Improving U.S. Hospitals’ Efficiency Could Save At Least $4B, Thomson Reuters Says
U.S. hospitals can improve patient care and save at least $4 billion by being more efficient, according to Thomson Reuters, Reuters reports.
Thomson Reuters uses comparative analysis to help hospital CEOs reduce spending by identifying areas of inefficiency when compared with other medical facilities. The comparative analysis focuses on nine key areas -- mortality, medical complications, average length of stay, expenses, profitability, cash-to-debt ratio, patient safety, overall performance and how well hospitals abide by clinical standards of care.
Thomson Reuters suggests reducing hospital-acquired infections and cutting hospital readmissions as cost-saving measures. Jean Chenoweth, senior vice president for performance improvement and director of Thomson Reuters' Top 100 Hospitals program, said that by implementing the company's suggestions, U.S. hospitals could save more than $20 billion over three years, though $4 billion is more achievable (Fox, Reuters, 4/5).