KEY POINTS
- Lawrence General Hospital (LGH) collaborated with Nordic to attain significant financial gains, demonstrating the power of strategic revenue cycle management and cost reduction initiatives.
- By focusing on supply chain optimization, revenue cycle enhancement, clinical process improvement, data analysis, and pharmaceutical optimization, LGH has been able to increase net revenue, manage costs effectively, and enhance the overall patient experience.
- This case study underscores the importance of partnering with a trusted advisor to drive sustainable growth and operational excellence in healthcare.
Boosting the bottom line: key strategies and results
In phase II of the project, LGH worked with Nordic to achieve significant financial gains, including increased revenue and reduced expenses.
Notable outcomes
A collaborative approach to revenue growth and cost savings
LGH and Nordic focused on the following areas to enable meaningful revenue cycle advancement:
- Supply chain optimization: reducing purchasing costs, implementing efficient reprocessing procedures within the operating room, optimizing freight and shipping costs, and managing excess inventory
- Revenue cycle enhancement: identifying and recovering lost revenue through denial management, charge capture improvements, linking orders, documentation and charging workflows, and contract compliance
- Clinical process improvement: Collaborating with nursing, pharmacy, and supply chain leaders to optimize drug administration protocols and drive cost savings
- Data analysis and reporting: Using data to identify cost-saving opportunities and measure the impact of implemented initiatives
- Pharmaceutical optimization: Decreasing costs through formulary updates, insulin management, and extended infusion protocols
Are you looking for a partner that can help your organization increase net revenue, manage costs, and enhance the patient experience? Schedule time to talk to a Nordic consultant.