Reasons to Invest Now
There are immediate cash releasing, patient safety and productivity benefits that come from the implementation of a point of care traceability and inventory optimization solution.
National policy and guidance e.g. National Safety Standards for Invasive Procedures (NatSSIPs), NHSI costing standards and Lord Carters model hospital metrics, are all predicated upon point of care traceability and inventory optimization. Below are some examples of why these solutions are so important to healthcare providers.
The National Safety Standards for Invasive Procedures (NatSSIPs), as well as GS1 and Scan4Safety, all highlight the immediate need for improved tracking of products and recalls at a patient level, to ensure patient safety and enable improved outcomes. Compliance with these standards is impossible without a point of care traceability solution.
Cost Improvement & Procurement Transformation
Inventory optimization demonstrably improves the cash position of trusts, both in reoccurring and cash releasing savings (5-28% of inventory costs), as well as in terms of liquidity. This has been emphasized in national transformation initiatives both from the DH and NHSI where traceability systems are foundational to savings and CIP contributions from enhanced management of total procedure cost variance, as well as improved patient level coding, costing and income.
Costing & Income
There is tremendous variability in the levels of coding and costing accuracy across the NHS. This leads to unspecific matching of cost to income, and undermines the analysis and control of the drivers of procedure cost variance. Enabling the accurate matching of staff, items and associated costs, as well as having the capability to flag excluded devices and align with best practice tariff reimbursement, will be key to delivering gold standard patient level costing (PLICS). Most trusts are now adopting the NHSI costing standards and in order to fully implement these standards as well as claim the benefits of improved procedure cost, variance and income control, then point of care traceability is essential.
National Policy Compliance
There are now mandated GS1 Traceability standards and procurement transformation metrics as well as the aforementioned costing standards, National Safety Standards for Interventional Procedures and product level patient outcome registries. All of these are predicated upon patient level cost and outcome data.
Value Based Healthcare & System Sustainability
It has been recognized internationally, that to enable Value Based Healthcare, and improve system sustainability, one essential prerequisite is to improve patient level cost and outcome tracking. This is impossible to do so with any degree of confidence without improved point of care traceability technology.
Multiple paper based records of Theater and point of care interactions can be significantly reduced, if not replaced entirely with a single electronic record of the patient’s time-stamped interaction with care givers, products and locations.