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Novation Releases White Paper Examining Data's Impact on Hospital Cost SavingsNovation, the nation's largest health care services company, has released a new white paper, Unlocking the Full Potential of Your Item Master. Hospital systems are constantly evaluating opportunities to improve patient outcomes and safety, while reducing the overall cost of care. This white paper examines the impact that incomplete data has on hospital supply chains as well as best practices for implementing effective data management strategies. Lack of complete and accurate data can significantly affect a hospital's ability to identify and implement supply chain savings. In order to get control of spending, hospitals need to account for the items identified and purchased from their item masters along with the items that may have been purchased off contract or an item purchased outside of the item master. Many hospitals have up to 18-20 percent of the items they purchase not in their item file. As a result, many hospitals do not have a clear picture of their total spend. "The health care industry is shifting to a pay-for-performance model that focuses on quality of care, as opposed to 'quantity' of care. Utilizing data to implement cost-savings initiatives is critical to empowering facilities to redirect assets toward patient care and safety," said Da Sweeney, Novation's senior vice president of supply chain data, analytics and services. "Hospitals that invest in a data management solution gain better visibility into their cost structure, enabling them to identify how to better manage patient costs during their hospital stay." Data management solutions such as Novation's can integrate multiple data feeds and enhance the data against more than 8 million products in its master data. This process significantly increases the value of a hospital's supply chain data by allowing it to leverage product information to support the procedures necessary to identify and implement cost savings programs. Product information, when combined with clinical data spend, allows hospitals and clinicians to analyze spend to determine total cost of care. About Novation, Recipient of the Ethisphere Institute's Ethics Inside Certification Novation is the nation's leading health care services company, focused on revolutionizing operational performance for more than 100,000 members and affiliates of VHA Inc., UHC, Children's Hospital Association and Provista LLC. Novation's progressive approach to cost performance, data and intelligence, and integrated advisory solutions helps health care providers envision and advance new models of cost-effective, high-quality care. Headquartered in Irving, Texas, Novation is committed to the highest standards of ethical behavior and twice has been honored with the Ethisphere Institute's coveted Ethics Inside® Certification, and has been named four years consecutively to Ethisphere's World's Most Ethical Companies list. To learn more about Novation, please visit novationco.com and follow @NovationNews on Twitter (News - Alert).
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