The potential savings from converting to electronic transactions, activity-based costing and Pittsburgh-based UPMC's rise in revenue in fiscal year 2014 captured the attention of Becker's Hospital Review finance readers this week. The following five stories were among the most-viewed on BeckersHospitalReview.com:
1. How electronic transactions could save healthcare $8B: 6 areas of opportunity
Although the healthcare industry has already saved tens of billions by making paper-based administrative processes electronic, providers and health plans could still save an estimated $8.1 billion annually through additional conversions from manual to electronic transactions, according to a report from the Council for Affordable Quality Healthcare.
2. Finding the true cost of care: Children's Healthcare of Atlanta takes on activity-based costing
About two years ago, leaders at Children's Healthcare of Atlanta began to wonder if they could connect the facility's overhead costs to actual activity involved in treating the patient. That led to the launch of an organizational initiative that's changing how the hospital looks at the cost of providing care.
3. 20 recent hospital capital projects
Here are 20 recently announced, started or completed capital projects at hospitals and health systems, beginning with the most recent.
4. 8 recent hospital rating and outlook changes, affirmations
The following hospital and health system rating and outlook changes and affirmations took place during the week of Aug. 18 to 22, starting with the most recent.
5. UPMC operating revenue up 12% in FY 2014
UPMC's excess of revenue over expenses for 2014 was $567 million, compared with $414 million the previous year. The healthcare provider and insurer saw its operating revenues rise to approximately $11.42 billion in FY 2014, up 12.1 percent from 2013.
More articles on hospital finance:
Fitch affirms Alexian Brothers Health System's 'A-' rating
Moody's affirms King's Daughters' Health's 'Baa2' rating, outlook stable
Greenville Health System plans $15M construction, renovation project