Operating rooms generate more than 50% of hospitals’ annual revenue, but they also account for some of the hospitals’ largest costs. Making sure that spending is done efficiently can help decrease waste, lower labor costs, and ensure patients are treated promptly.
That’s according to Vizient, an Irving-based national healthcare services company, which just acquired a software solution that aims to help achieve that efficiency.
The company announced it has completed its acquisition of PrefTech OR, a “next-generation, cloud-based preference card management software that helps healthcare providers optimize their operating rooms to increase workflow efficiency, lower costs, and improve patient care.”
Terms of the deal were not disclosed.
Physician preference cards are an essential part of every surgical service department, Vizient explains, containing “detailed information about each surgeon’s preferences for medical supplies, instruments, and room set up for surgery.”
Having inaccurate information before a procedure is scheduled to begin can result in improper room setups—leading to increased costs and and delayed patient care.
Automatically generates ‘actionable guidance’ and identifies savings opportunities
Simrit Sandhu, president of Spend Management at Vizient, says the PrefTech OR technology “will greatly enhance how our subject matter experts partner with healthcare providers.”
“The powerful combination of PrefTech OR as an in-house technology and Vizient’s preference card management process improvement expertise, along with our data assets, will deliver a services-led, data- and technology-enabled, integrated solution,” Sandhu added in a statement.
Vizient says its Spend Management strategy includes a focus on acquiring solutions that enable the company “to leverage analytics and insights in specific spend categories.” It calls a physician preference card solution “critical for capturing unique data sets in the perioperative setting across all types of providers.”
The company says PrefTech OR does this by continuously monitoring preference card quality, automatically generating actionable guidance, and identifying savings opportunities. The software can also help providers identify opportunities “to reduce clinical variation across similar procedures and create operational efficiencies, leading to fewer wasted supplies and room set up delays, greater billing accuracy, and opportunities for standardization across procedures, all of which can improve clinical outcomes and revenue,” Vizient said.
The tech also enhances Vizient’s ability to help providers digitize the supply chain while prioritizing care delivery, the company added.
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