Basking Ridge, NJ – June 26, 2020 – SupplyCopia announces a new platform that helps healthcare provider organizations now scheduling elective surgeries and procedures take a bold step to improve capacity planning and revenue generation.
The Capacity and Revenue Analytics engine is a powerful tool that lets hospitals and health systems look within a single facility or across an entire organization, evaluate current resource constraints and requirements – including human, space and supplies – then consider scheduling capacities, clinical prioritizations, and procedure profitability to help make fully factored, data-driven business decisions.
Healthcare providers have lost enormous amounts of revenue during the COVID-19 pandemic, as surgeries and other procedures were postponed. In the U.S. alone, an AHA survey(1) estimates the cancellation of hospital services represented $161.4 billion in lost revenue for hospitals over a period of four months. As hospitals and health systems begin to reopen for elective surgeries and procedures, understanding their capacity requirements in terms of people, space and supplies, together with revenue opportunities, is a vital step toward helping rebuild revenue and cash flow to support these essential businesses.The SupplyCopia Approach
SupplyCopia, healthcare’s most forward-thinking supply chain datalytics partner, has responded to these challenges by creating an engine that helps hospitals evaluate both capacity constraints and financial considerations, identifying specific strategies to care for patients while optimizing revenue streams. The newly launched SupplyCopia Capacity and Revenue Analytics engine provides an immediate way to analyze a hospital’s specific variables and deliver a revenue and capacity planning model. Unlike any other tool available to healthcare organizations today, the Capacity and Revenue Analytics engine allows hospitals to determine:
1. Given current capacity constraints (including staff, supplies, and procedure rooms), how many procedures can we do in a 6, 12, 18 and 24 week period?
2. What is the clinical prioritization of each procedure, and based on the urgency of treatment, can a procedure be safely delayed?
3. What procedures should we be doing? Which of the procedures will contribute the highest revenues and profitability?
4. How do I consider elective procedure guidelines put in place by Government agencies and account for these in my model?Perspectives on the Capacity and Revenue Analytics Engine
“We want to ensure we accommodate our patients as quickly and safely as possible, while we factor key business considerations such as capacity within the McLeod Health system,” said Dr. Michael R. Rose, Senior Vice President and Chief Innovation Officer for McLeod Health. “Using the Capacity and Revenue Analytics engine, we’ll be able to consider key drivers that help us resume scheduling the patient procedures which were considered elective, with an astute understanding of resources including staff, space and supplies, patient priority, and financial factors. This helps manage the health of our organization, so we are always ready to deliver care to our communities.”
“Resuming operations at previously normal levels within healthcare systems means supply chain teams, clinicians, finance, administrators and others, must have the tools they need to fully assess their capabilities,” said Ashok Muttin, CEO, SupplyCopia. “We’ve built the new Capacity and Revenue Analytics engine, together with several healthcare industry thought leaders, to accommodate the growing need we see occurring among providers today – how do we get to full capacity in ways that make sense for our patients and our businesses. This tool will provide those answers – in minutes, not weeks or months.”
For organizations interested in the Capacity and Revenue Analytics engine, please visit https://www.supplycopia.com/capacity-planner/. Organizations can provide contact data for immediate follow-up from the team at SupplyCopia, and begin the process to understand demand, capacity and optimization of their resources and patient requirements.(1) AHA Report. 05 May 2020. https://www.aha.org/press-releases/2020-05-05-new-aha-report-finds-financial-impact-covid-19-hospitals-health-systems
SupplyCopia was created to address the critical lack of supply chain business intelligence faced by healthcare organizations. This is especially problematic because it can adversely affect quality, costs, and patient outcomes, and the development of more effective relationships among providers and suppliers. SupplyCopia applies the latest data science and software technology to bring maximum transparency to both major constituent groups of the supply chain – to the benefit of both and expense of neither.