional revenue created by VueTrack generate ROI greater than 500% annually. 16

17 ROI What Potential and VueTrack s Benefits Savings Customers Are Saying Customer testimonials illustrate the exceptional value provided by VueTrack to hospitals VueTrack is really intuitive and easy to use We finally feel that we have control of our inventory in the IR and cath labs. Operations Manager The ease of use and just being able to keep track of our inventory electronically after years of not having a true inventory management system - this is a true help. Being able to get the true dollar amount in a report at the push of a button is wonderful. Cath Lab Director Before VueTrack, we were just eyeballing our inventory We were running out of stock or ending up with a lot of expired products Now, no running out of stock! Inventory Manager For a really small investment and a few days of implementation, our cath lab is no longer wasting any of its products and purchases only what it needs instead of overstocking. My department has cut costs significantly with VueTrack. Director of Radiology 17

18 Why Wait? Can you say No to Real-time data at your fingertips? Huge cost savings? Significant additional revenue?...superior clinical performance?...improved patient safety? Contact VUEMED today for a free consultation and assessment info@vuemed.com