Here are four things to know.
1. The analysis of 869 hospitals between October 2015 to March 2017 found improvements in length-of-stay, with half of all total joint replacement cases falling between two and three days.
2. Only 3.1 percent of cases, or 9,956 out of 283,708, were readmitted to the hospital.
3. In an in-depth examination of provider costs at 350 hospitals in 2017, Premier found a $1,500 difference between the top-performing and bottom-performing hospitals for knee implants and a $1,700 difference for hip implants. If all hospitals were able to meet or exceed the top 25th percentile pricing and close the gap, they could save millions in costs.
4. Hospitals with the lowest implant costs used the following best practices to secure favorable pricing:
- Cleanse and understand data for a comprehensive view of hip and knee device costs.
- Benchmark pricing against peers to examine variation.
- Have a data expert who understands the health system’s culture, trends, surgeon preferences and vendor relationships help develop an approach to pricing and savings opportunities.
- Get surgeons on board to align on goals and ensure effective pricing parity.
You can download the report here.
More articles on practice management:
Orthopedic patient connection platform lands ConforMIS as 1st customer: 5 things to know
Market to millennials — 3 findings on generational demand for orthopedic care
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.
