Issue link: https://beckershealthcare.uberflip.com/i/1141789
61 Executive Briefing 4 https://www.cdc.gov/antibiotic-use/healthcare/implementation/core-elements-small-critical.html 5 his.org.uk 6 https://www.cdc.gov/drugresistance/biggest_threats.html 7 https://labtestsonline.org/understanding/features/ref-ranges/start/5/ 8 https://www.bls.gov/ooh/healthcare/medical-and-clinical-laboratory-technologists-and-technicians.htm 9 https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4975220/ 10 https://www.impact-advisors.com/regulatory/deep-cuts-pamas-impact-on-clinical-laboratory-reimbursement/ effective antibiotic stewardship program (ASP) in place. According to the CDC, only 26% of small hospitals have met all of the CDC's core elements for ASP programs. 4 This is especially concerning given that antibiotic resistance is projected to kill 10 million people annually by 2050. 5 Already more than 2 million people become infected with antibiotic-resistant bacteria each year, and 23,000 people die from these infections. 6 A good supply chain partner can help you reverse the trend by delivering solutions in three key areas: • Faster, more accurate results with aggressive diagnostics • Better efficiencies with coordinated data • Enhanced protocols with change management support With these elements in place, your lab can: • Improve turnaround time from days to hours • Save on drug costs by using targeted therapy • Deliver on VBP core metrics including reduced length of stay, HACs and readmission rates • Improve operational and financial efficiency • Aggregate data for the clinical team Better operational outcomes Did you know that most labs spend more than 50% of their time reviewing results that are 95% acceptable? 7 Couple that with the fact that open MT/MLT positions are expected to reach 40K by 2026 8 and you've got a poor prognosis for productivity. Removing some of the administrative burdens on your staff is imperative, for not only efficiency but patient care as well. Physicians are putting in more test orders than ever before (at a growth rate of 7% 9 ) but labs are still laboring under paper processes that take more time, reduce quality and open up more room for error. A good supply chain partner can help you build a stronger lab program in three critical ways: • Transformational product and technology options that provide multiple results from one test • World-class distribution with fast deliveries, reduced ordering frequency and increased quality control • Lab intelligence, compatible with your EMR, to increase efficiency and productivity across your lab Let's talk about technology a little more. Rapid diagnostics, specimen archiving, inventory management, reporting and analytics, online ordering: these types of solutions can be the biggest game changers for your team and, by extension, your patients. The right solutions can bring your patient results in hours instead of days, reduce readmissions and improve satisfaction. Not every lab faces the same administrative burdens. Says one lab manager in Texas, "Our biggest challenge is relying on our staff to maintain inventory. Often I find out about missing supplies too late." In her case, technology that allowed staff to scan barcodes into an online ordering system, track products and identify purchase trends could relieve some of those inventory-induced headaches. Distribution has to be firing on all cylinders, as well. From sequestering programs that allow labs to spend less time recalibrating to effective cold storage that protects products to reliable order accuracy and expedited delivery, your supply chain should be working in tandem with your team to keep your lab operations running smoothly. Better financial outcomes With Medicare reimbursement cuts and increasing healthcare costs, it's no wonder that one in five hospitals is at high risk of closing. According to the Centers for Disease Control, Medicare Part B fee cuts totaled $400 million in 2018, and PAMA resulted in a decrease in reimbursement for approximately 75% of lab tests. The new Clinical Laboratory Fee Schedule has reduced test reimbursement by 40–50%. 10 Add to that, avoidable misdiagnoses that cost hospitals $900 million per year 2 and inefficient workflows that increase labor costs. Lab leaders are being asked to help stem the tide when it comes to revenue loss. As one lab manager in Iowa explains, "My biggest challenge is cost to overcome Medicare reimbursement cuts. We are constantly challenged to get the most bang for our buck." Your supply chain can help here, too, in the following ways: • Best-in-class distribution of equipment and supplies at a competitive price • Wide selection of equipment and diagnostics technology • Outreach strategies to optimize reimbursements and revenue • Inventory management to cut time and costs Remember Linda and her $52,000 misdiagnosis? Her situation could have had better clinical, operational and financial outcomes with a lab program that leveraged the full power of its supply chain partner. For more information on how our lab solutions can address your challenges, visit mms.mckesson.com/stewardship. McKesson Corporation, currently ranked 7th on the FORTUNE 500, is a global leader in healthcare supply chain management solutions, retail pharmacy, healthcare technology, community oncology and specialty care. McKesson partners with life sciences companies, manufacturers, providers, pharmacies, governments and other healthcare organizations to help provide the right medicines, medical products and healthcare services to the right patients at the right time, safely and cost-effectively. United by our ICARE shared principles, our employees work every day to innovate and deliver opportunities to improve patient care in every setting — one product, one partner, one patient at a time. McKesson has been named a "Most Admired Company" in the healthcare wholesaler category by FORTUNE, a "Best Place to Work" by the Human Rights Campaign Foundation, and a top military-friendly company by Military Friendly. For more information, visit www.mckesson.com.