Did you know that, in less than six months, hospitals with excessive preventable readmissions stand to lose millions due to healthcare reform’s first pay for performance (P4P) initiative?11
Reducing readmissions is one of many ways that hospitals and health systems can significantly impact their quality of care and their bottom line at the same time. Here is one estimate of the financial impact of reducing readmissions:
The Advisory Board’s “13 Key Nursing Objectives for Health Care’s Changing Future” points to preventing unnecessary readmissions as a critical goal, noting that readmissions within 30 days of discharge cost a 300 to 350-bed hospital an estimated $12.2 million in labor costs annually.1
Reducing preventable readmissions can also help:
RelayHealth is committed to helping hospitals reduce their readmission rates and enabling them to avoid Medicare penalties. Click to download our complimentary whitepaper, “5 reasons healthcare organizations must reduce preventable readmissions…and 10 strategies that get results,” and you’ll find practical steps to creating a program to help reduce preventable readmissions and hear lessons learned from providers that have implemented a readmission management program.
1 Advisory Board. Infographic Poster: “Protecting the Patient Care Services Strategic Plan: 13 Key Nursing Objectives for Health Care’s Changing Future,” 2012. Accessed at http://www.advisory.com/Research/Nursing-Executive-Center/Resources/Posters/~/media/Advisory-com/Research/NEC/Resources/Posters/24253_NEC_Infographic_large.jpg on 5/30/12.