In 2020, Wavemark™ tracked nearly 600,000 encounters in operating rooms and interventional suites throughout the U.S. Nearly 90% of patient cases are underbilled in some form, leading to more than $1.94 billion of revenue leakage for hospitals each year. ![]() These manual processes can also lead to underbilled patient care. That represents an 85% improvement over industry average.” “Our customers use Wavemark™ to track products all the way from manufacturer to the point of patient care and are reporting an average of only 1.5% expirations on shelves. “Using a solution like Wavemark™ optimizes product stocking decisions and provides visibility to at-risk inventory which significantly reduces the number of expired products sitting on shelves and, at times, being used on patients,” McBride said. ![]() Approximately 7% to 10% of clinical products expire on hospital shelves before being used – and more than 25% of hospital staff know of an instance where an expired or recalled product was used on a patient. Yet, according to the report, many hospitals and health systems are still manually tracking inventory – identified as one of the root causes for a “never event,” in which an expired or recalled product is used on a patient. Inventory management efficiencies are vital to allowing healthcare staff fighting COVID-19 to focus more time on patient care instead of product stocking decisions. “The pandemic especially exposed the need for tech-enabled supply chain innovations, like WaveMark™, that provide better visibility to medical inventory at the point-of-care.” An automated and clinically integrated workflow solution could mitigate these costs, decrease product wasted and improve patient safety,” said Shawn McBride, WaveMark™ vice president and general manager. “This is significant – hospitals and health systems are simply spending too much on their supply chain. ![]() Using data from health systems that currently use Wavemark™, the whitepaper shows how the business improved key health system metrics and outcomes.Īccording to the findings, supply chain costs are at an all-time high, with hospitals on average spending $12.1 million annually unnecessarily, including on product inventory that expires before it can be used. DUBLIN, Ohio–Cardinal Health WaveMark™ Supply Management & Workflow Solutions has released a whitepaper outlining how automated solutions for inventory management can mitigate supply chain operational issues.
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