HFMA Partnership: Costing for Value

We are pleased to announce our partnership with the HFMA and the Costing for Value Institute to embed NHS Improvement costing standards and best practice guidelines into our solutions, as well as to align with the priorities of finance and costing professionals across the NHS.

Genesis provide innovative Point of Care and Procedure traceability solutions which enable more specific allocation of direct and indirect costs at a patient level and at the point of care. Our customer base is the largest, fastest growing cohort of GS1 and Scan4Safety trusts in NHS England, where three out of the four GS1 demonstrator sites that have made a technology decision, have signed up to work with us. In addition to new ways of capturing data at source, we also use the best in class analytics platforms e.g. Qlikview and Tableau in order to enable advanced real-time reporting for costs and safety. We are already benchmarking procedure cost between trust on an ad-hoc basis, but by the end of the year are scheduled to be providing procedure variance benchmarking across at least 8 of our current cohort of 14 Trusts.

There is a clear case for improved tracking of: cost, resource usage, technology choice and coding variances. As an agile partner to NHS trusts, Genesis can help access and deliver these savings.

“We specifically chose Genesis as it was the most comprehensive hospital solution on the market. It was important for us to select a company which was flexible, responsive and able to work with us on our requirements. ” Andy McMinn, Procurement Director, Plymouth Hospitals NHS Trust

HFMA Conference presentations:

An aspect of the partnership will be that we will be speaking at regular HFMA forums through the year ahead alongside our NHS finance and procurement customers. We will be presenting innovative healthcare value-chain solutions which improve patient safety, cut costs and eliminate waste for both healthcare and suppliers.

Presentation Topic:

Improve income, costing, safety and value with emerging traceability and analytics technologies.

Example synopsis:

There’s an accelerating global trend towards applying state of the art tracking, mobile and analytics technologies to support clinicians, automate healthcare delivery and enable value based healthcare. Our NHS customers are at the vanguard of these trends working with new solutions that hold the key to healthcare providers managing the growing cost and demand of healthcare in new ways, at the same time as improving safety and outcomes for patients.
This presentation will discuss themes such as;

  • Innovative tracking technologies
  • New costing and traceability standards (GS1)
  • Benefits:
    • Improving: income,  patient cost tracking and coding
    • Automating the tracking of procedure cost objects
    • Improving safety and recall management
    • Reducing inventories and wastage
  • Benchmarking and reducing procedure variation
  • Blending cost and outcome data
  • Enabling value based healthcare

If you would like to know more, please do not hesitate to contact us.